Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-12-02
CREDITORS OF WESTERN IMPLE.
MENT COMPANY AT DAvEN.
PORT RECEIVE LITTLE.
RECEIVER MAKES FINAL
DIVISION OF ASSETS
Creditors Scattered Over United States
Get. Rich Quick Scheme Failed to
Make Investors Wealthy-Criminal
Prosecution Of Promoters Failed
Stockholders Lose S35o,ooo.

Davenport Dec 1.-THE final windrp
of one of the greatest Get Rich
Quick Wallingtord schemes that has
ever been launched in Iowa came yes
.erday when Receiver ". T. Water
man. of the Western Implement and
Motor Company, mailed his final re-
port to the stockholders and creditors.
The stockholders lose every cent OF
their money, aggregating $685. 900, and
the creditors 10 whom over $780,
600 is due, get cents on the dollar.
The Western Implement and Motor
Company was a SO, o0o 300 concern
which had as its ostensiole purpose the
manufacture of gasolene tractors and
cotton pickers. Ii came 20 Davenport
three years ago, opened up palatia,
offices, leased portion Of the locomo-
tive works shops and began to sell
stock.
Bankers ,hruout Scott. Clinton. Mus
easine and Cedar counties and the rich
farmer depositors OF these banks
bought a large part of he common
and preferred stock. Large blocks were
Scores OF people with small bank ac-
counts converted their money into
stock on the rosy tales told by the pro-
motors Prospective stockholders were
taken on auto rides and regaled at
champagne dinners.
The promoters announced 81 one
lime that they had purchased the Dav-
export mile track, a property compris-
Two a;yf. a
erect immense shops there that would
rival Gary. Ind. steel shops. They then
attempted to sell lots around the track,
1t was found out afterwerd that the
property had never been bought. Then
came the final blow up last winter
when the company went in the hands
OF receiver. There were about $50
creditors They attempted to save a
part of the wreck. but were not able
to rehnance the project as even the
patents on which the tractor was made
were found TO be the property Of the
promoters and not Of the company.
Criminal Action Brought
BY this time the company had gone
thru several changes Of management.
Criminal proceedings we're brought
against the men who happened to be
in charge Of the concern at the time.
A test case was made on Il. E. Sud-
low, Rock Island county banker, the
trial being held at Washington. Iowa.
Sudlow was acquitted. He had been
one of the heaviest losers, dropping
some $4,000 cold cash into the bubble.
The creditors were located all over
the United STATES, the implement COM
pany exhausting its credit with one
supply house and then turning to an
other. There was $1,000. 300 preferred
stock and the same amount OF common.
OF this there was s343.250 n preferred
STOCK outstanding, and sI,o54,.25 when
the crash came. In return for their
patents and ether interests II the for
nation OF the company the promoters
received sl44. 800 in preferred stock.
julius E. Bu-rnslster. once head OF a
ioca, bank and four years ago the
youngest bank president N Iowa, was
the man who brought the company 20
Davenport. When the company finally
went on the rocks there was 1925 In
notes Of Burn eister which were listed
as assets. These s52,250 IL notes were
sold for sI2o.