The Glenwood post., 1918-12-14
Vast Sums Collected and Put
in Pockets Of PandoIfo
Who Is the Company
LOCAL PEOPLE CAUGHT

Charges that the stock ais not worth
five cents bushel;' that the company
began selling stock before it was or
ganized, with one man as the entire
original company; that the alleged
company has not produced dollars
worth of machinery, though it has sud
$7,OOO,0O0 worth of stock: and that the
head of the so-called company has a
contract by which he has exclusive
right to sell the stock and to charge so
per cent of the proceeds to his own ac-
count as commission are allegations
made by Congressman Edward r. TAYLOR
in a letter to Glenwood parties against
the Pan Motor company of Saint Cloud,
MINI.
There are many investors in this com
pany in Garfield county, Mr.. Taylor be
heves, and in Mesa county alone, there
are thousand. Twenty western states
were worked from end to end by the
Pan company in its stock selling
scheme, the congressman declares.
Many counties of Colorado were also
''panned' by the Pan company.
According to Mr.. Taylor's letter, the
most honest part of the company is its
name-which may be taken to mean an
organization for "panning' purposes,
though the name is derived from that
of the head of the concern, Pandolfo.
Mr.. Taylor's letter is self-explana-
tory of the congressman s views on this
company. 1t says, in part:
''This company has been making des-
perate efforts to induce the capital is
sues committee to allow it to issue
more stock, and the company has ap-
parently urged all of its stockholders
vigorously to appeal to their congress
men to prevail, if possible, upon the
capital issue committee to grant their
request for the issuance of unlimited
stock.
81 have had many appeals cf this
kind, and some of them sent me the ad
Vertising literature of the company.
That literature created in my mind a
vcly serious doubt as to the concern s
good faith. Consequently, 1 took the
matter up with the capital issue com.
mittee, and asked them to give me n
full report of the status of the COM
pany. l am just in receipt of that re.
port and enclose copy of it herewith.
After getting the report | also called
personally on some of the members of
the committee, also the postoffice de-
partment and the attorney general 's
office. learned that this Mr.. Pandol-
70 and his secretary have both been re-
Gently indicted in the u. s. court at
Fergus Falls, Mimi, for alleged fraud,
and that the formers alleged company
never manufactured any automobiles
or pleasure osrs, or any tractors, or
drop forgings, OF anything else. 1t is
not going concern or manufactur-
ing plant at all, 1t seems to be purely
stock selling scheme, which con
mcnccd before the company was ;v>u
"r..miled.
Mr.. Pandolfo seems, in reality, TO
be the entire company himself, and
when he organized himself into a com
pany, he, as the company, made con
tract with himself whereby, as an indi.
vidual, he was to have the exclusive
riglt to sell the stock and charge 30
par cent of the proceeds as commission
for selling it-and expend the rest, or
such portion of it as he deemed advisa.
BILE, for the expense OF making the
sales.
The committee thinks that he has
sold upwards of s7,000,000 worth of
stock and appropriated onc-half of it TO
himself for selling it and the remainder
of it for commissions and the expense
of making the sales.
Personally, think it one of the
most brazen, outrageous swindles tina;
l have ever heard of. do not believe
the stock is worth five cents yushe
The company is organized under the
laws of Delaware. The capital issues
committee on November 80, after an ex
haustive investigation, refused to allow
this company to issne any more stock