The Monte Vista journal., 1919-02-08
Financial Statementsof Pan Motor
Co. Analyzed by Monte Vista Stock
Sales Investigation Committee

V"o"V SVslelss
In tho Stockholdcrs' Report, under
tho heading OF Facts About Stock
Issues" you will nnd this statement:
"of this amount 1850. 10000 on
capital stock alone remains yet to
be paid by tho subscribers" This
referred to December Gath.
Lcvy says that on January IL,
1919. or twenty days later tina, the
amount due on account OF unpaid
subscriptions is the sum OF Si.06O.-
S06.7s.
From this comparison II would
appear that there had bccn paid to
tho company between December e&th
and January 18th by stock subscri-
bers the difference between these
amounts or the sum OF S6&s.OOO.0O.
Why should the tangible assets
Of the company be over $500 .OOO. 90
less on January l&th than on Novem-
bre 3oth after the payment to the
company OF s5ts.000.00 between
December cath and January 18th as
appears to be the fact by compa rison
OF the Levy and the Stockholders
Reports?
Mr.. Levy and Gentlemen of the
COMMITTEES. will you please explain
the cause OF the difference between
your reports7 Why should there be
l difference OF almost $1,000 900 In
The amount OF stock sales and over
$500. 900 in the tangible assets?
Gentlemen OF the Stockholders
Committee did you know that Just
four days prior to the publication OF
your report In the Denver Post that
the Company gave Mr.. Levy u state
ment which shows that the stock
'ales were $l.0OO.O0O less than II
had reported to you but two weeks
prior? Also did you know that they
gave Mr.. Levy u statement that
shows that the tangible assets were
over 100000 less than when you
were there and shown by your re-
port? Had you known this would
YOU have consented to the publica-
ton OF your report Is 1t appears In
the Denver Post OF January 18th?
We believe 1t is fair to call on
Mr.. Levy to explain the difference
in these reports as he Is well quail
iied to make such examinations and
states In his report that he had read
the different repors and that he had
IN file financial statements of the
Company. Further he cannot claim
ignorance of the Stockholders Re
port since 1t was published two
weeks before his report appeared In
the paper. Your explanation will be
expected. Mr.. Levy as there numbers
II stockholders in this state that
will and have a right to depend on
the veracity of the statement that
you made.
Since both Mr.. Levy and the Stock
holders Committee state that they
had before them and had examined
he report of the ]. G. White Engtn-
eering Corporation OF New York
which was made at the request and
filed with the Capital Issues Com
mittee, at Washington, we shall call
their attention to some variations
in the financial statements which ap-
pear in this report and those which
the Company had issued prior and
since that report was made. The
Stockholders Committee, says that
the White report is one hundred
pcr cent endorsement OF the Pan
Motor Company and Mr.. Pandolfo
has stated that he stands squarely
on that report so the report must be
correct although friend Levy does
not express himself on this point.
It is strange that, neither Mr.. Pan
dolfo, The Pan Motor Company or
the Stockholders Committee make
use of the report or quote anything
from 1t. II 1t is so favorable to the
Pan Motor Company why not pub
lish It? We will take the liberty to
publish the financial statements Of
the Company OF September 80. 1918
as found in the White report and
also quote few paragraphs from It
from time to time.
The White Report shows that on
September 80, 1918 the amount Of
stock sold aggregated the gross sum