The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-07-01
MR.. DAVIS DOWNFALL.
The Rossville Grain Merchant
Speculates in Wheat
AND LOSES $4,000 IN CASH.


His Own and Other Peoples Money
He Has Dlsappeared-NO One Knows
Where He Is.
If the earth had suddenly opened and
swallowed up half the people of Ross
vile township those who remained would
not be more excited nor bewildered than
they are now over the disappearance of
Wesley Davis.
No man in Rossville township was
more trusted or more highly respected,
and his failure and disappearance came
like stroke of lightning.
Farmers turned their grain over to
Davis, or sold it to him and asked him to
keep the money until they called for
it They lent him money without
out even note. He had only to COM
mand and dozens of men stood ready to
do his bidding. That is what made it
possible for Wesley Davis to leave Ross
vile township over $4,000 in debt His
entire indebtedness is estimated at be-
tween $4,000 and $4,000.
Five years ago the farmers of Ross
vile township nearly all joined the Alli-
ance. Davis was then prosperous
several miles from Rossville He was
known as one of the most trustworthy
mon in the township and when the or
ganiZation wanted a man to handle grain
and save the profits of the middlemen,
they chose Wesley Davis and he forsook
his farm and moved to town to become
the Alliance grain merchant
The change marked the beginning of
Davis downfall, for he at once com
| hn ifxr
! board of trade For awhile he was sue
cessful, and his shrewd business fore
sight generally placed him on the right
side of the market Farmers and others
! in Rossville and the surrounding country
saw him prosper, and they concluded
that they might do as we'll, and he was
asked to buy for them. He took their
| deals, and it is thought carried many of
the trades himself, instead of placing
them with his Kansas City brokers, and
some attribute his failure to that fact.
When the Rossville bank was organized
Davis became one of the directors, and it
was not long until he became a borrower
at his bank. When he disappeared he
owed the bank. according to the cashier,
I. B. Alter, $500, notes and overdrafts
At one time he gave the bank a chattel
mortgage on 10000 bushels of corn,
which he had in store and afterwards
|
bank that he had corn for future delivery
among the farmers with which he would
replace the corn Sold At another time
he gave the bank a mortgage on 1900
bushels of corn, and this also was sold by
Davis.
His sale of the mortgaged corn placed
him at the mercy of the bank and it is
said the bank threatened to prosecute
him criminally if he did not secure them
A. ~
crash came Davis had given the bank
deeds to all his property, and they are
the only creditors secured against loss
Of course the rest of the creditors are
indignant, and they will subscribe a
purse to fight the transfer of the property
TO the bank. If they succeed in defeat
ing the transfer the bank would be
placed on the same basis as tho other
creditors and would of course lose a
great deal of Davis debt
For the past six weeks Davis has
spent his entire time in Kansas City
coming home only to spend Sun
day. According to some reports he
bought n, GOO bushels of wheat at 7e
cents, little more than a week ago
He held on in spite of the fact that
wheat started on a downward slide and
drop of two cents meant loss to Da-
Wis of over $500. All week before last
!
Saturday morning came he found him
self indebted to his brokers over 81, 900
was told that they would give
him until noon on Saturday to raise the
amounts to pay his debts to his brokers
and the margins necessary to hold the
wheat.
sit seems that I have been on the
wrong SIDE of the market" said he. Sane
I th 4
come back and straighten matters up
He did go home but his resources were
at last exhausted, and it is doubtful if he
even tried to raise the money. Wher
noon came on Saturday Davis brokers
closed out his big wheat deal and he wa;
aruined man. having lost all his money
and all he could borrow on the strength
of his belief that wheat would go up
Like other gamblers he took his chances
and lost
Davis did not go to Kansas City He
was seen on the streets of Rossville a.
usual and his friends did not notice any
change in him Last Wednesday ht
went into the bank and the cashier TOLD
him that he would have to raise som,
money. Davis answered rather cheer
fully that sit was all right" and as sooI
J as he could make shipments he woult
tura in the money. Wednesday the banl
paid over $1,000 of Davis checks though
he had already overdrawn his account
but that only shows how much confidence
was placed in his ability to meet his oh
!, legations.
Wednesday evening Mrs Davis sen
for Cashier Alter. He went to the hous
and found Mr. Davis and his wife broker
hearted. Mrs. Davis told him that he
, husband was a ruined man, and Alte
laughed. He did not believe the story
: Davis assured him that his wife spok
; the truth, but he was still 10th to belie7
him until Davis offered to turn over hi
property to secure the bank against Loss
| Then Alter realized the seriousness O
! the situation and he remained at tn
Davis home until all the deeds wer
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