The Monte Vista journal., 1919-02-08


or, I'm this community and tho state
by the publication OF Stockholders
Committee Report and also by pub
llca,ion OF u so-caiied self cxpians-
tory report signed BY George A. Levy.
chief OF Industrial Bureau of tho
city OF Denver.
Tn. Stockholders Report IL pub
IlShcd over the signature Of six gen.
,iemcn. of whom three arc from
Montrosc. two from Grand Junction
and ono from Colorado Springs.
Colorado. Tho plain purpose OF the
publication OF this report II TO avoid
tho cncct Of tho publication of the
report Of the Capital Issues Commit
tee to Congress and certain letters
written by Henry G. Flower. OF the
Issues Committee and also . certain
letter written by Congressman Ed
ward T. Taylor.
The report OF Mr.. Lcvy states that
the purpose Of his Investigation was
to secure information for the purpose
OF determining the matter Of reissue
Of the permit Of the Pan Motor
Company and its agents to sell stock
In the city Of Denver. II In evident.
however. from the very favorable
nature OF this report. that the Pan
Motor Company will use this report
for the same purpose ~ II Is useinE
the stockholders' Report.
Mr.. Pandolfo has said In some OF
his recent literature that We under
stand better by comparison 80 we act
on his suggestion and make a few
comparisons between the two re-
ports. We shall also extend the com.
purison to the different financial
statements issued by the Pan Motor
Company since last May.
There is an item of about $1,000
10000 sales price Of Pan Motor stock
or $500,000.00 par value that has
been playing = game Of hide-and-go-
seek In the different statements
which have appeared since last May.
This Committee called attention to
this when It first appeared last May
but Mr.. Pandolfo did not attempt an
explanation Of the matter then or at
any time since. We will not say
that we can make It clear why this
item appears In some statements and
not in others or why 1t appears in
any Of the statements. II we fail
In the attempt we will refer the mat
ter back to the Stockholders Com
mittee and to Mr.. Levy for explain
alton.
In the report OF the Stockholders
Committee. under the heading of
FACTS REGARDING STOCK IS
SUES" will be found the following
statement, ION December gath there
has been subscribed 694.715 shares
OF stock, representing value of
s6.947.150.oo.
In the last paragraph Of the sec
ohd column Of the Levy Report you
VIII find the following statement.
Up to and including January II
1913. the company had sold 600.-
e45h shares netting to the COM
pany SS.005.455.00 when all is COL
lected.
From this comparison 1t appears
that the Stockholders Committee
found over $4,000 more stock sold
on December Gath than Mr.. Levy
round onJanuary 14th or twenty
days later. Both of these statements
cannot be true and the question is
as to which one is correct or whether
either represents the facts.
The balance sheet Of November
aoth, 1918. published in the Stock
holders Report shows that after de-
quoting the item Of coed will or in
tangible assets from the total assets
as shown by the statement that the
tangible assets which includes un-
paid subscriptions and notes, aggre-
sates the sum Of $3.51S,41 on
November 80, 1915.
In the same paragraph at the bot
tom OF the second column Of the
Levy report you will find the follow
ing statement: "They have received
actually in cash $1,951,s21.72 and
mere Is due the company the fur
'her sum $1,060,s06.7s to the capi.
Cal stock from doforrod nnvm onte