Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1913-10-09
ALL. STOCK SOLD
HELD WORTHLESS
Residents of Davenport Hit
Hard by Collapse of the
Western Implement Co.
IS LONG ON RAGGED EDGE
Hot Air Campaign Carried on and
Scores of Investors From Many
Points Taken In.

Investors in the stock of the West
erD Implement & Motor company of
Davenport, which has been thrown
into the bankruptcy court. will suffer
total loss, it is said. The affairs of
the company were shown to be in such
bad shape that Federal Judge McPher.
son appointed w. T. Waterman re-
ceiver of the company. A rough esti-
mate places the liabilities at 100000
and assets at $4,000.
+ These figures. however, do not IN.
clude the large amount of stock which
has been sold, stated to be in the
neighborhood of 100000.
For some time past the Western I'M
piement & Motor company has occu-
pied quarters at the plant of the Dav.
EXPORT Locomotive works. Here is
manufactured traction engine and n
time expected to turn out cotton pick
ers and other forms of machinery on
patents controlled by them. 1t is I'M
derstood that number OF cotton pick
ers were made.
Monday of this week the Davenport
Locomotive works filed an attachment
against the Western Indictment &
Motor company to secure the sum Of
s6.11S claimed to be due for rent.
Since then numerous creditors have
appeared.
The Western Implement & Motor
company has had a spectacular career
since it was organized in Davenport
some two years ago. julius Burmeis-
ter, who had just left the presidency
of the Iowa National bank, was one Of
/ its promoters ant chief officials. Mag
nifcent Offices we're opened in the Sc
curity building. The country was
flooded with circulars and literature
telling in glowing terms Of the bright
prospects of the company. Investors
would become millionaires, if they
just put enough money into the con-
Germ.
| HAD MERELY AN OPTION.
At one time the officials of the com
pany announced they had purchased
the Davenport mile track and would
| erect thereon factory buildings and
hundreds of homes for their employees.
Prospective investors were taken out
and shown the magnificent tract in a
further effort to induce them to part
with their money and buy stock. La
| ter developments showed the company
had merely taken an option on the
ground and had allowed it to lapse.
At another time ii was ann...ssSed
the company had taken over the Colby
Motor company of Mason City, Iowa.
This deal, like the mile track, never
materialized.
Investors, who now claim in many
instances to be victims, were secured
from all parts of the country. Upon
their arrival here they were met al
the train by officials OF the company
escorted to a hotel, wined and dined
after which they were taken to the
Offices Of the company and persuaded
to buy stock. AS an incentive for some
to put their money into the concern
they were promised positions at mag
nificent salaries.
The company has been reorganized
several times and Davenporters SCOT
lost track of its officials The Greater
Davenport committee turned dowr
their appeal for financial aid and en-
dorsement, because the officials refus
ed to allow them to conduct a thor
ough investigation into its affairs and
accounts.
Some time ago it was announced 6
deal had been closed whereby Ceda'
Rapids was to take over the concern
Its citizens had agreed to supply ;
, factory site and pledged themselves t
subscribe for a certain amount. O
stock. But at the time for closing the
transaction hitch appears to have
taken place, and the removal wa,
never made.
FAIEURE NO SURPRISE.
At one time considerable publicit,
was obtained by the company on tn,
} announcement that J. F. Appleby, in
ventor Of a cotton picker, was one O
the officials of the company He ap
pears to have been lost sight of in on,
! of the several reorganizations.
The failure has occasioned no sur