Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-10-09
WEsTERN IMPLEMENT AND NO.
TOR COMPANY OF DAVENPORT
IN RECEIVERS HANDS.
ASSETS ONLY HALF OF
SCHEDULED LIABILITIES
Motsorie Career Of Concern Ended By
Crash on Financial Roeks-Mystsry
As to What Became Of $4,000 Sub.
scribed a. stoek-Farmers Among
Heavy Losers.

Davenport. Aug. 9.-After a meteoric
career Of less than two years, The
Western Implement and Motor Com
pany, organized in Davenport in No
vember. 1911. with $2O.0oO,oo0 worth Of
stock for sale has failed to solve the
problems OF high finance and today is
ruptcy.
Altho over $4,000 in money or col
lateral is said to have been secured to
cover the sale of stock the company
has assets OF not over $4,000 and liza
bilities Of 100000.
An involuntary petition In bank
ruptcy was filed before Judge Smith
MCPHERSON in United States district
court at Davenport late yesterday. The
petition was filed by Attorney Isaac
Petersberger representing three cred
itors. namely: The Crane Company,
the Sieg Iron Company and the
Sickles- Preston: c Company.
Judge Mcpherson appointed w. T.
Waterman receiver and the machinery
at the plant, which fs located in build
inss of the Davenport Locomotive
Works on Rockingham road is being
prepared for sale. The machinery
owned by the concern is the principal
asset and will likely be ordered sold at
auction by the federal court.
Where Did the Money Go?
The question of where the $4,000
PAID in for stock went is matter OF
speculation. Statements have been
mace to the effect that the money was
spent IN experiments on the cotton
picker and the creeping tractor, the
TWO principal machines the comneAy
endeavored to manufacture.
Large sums were spent in salaries
all the officers receiving handsome
amounts for their services. The at
1a1rs OF the company have been going
from pad to worse and short time
ago the Davenport Locomotive Works
paved way for the bankruptcy pro-
ceedings. The locomotive works filed a
landlords attachment. and it came to
point where court would have to
decide whether all the creditors would
share alike or the officers would permit
the f1rst come to be the first served.
Had interesting Career.
Inc corporation had an interesting
career. which loomed UP especially
brilliant when 1t was organized. With
$2O,0OO.OO0 authorized stock, the COM
pany began the campaign to dispose
Of 1t. Half the stock was preferred
and the other half common. Pur-
chasers of preferred stock were given
common stock together with preferred,
which undoubtedly appealed to many.
me company was incorporated I'M
der the laws Of Delaware in the latter
part of November. 1911. 8. n. Hoover,
Chicago attorney. was the president
of the company. John F. Appleby, in
ventor of the cotton picker, was made
vice president, and given a block OF
stock for the use Of his patents.
j.. o. Morris was made vice presi-
dent. Mr.. Morris was the designer of
the creeping tiger tractor, which the
company successfully manufactured
up to the time the sheriff served an
attachment on the plant. The tractor
proved great success, and it Is the
opinion of many Of the more conser-
vative type of business men that the
company would have been success
with sufficient capital and less expert
mental expense. All agree, however,
that an immense sum would have been
necessary as several tractor corpora
istence during the first few years.
The local man interested in the con-
Germ when it was organized was julius
e. Burmeister. a former banker. Mr..
Burmeister left the company several
months ago and purchased interest in
gas engine factory at Kansas City,
Mo. Mr.. Burmeister was treasurer Of
the Implement and Motor Company.
S. L. aMethven of Chicago was made
secretary of the concern at its organi-
zation.. w. n. Smith and H. s.. Muir
ply were placed in charge Of the
sales department. Mr.. Smith has re-
manned with the company and at
recent meeting was elected an officer.
Buy the Mile Track.
At one stage in the meteoric career
of the corporation the officers an
nounceds they had purchased the DAY.
export mile track and would cover
portion Of the forty acres with factories
for the manufacture of the tractor and
cotton picker. Plans were prepared
and it seemed evident the concern
would prove one Of the largest in
dustries in Davenport
During the past few months the con-
Germ was apparently staggering under
load OF claims. Efforts were made
to finance the dying company, but those
who were asked to put in their money
We're backward.
AS one of the last resorts the com-
pany announced it would move from
Davenport to Cedar Rapids to accept .
fattering proposition made by the COM
mercial organization Of that city. This
plan fell thru and when the creditors
pressed the concern. 1t has died where
it was born.
Farmers Are Losers.
People OF Davenport did not invest
heavily in the company and the bulk
OF the loss is said to have been borne
by the farmers OF this and neighboring
counties A prominent local financier
stated that in the sale OF stock the
CAPUDTNE "a
mzz([AA