The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-11-27
Enormous Liabilities of the Dust
ed" Cattle King.
THE PLUNGER'S METHODS
KEPT NO BOOKS AND MORT.
GAGGED EVERYTHING.
Some of Gillett's Herds Were Mort
gagged Twice-Assets May Not
Reach More Than Half the Liza
bilities-Affairs Are In a Terrible
Tangle and Gil1et Has Gone

Kansas City, Mo-, Nov. pa special
to the Journal from Abilene, Kan,
states that the liabilities of Grant G.
Gillett, the cattle king, will reach
nearly million and half dollars, and
that the assets may not reach more
than half this amount. 1t develops
that Gillett has filed in Dickinson coun-
ty mortgages covering 30,993 head OF
cattle, and aggregating $S49, $50. In
addition to this amount, according 10
the Journals dispatch, Gillett has out
standing nearly 100000 of accommoda-
ton paper. The thirty or more men
who are in Abilene representing com
mission houses and other creditors OF
Gillett, have been busy all day tracing
the cattle upon which their firms hold
mortgages 1t was found that at least
one bunch of cattle has been mort
gagged to two firms The affairs are
in a bad tangle, which will require
weeks to unravel, and it is feared that
much litigation will result. The where
abouts of Gillett are still unknown.
The mortgages filed in Abilene show
the principal creditors and their secur-
ity TO be as follows:
Gilmore & Cooper of Kansas City, s.
10 head, SPAS, GOO; Gillespie Commission
company of Kansas City 1000 head,
100000; Trowers & Sons, Kansas City,
4, 500 head, $3.50, 600; Vale & Gates, Kan
sas City, 542 head, $500; Holmes Live
Stock company Kansas City, 1850
head, $41,S00; Evans Snider-Buell COM
pany, Kansas City, 1920 head, $122,900;
Bohart & Co., st. Joseph, Mo, 1,50O
head, S30,0GO Keele1 & Dake, Denver,
1854. head, $4,000. Total, 30,993 head,
SS49. 7e0.
KEPT NO BOOKS.
A remarkable thing about Gillett's
methods of doing business was that he
kept no books, and took no one into
his confidence All the details of his
enormous deals were carried in his
head, and this complexities matters.
Gillett is described as g careless
financier, and those who know him
best now say that sheer luck carried
him through many of his heaviest
deals. Many local Stockmen declare
that he would not run away, even if
he knew his debts would wipe out his
herds and ranches, because he believes
that luck will always attend him. New
ertheless, there was. talk today that he
had mortgaged cattle twice, and left TO
avoid arrest.
The deal that forced Gillett to the
wall was a $4,000 loan held by
Kansas City live stock firm. The
money was advanced to him on $500
head of feeding cattle in Oklahoma.
and the mortgage fell due last week.
The Kansas City firm declined to ex-
tend the loan. Gillett tried hard to
get money, but, for the first time in
his career, he was unable to get back
ing. Close upon the heels of that came
a deal that he had made with Vale
& Gates, the Arizona cattle magnates.
Gillett had paid $4,000 as earnest
money on 1900 cattle in the Panhandle
of Texas which Vale & Gates owned
on the famous -. A.'' ranch. These
cattle were worth 100000, and Gillett
was unable to raise the money to take
them. He saw his $4,000 go to pay a
liability for the loss to Vale & Gates.
As soon as it was learned that Gillett
was being pressed by one or two of his
creditors, others sent their representa-
tives to his ranch to protect their loans.
Meanwhile the plunger took his leave.
Eastern holders of Gillett's paper which
had passed through the hands of the
Kansas City firms began telegraphing,
and today few of the Kansas City peo-
pie are selling live stock paper.