The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-11-27
FAILURE OF GILLETTE.
A Number Of Commission Men In Kansas
City We're on The Paper.
THEY BELIEVE THEY ARE AMPLY SECURED
Thousands of cattle In the Feed Lots.
Gillette Kept No Books Aithough
lie Did an Enormous Business.

Kansas City Mo. November 26.-Thc
whereabouts oil Geo. ge G. Gillette, tae
bis Kansas cattle Iee!Nr. whose ai,Are
was anaouaced yeststd4y. are sl.l IN
known Probably twenty FIVE nAu.as CITY
i've sock commission lirms a.e inIJfscfs
| GlIlettee paper, whien is said 10 be
sciatteled thIouaa banks Of the county
from Denver 10 New York Guy All o. tae
local firms declare that Lac paper tAAt
I, lna5 nosd Is amply secured asd uDat t1Gre
! can LOT possibly be Il siusie loss 20 ANY
| ivfae. vi the cattle la tue ieeI lots oJ,-
| evV MEAD were purchased from one DeAger
| iiiIn, mat Of Dahe as lAeeIer. to ~ao,A u!!-
iette h saia TO nave gwen a NOR, 4se VI
SIVo,seu. THESE catdc are j-year -o-l steeFs
| ana cautieinea asset low eSt..Aa.e OF
then present value is so a mead, Or ABOUT
sac head more laan CAe lnt@r ST IN ne
| cattle held 10y the DeGNsr tirm Ana .her
lot OF cable IS abCut uhJU hoAI which utl-
lette ana another dealer own IN oklahoma.
iAsse cattle are sa'a 10 be uors,ASsd tor
$3Eo,VO0 and ale said 10 De aurtA tn4rd
more than the amount azd.nst them-
relnarhaD4e LhlnS WLoAt dnle te 8
method doiag business vas that h. ncpt
NO UooAs Gad ts0a 40 oJe iAto ais .oa-i-
dence. All tle do,..as oil AIS eaJlA4oAS
del.ia were clnrlea IN ais hsGd aal tll5
complexities matters. Gillette Is deyl.f~d
as u careless tinancier aad those who h1O9
HIN best nov say that sheel luck carried
him through many OF his heaviest dsas.
Many local stock men declare that he
wouid remain away, even Ia he knen ais
deDtS would wipe out his nor IS and n ass
becaUss he beneves tnat luck VIII always
attend him.
The deal that forced Gillette to tbs wall
was Sl25,0OO loan held by Kansas
Cry live stock firm. The money was adj
vancod to ham ON $500 head of feeding cat
tie in Oklahoma and the mortgage iell
due last weep The Kansas CITY firm de-
clined to extend the ioAn. Gillette tued
hard to get money, but TO- the first time Ia
his career was unable TO get backing.
Close upon the heels of that came deal
that he had made with Vail Il Gates, the
Arizona cattle magnates. Gillette mai paid
$4,000 as earnest money on 1000 mead OF
cattle In the Panhandle OF Texas, VIII ch
Vail G. Gates ownei. on the famous 'J-A'
ranch. These cattle we're NO tn $40 0uU, |
ard Gillette was unable 10 raise the moaey |
to take them He saw als $4,000 20 10
buy liability for the loss TO Val &c |
GstF
AS soon as It was learned here that Gil
lette was being pressed by one or two OF !
his creditors others sent their representa-
tives TO his ranch to protect thsir loans.
Mean white MIR. Gillette lad let. Eas' e.n
holders of Gi3llettes paper mhich had
pas ed through the hands Of the Kgnsa
CITY firm DeSan telegflpnsng anu Volly leW
OF the Kansas Clty houses were frying 10 Z.
sell live stock paper
Gillettes methods of operation were
novel. He would buy Gaelic IN big
buGohes. as many as 5000 In a bulch, on
money secured by q NOR gage on
the cattle, and would shin them TO sis
WeodbEe ranah ana sell them in small lots
TO feeders, taking their notes. When these
no. es were paid he would settle win the
firm of whom he Dor owed
The commission men would receive rom
Gillette and 10 per cent for their losns.
They would sell the paper to bankers and
all others over the Est at per cent, the
mon making 4 to per cent
on their loans. II was these enormous
profits which made the commission men
anxious for Gillette paper They we're sus-
oicious, 1t is sDll, of his methods but he
profits were so large thay took the rick,
sach hoNng to Get from under baf0re the
ash came. A good deal OF GiuNte's pa er
s past DUE much more Of 1T falls due soon.
n the Investors East who have bought
.hese notes demand payment at once it WI
'euse trouble
Cnlere shlpred $4,000 head Of cattle to
Kansas CITY this year ard as many last
,oar. He often made a profit OF as much
Is S. a head, but his expenses were en'r-
nous.