The Topeka state journal., 1899-04-27

experienced inspectors on the road all
the time looking after the cattle upon
which they hold mortgages. The farmer
never knows when an inspector may
turn up. He can be expected every
month or two, but has a neighborly way
of dropping in at odd times, and Will
want to find the cattle ready to answer
the roll call both as to numbers and
condition.
There is said to be about 0O,O0o,-
900 loaned on cattle paper in the west
ern StateS-abOut $40 900, 900 in Kansas
In Kansas City there are not fewer
than seventy-five firms that make this
their sole business, 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 Sc
curity. The lender can realize some
thing upon it whenever he likes. You
can always sell a ''crftter,' but 1t ism
so easy to find a purchaser for farm
or town residence.
The borrower pays the expenses of
negotiating the loan, of course the
commission man gets 212 per cent for
his trouble and the risk of his indorse-
ment, and Uncle Sam taxes the trans
action to the extent of a 2-cent stamp
for every $100 represented to pay for
the Spanish war.
The commission men on the Kansas
City stock exchange used documentary
stamps to the amount of $250,000 or
more last year.
While the recent performances of Mr..
Gillett, 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 handling cattle paper. Mr..
Gillett had been conspicuous figure
in live stock circles for ten years or
more, and had the reputation of a high
10 IL 1rr-r L. ha 1a2
tremendous herds, was a wild specula-
tor in grain and stocks, did not avoid
the faro table and the bookmakerS'
stalls and lived at a furious rate. He
Travelled about in private car orga-
nized the celebrated Cowboy band for
his own amusement and the entertain
Thent of his friends and took it to the
Worlds Fair, as people will remember.
He built a palatial mansion, his hoSpi-
tality was unlimited and his house was
the haunt of the most rapid portion of
the population. In financial transac-
tions he rivaled Ferdinand Ward. He
always had money to burn and paid II
and Is per cent for it when his more
Sedate and less oStentatiouS neighborS
were paying and 10 per cent Mr..
Gillett could borrow from very few peo-
pie, and they realized the risk they ran.
Hence when the crash came they re-
ceived no sympathy, and honest men
were not disturbed.
Gillett is now in Mexico, where he
has been running hotel. His creditors
nave divided all he left, but he is sup
posed to have taken about $100, 600 away
with him. His wife has recently come
home to arrange a compromise with his
creditors so that he can return to Kan
sas and take a new start, but they are
not disposed to encourage him.
Last year Kansas was second in the
list of states producing wheat both in
the volume and the value of the crop.
Minnesota alone Surprising her. In the
list OF corn-growing states she stood
No. 6, surpassed by Iowa, Illinois, Me-