The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-04-28

/ nave Deen very CONSERVATIVE CONCERNING
cattle paper for the last ten or twelve
years.
They tell a story of the first man who
went east to borrow money on cattle. I
believe he went to Rufus Hatch, who told
him that New England fisherman. might
is well ask a New York banker to make
loan on a school of mackerel; but this
prejudice soon disappeared when the east
ern people learned how the business was
regulated and the penalties that were i'm
posed upon swindlers.
\ man may commit murder out west and
escape the gallows and the penitentiary
because of extenuating circumstances and
| sympathetic juries, but cattle thieves and
cattle swindlers are beyond the bounds of
mercy. UnWritten laws, as we'll as legis-
lative statutes, govern commerce in live
stock and protect herds. Therefore more
faith is exercised in extending credit on
cattle paper than in ordinary CONNER
clal loans. A man who forfeits confidence
might as we'll leave the community at
once. He cannot be redeemed. A man
who IS caught stealing a calf or forging
. a brand is an outlaw forever, although
no one may take the trouble to prosecute
! him in court. One questionable transac-
| ton ruins the credit of a borrower, and
he might as well change his scene of oper-
atoms to some locality where he is IN
| known, and that is difficult, for he will
find himself blacklisted at every stockyard
in the country and VIII be treated as an
Ishmaeiite wherever cattle trading is
done.
Faith and legal protection are reinforced
1r ;e
ough and complete. The local money-lend-
ers, of course, can keep track of their Gus
toners without difficulty, and the commits
sion houses in Kansas City and other
1 large towns have experienced inspectors
on the road all the time looking after
the cattle upon which they hold mortga-
ges. The farmer never knows when an in
spector may turn UP. He can be expected
every month or two, but has a neighoorly
way of dropping in a odd times. and VIII
want to find the cattle ready to answer
the roll call both as to numbers and con-
dition.
There is said to be about $500, 100000
| loaned on cattle paper in the western
states-about $40 900. 900 in Kansas. In Kan
sas City there are not fewer than seventy
fivs firms that make this their sole bust
ness, not including the banks that make
other loans as well. All the big insurance
companies of the east have agencies in
the cattle centers placing loans for them.
National banks are not allowed to loan on
land, but live stock is considered very
safe security. The lender can realize some
thing upon it whenever he likes. You can
always sell a "critter' but it isn't so easy
to find a purchaser for farm or a town
residence.
The borrower pays the expenses of nego-
tiating the loan. of course. The commits
sion man gets 2l5 per cent for mis- trouble
and the risk of his Endorsement, and Uncle
Sam taxes the transaction to the extent
Of 2-cent stamp for every 800 represented
to pay for the Spanish war.
The commission men on the Kansas City
stock. exchange. used documentary stamps
, to the amount of $4,000 or more last
years.
: While the recent performances of Mr..
! GiIIett. the cattle king" of Abilene, cost
certain loan brokers Of Kansas City and
elsewhere a million dollars or more, they
have not disturbed business to any marked
degree. and have had no practical effect
{ upon the methods of making and hand
1 ling cattle paper. Mr.. Gilett had been a
conspicuous figure in livestock circles for
ten years or more, and had the reputation
of a high roller He made large deals.
handled tremendous herds, was a wild
r Spectator in grain and stocks did not
avoid the faro table and the bookmaker's
I stalls. and lived a. a furious rate. He
F. Travelled about in a private car, organ
- lied the celebrated Cowboy band" for
/ his own amusement and the entertain
= ment Of his friends and took it to the
q Worlds Fair, as people viii remember. He
e built a palat.al mansion, his hospitality
was unlimited and his house was the haunt
of the most rapid portion Of the populd-
zion. In financial transactions he rivaled
Ferdinand Ward. He always had money
5 to burn and paid = and Is per cent for it
when his more sedate and less OstentatioUs
. neighhors were paying S and 70 per cent.
> Mr. Guett could borrow from very few
: people. and they realized the risk they
! ran. Hence when the crash came they re-
, ceivos no sympathy. and honest men were
: not disturbed.
! GIett is now in Mexico. where he has
; been running a hotel His creditors have
? divided an he left. hut he is supposed to
I have taken about Sl00o0o away with him.
, His wife has recently come home to ar
; ranre a compromise with his creditors 50
: that he can return % Kansas and take
. q new start. hut they are not disposed 10
encourage him.
, Last year Kansas was second in the lst
. Of states producing wheat. both in the vol
: ume and the value Of the crop Missouri,
: alone surprising her. In the list Of corn
. growing states she stood No IS surpassed
= hy Iowa. Illinois. Nebraska. Missouri and
; Texas. She was twelfth in oats. fsth IN
. rye and eighth in potatoes. being sur
= passed ny New York PENNSYLVANIA. Ohio
5 Michigan. Illinois. Wisconsin and Ms
= souri, Tn the production Of hay she was
: 10. :. her crop IN 1895 being exceeded by
> those 81 New York. PENNSYLVANIA. III.
. no-s, Iowa. Missouri and California
g Kansas stands eighth among the states
3 in the ownership Of horses. being sur
: passed only 10y New York PeurvIvansa
= Ohio Indiana Illinois. Iowa and Nehrss.
. ka. and seventh 81. the ownership 7r cows
. beng surpassed oy the same states. excsn.
: Indiana. she IS third in the number a.
> oxen owned. being surpassed onlv ay
, Texas and Iowa. and ninth in .aa -.,7-pa-
az So. The following tables show v-a-
. II farmers o. Kansas were worth Jan.
= uary /. lSsS. and January ]. rSq:
JAN. J. iS9S
) l HI5rSes head -.-...--- 7iZ52 Sle5N s.
a Mich COWS head. s-4Z& 70 5-e .7-
3 Ilaff cattle. head -tE1.g7+ -