New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-27
FAILI'RE or 4 KANSAS CATTLE-FEEDER.
GRANT C. GILLETT SAID TO BE INVOLVED TO
THE EXTENT or SLooo0o-cREDIrORs
HOPE TO SECURE THEMSELVES.

GRANT G. GILLETT SAID TO BE INNoLN I'D ~
THE EXTENT or sLoooooo -cREDrToRs
HOPE TO SECURE THEMSELVES.
Kansas city. Mo Nov. 26.-Where Grant c. Gill
lett the big Kansas catte-feeder. whose failure at
Abilene KAN was announced yesterday has gone
is u,knovn Probably TWENTY-FIVE different Kansas
IIve-stock commission firms are ndorsers Of Gil
let's paper which IL said to be scattered through
the banks Of the country from Denver to New
York All OF the local firms declare that the paper
they hold is amply secured. and thai there canno;
possibly be loss TO a single holder
or the cattle I'm the feed lots. something over ten
thousand head were purchased from one Denver
firm that OF Dake Keller 10 whom Gillett Is
said TO have given a mortgage OF s%sV" Ihese
Garlic are three-ycar-od steers. and cattlemen
ser that a low estimate Of their present value is
s}o a head or about $40 head more than the in
tors, IN the cattle held by the Denver firm. An
other lot Of cattle is about six thousand five hun
drcd head which Gett ana another dealer own IN
Oklahoma These cattle are SAID to be mortgaged
for $4,000 and arc said to be worth a third more
than the amount against them
Cillett al not 20 from Abilene to Texas. as was
suonosed in Abilene lie In Kansas City yes
,crdav. and met his creditors at hotel It IS said
TO be- the desire Of the men who hold GilIetts
paper 10 combine their interests and carry the
cattle until they are IN d marketable condition
About twenty thousand head q Gilletts cattle are
said TO b. In the feed lott on his two rancnes IN
Kansas and In the hands OF various feeders in
Kansas oklahoma the Indian Territory and Texas.
remarkable thing about Gilletts 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
camille ties matters. Gillett IL described as
careless hnancier. and those who know nm 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 II he
knew hts debts would wipe out his herds and
attend him Nevertheless there was talk to-day
had rnertCaged
and went away to avoid arrest.
The deal ihat forced Gillett TO the wall was
trm The money advanced TO him on $50
head Of feeding cattle In Oklahoma. end the mort
gage fell due last week. The Kansas cry hfm de-
riined 10 extend the loan. GiIett tried hard 10
co, money but for the first time I'm his career he
Vas unable 10 get backing. Close upon me heels
~ that cane a deal ne had made with Vail
maid $1,000 a. earnest money on 100 nead OF catue
IL tba Panhandle OF Texas which Vail Gates
mu,nnd 1, Tho famous 10. ranch. These cattle
80 worth C9rD. and Gillett was unable ID
"ttr w ,ooney 10 take them He saw his 5000
90 10 Inv a liability for the loss 70 Van * Gates;
IS soon as Was learned mat HIilrtt wa press'u
by ore or two OF his creditors. others seil ,c.t'
eSntat,yes to his ranch TO protect th-ir I3ah''
Nn,nwhlle the punger took his departure. Ets'-
ern holders OF Gilletts paper, which had passed.
,hrouyh the hands OF the Kansas Cliy hTu@. De
gar telegraphing ana TO-DAY lev H., ~ M ,Ir Nm
ee,y houses trying 70 sell livestock pap.
Giuetf's methods OF operations W"r" mover. re
,,'o,,iI nv cattle in big lunches as many as Do"
IN a hunch with borrowed money. secured by 4
III - agc -, The cattle and would ship them TO
10 Woodhine (kan.b ranch. and aell mem IN sHdil
lots 20 feeders taking their notes. Wnen tn.se
notes were paid. he woul settle WIN me co,n-
rr,sson men from whom he borrowed Inc COM
,i.son men would receive from cihlett ana ~
nsr cent Tor their loans They would sell the Pape.
10 bankers and others all over the East ana "e''