The Monte Vista journal., 1919-02-08

S""uhs W s'oSk sofa ~ tuht TINS
WAS ihr gross sum of St.75s.s0 90.
This would make tn. gross stock
sai-s FOR the months of June, July,
August and September 1918 equal
the sum OF S7si.aSs.oo upon which
Mr., fahdolfo would bc va,itiu.i to .
commission of nvs pcr cent or tho
aum Of eas.oss.'s according to tho
statements made by both Mr.. Levy
and tho S,ockhoidors' Com mi,,ee.
Tho White report shows that Mr..
Psndolfo was paid 1is.6es'oo for
June. s?s.ss3.7s for July. ssi.s:a.-
90 for August and 1si.Gi..sO for
september or u gross SIN of 1ss..
sss..s on account OF tn. flyc per
cont commissions for tho four months
or &'6.S2s.s0 more than was due
him on the face Of the two state
mcnts. The amount paid him would
DO about II pcr cent on the amount
OF stock shown to have been sold
by comparison OF tho two statements.
Can you Gentlemen Of tho Com mittcc
ana Mr.. Levy explain this difference
ana why tho payment OF 80 large 4
sum was made to Mr.. Pandoifo, The
White Report shows that this sum
was In addition to 3ll3.OtO.&s which
was paid Mr.. Pandolfo during the
same period on account OF his con.
tracts prior to Juno ist. 1918.
Now. Gentlemen OF the stockhold-
era Committee will you please turn
to the financial statement, Of Novcm-
ber 30.i9ls which you published In
your report and takc moo OF the
following items. Tho report shows
that on November 30. 1918 the com.
pany had sold stock OF the par value
OF $3.tto.57O.OO or gross sales
piicc OF ss.ss1.l+0.o0 which tho sub
scribcrs paid or contracted to pay.
You will notice that the enire amount
OF assets shown by that statement.
which includes both tangible and in
tangible Items. amount to but So
O73.34%&:.
BY this comparison you will soc
that there Is sum OF over $780,
10000 OF the money paid by the
stockholders or contracted to be paid
by them which IL not accounted for
In this statement. VIII you please
state what has become OF this sum or
II II has not been paid In to whom II
Will belong when collected? Is this
any part OF the 390O.0OO.OO which
appears as difference between your
statement and Mr.. Levy's self ex-
planatory report? And you Mr.. Levy
what did your examination OF the
books and accounts of the Company
show what had become of this sum!
Mr.. Levy and Gentlemen of the
Stockholders Committee. what did
you make out OF the following state
ment found on page 9 of the White
Report:
ITO avoid possible misunderstand-
Ing Of our figures 1t might be we'll
to mention that Mr.. Pandolfo has
subscribed to 100000 par value OF
sock OF tn company. In payment for
which he gave note and this stock
with the note Is held In escrow In
bank. We have eliminated this item
Of 100000 from our figures. as VIC
understand there was probability
that this transaction would be can
celled."
Did you find this note among the
assets or had 1t been eliminated whom
you made your examination. 1t looks
like it was n case OF elimination
when experts examined and inclusion
when Stockholders Committee in
spectcd. Can this item represent tho
difference in the gross sales and tan
gible assets shown between the
Stockholders Committee Report and
that Of Mr.. Levy?
VIII you please state when this
note was given. why 1t ard the stock
was placed in escrow and what the
terms OF the escrow are?
Is 1t not a fact that this deal was
made the latter part OF May 1913 and
after the hearing before the Mime
sofa Securities Commission. which
resulted in the Company being COM
PEELED to cancel its fifty- fifty con-
tracts and directors resolutions and
submit the new contract under which