Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-01-15
Trouble of the Weare Grain
Company Causes Loss to
Many Patrons In Iowa
INDIVIDUAL AMOUNTS SMALL
Large Number of Traders All Over the
State Caught for Small Amounts
Employees Are Also Left in the Lurch
Martin & Slack Buys company's
Business.

Des Moines. Jan. 15.-When the
Weare Grain company was put out OF
business Wednesday afternoon by the
Chicago Board of Trade. II left Iowa
patrons and employees in the lurch Tor
probably a good many thousands OF
dollars Numerous Dies Moines trad
ers were caught for small amounts.
none of them large, however. but 1t is
said that several heavy traders else
where in the state who did business
with the office here will suffer severely
from the collopse. Locally. the hardest
hit are the employees of the Best Moines
office. they are holding the sack for
about $500 of back salaries.
The Des MONIES Office of the Weare
Grain company was open yesterday.
The manager, Harry Talcott. was on
hand, but there was no business OF an!
sort Late in the afternoon he had re-
ceived no advices as TO what dispo-
sition to make Of the local establish
ment nor what the course of the COM
Word was received at the office of
the Martin & Slack Grain company in
this city yesterday that the company
had purchased all the Iowa offices or
the Weare Grain company, and would
take charge OF them at once. The pur-
chase also includes all the special teie-
phone and telegraph service of the lat
ter. The Weare Grain company
which has been doing business in Iowa.
for several years. had one OF the most
extensive lines of board of trade offices
in the state. The Weare Grain COM
pany is no longer doing business ow-
ing to the financial embarrassment OF
the owner. p. b. Weare.
The Western Union Telegraph COM
pany which leased the wires to the
weare Grain company, cut out their
service Wednesday afternoon, owing 70
the announcement made by Mr.. Weare
in Chicago that the company had 40
officers and was not a legal concern,
making the statement shortly after
Manager Stone of the board of trade
announced the company not authorized
to do business on the exchange.
Mr.. p. b. weares failure is said to be
due to losses in steamship company
in which he was heavily interested
rather than on manipulations on the
board OF trade. AS near as could be
learned yesterday. he will have little or
nothing left.
Mr.. weare entered the Chicago board
OF trade In 1868 and at one time ne
was reputed to be worth more than
ST, 900 900. He was among the first -
start the branch Offices turnout the
country. AT one time he was largely
Interested in Iowa property, especially
at Cedar Rapids. He also had large
in Iowa farms.
Messrs Martin & Slack will now
have the largest line of brokerage Of
fees in the state. Mr.. Martin is heay-
lily interested in Iowa telegraph and
telephone systems, owning large In
,erest In the Mutual Telephone com
pany of Des Moines. the Webster City
exchange and other lines. Among the
board OF trade officers they will now
control in the vicinity OF Des Moines
are those at Guthrie Center. Perry, Fa-
nora, Colfax. Newton. Mitchellville. AL
toona. Indianola. Winterset, Bevington.
Patterson and Abel.
The local Office of the Weare Grain
company will be consolidated with the
Martin & Slack office in the Iowa Loan
and Trust building.