The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-03-29
REPORT OF
Examining Committee,
Lombard Investment Co.


To the Stockholders and Iarestors of the Lom-
bard Investment Co.:
The undersigned, at the request OF many OF
the larger stockholders, and the managing
officers of your Company, have recently visited
Kansas City and given an extended and careful
examination to the affairs of that corporation
in their important detail and now submits
First: That every facility that could be de-
sired to accomplish this result was most cordial
ly granted by the officers and employees of the
Company
Second: That the various departments into
which the Companys business is divided were
found to be under the care of experienced and
faithful managers, whose system OF accounts
was found to be admirable.
Third: The value of the farms in which the
Company is interested could not, of course, be
estimated by personal visit thereto, but we have
made special efforts to arrive at just estimate
of the real value of this property, realizing that
it is one of the most important questions for us
to consider, For greater clearnesS, brief men
ton is made of the methods pursued ana actual
facts obtained by which conclusions were
reached.
It was found that those having charge OF the
Real Estate Department have kept very carelui
record of all items of cost OF each piece o. prop
erty From reports OF examiners SEN W and WIN in
other WAYS. price was 'nxed at which we esti-
mated its present value. Taking these values values
and comparing them with the results OF ronns
realized exceeded the price at which the Conl-
pany estimated the property in its assets,
n Mng E arrived At s resn
over given period, and after charging these
properties with all attorneys ices, cours f1S s,s
DELINQUENT interest and interest on sums thus
advanced the amount realized showed SUD-
stantal profit. -
While engaged in this work number OF Of
fers were received and sales made, ana tnese N
variably showed that the price at when Inc
Company carried its land, and which never ex-
ceeded the cost, were conservative. s,s
Fourth AS confirming what has been Salu
respecting the value at which the Company
carries its real estate in its assets the follow
ing will be especially gratifying Every PIECE
Company, with a single tri1ing exception, was
examined; value was placed on same with the
aid of careful and disinterested expert, supple
nent and WelI.informed citizens, with the result
of showing that the aggregate value thus nxeo
was in excess of that put upon 1t BY the COM ION
examination, actual offers have been made for
some of this property higher prices than those
at which they were appraised
With these facts thus clearly established, and
| with the abundant evidence produce to show
that the value of real estate, especially farm
lands, are constantly appreeiating, the con- i1,
cluSlOn is LlaI real estate OF COuipauy WILL
eventually prove source OF prOnt- .
Fifth: We have also given care III attention
to the matter of foreclosures, and are pleased to
state that while IN the depressed c1nal ~ ta oa
considerable real estate, the tide is now turned,
and it is reasonable to except that 1t Will sell the
property it now holds much faster imam y VIII
acquire additional real estate. This is plainly
evidenced from the fact that during the last
| month $4,000 Of mortgages IN foreclosure
were either paid off or settled by al DELINQUENT
stating the mortgage. This is at least double
the amount settled during the corresponding
month of last year. =
Saith: All the personal property including
in the company's statement OF Feb. LIST last
was carefully considered item by item, and an
estimated value placed on the same. A carefui
analysis of the earning power OF the several Sc
curities and an earnest effort to determine their
intrinsic value from the latest adyices and
statements concerning the condition OF the sew
Seventh: All important books and accounts
of the Company were carefully examined by
competent auditor (Mr. E. G. Lucas, Auditor
many years., their statements verified, and the
possession Of every certificate Of property be-
longing to the Company proved by actual in
pectOn.
ESglsth: In summing up the Company's pro-
perty, in order that we might place a conserva-
tive valuation upon the same. we have taken
statement Of Feb 1st., 1892 at lower figures, the
total difference being S2o5,7S0.20 (say about
2 1-8 per cent, OF the total SUM, which amount
we recommend the Directors to charge out of
future earnings. But inasmuch as there would
still be surplus Of $113, 917.49, even i these
to express our confidence in the value of the
Company's stock and its guarantee.
In conclusion, as the result of our obserya-
tons, we are satisfied that there is decided I'M
proyement in the value of Western Real Es-
State, the outlook for crops and business is very
| favorable as attested by the general concensus
Of opinion, which should inspire confidence in
| the future of the company and its securities.
ISAAC p T. EDMANs, Boston, Mass.
| EDWARD F. MORRIS, Monson, Mass.
CHAs. P. PERoT, Philadelphia, Pa.
VIM MCGEoRGE, JR., Philadelphia, Pa.
FRANK B. EVANS, Philadelphia, Pa.