The Monte Vista journal., 1919-03-22
PAN MOTOR COMPANY Has ITS license
REVOKED SELL STOCK IN DENVER COUNTY

would be the source Of any possib,s
proats to the investors. the pro-
motors have bean interested prtm.
artiy In selling stock. Early In the
present year. when the government
BY public warning and pronounce
ment appealed for patriotic COOP.
GRAFTON In It's efforts to conserve the
nations wealth. the promoters Of
this enterprise undertook an extern
sivs distribution Of its capital stock
through . corps Of ass salssmen.
The campaign was OF such maxni.
tuds that BY september ao,h they
had Induced $4,000 persons scat.
tered over %s states to enroll a.
subscribers to the extent Of ave and
. half million dollars.
'Ths activities OF this company
did not come primarily before the
Capital Issues Committee through
the established channel Of voluntary
submission. but only after insistent
notification to It's ohicers. combined
with their realization that II was
with their relization that II was
increasingly dimcult to sell securi-
tics which had not been passed by
the committee. The entire plan set
forth In the figures which we have
obtained and which Mr.. Pandolfo
A1nfnn ap~ ontle>1w >cnn,>N~ rk>.n
show that the company has col
lscted up to September 80. 1918.
&3.Sl6.lss. They show also that
the total assets which the company
possesses in plant or cash total as
&l.e65.lO0. or 42.2 per cent. Of the
amount collected. There is NO i'm
! mediate prospect, however. that the
company can attain its ambitious
program Of quantity production Of
automobiles. trucks and tractors. and
the investors in this stock have only
remote chance Of receiving any re-
turn on their investment"
The application Of the Pan Motor
company for the privilege Of selling
100000 shares of stock was disap-
proved by the Capital Committee
but the company disregarded the
wishes and refusal OF the Capital Is
sues Board and continued to sell its
stock as before.
also find that the officers Of the
company have been indicted by the
United Staes federal grand jury In H.
linois for selling It's stock. On De-
cember IS, 1918, the right Of the
company to sell Its stock In Minneso-
ia, where its plant is established.
was suspended by the State Securities
Commission OF that state.
The company has sent out from
time to time various letters and lit
erature representing the value Of its
assets and its financial standing. and
fnd many conflicts in these various
statements. The company claims that
It has orders for 10000 automobiles
and has substantial deposits paid
upon these orders. but the financial
statement Of the company shows
that only a little over $500 has
been paid as deposits on cars.
The company today has only
turned out 21O automobiles. These
cars were not manufactured at Its
plant. but were simply assembled
there from parts purchased mostly
elsewhere. BY its advertising matter
the company gives the impression
that 1t is actually manufacturing and
turning out large quantities of au'
tomobifes,. and this is not borne ou'
by the testimony.
Some time during the last spring
. one hundred thousand shares OF the
. company's stock was sold to s. G
Pandolfo, its president. at the pal
value Of $500 per share. Pandoift
giving his note to the company To-
100000. This 100000 has beer
carried as an asset Of the compan!
until January Of this year and ha