The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-12-12
GILLETT'S HISTORY.
Discusses the Events Which
Led Up to His Failure.

Abilene, kan, Dec. IA telegram
from Fostoria. Ohio. says Grant Gillett,
the former Kansas cattle king, was
there but left last night for New York,
thence going to Mexico. He has writ
ten several letters here, saying he Will
soon come back to Kansas.
Before leaving he said:
Il went into the cattle business in
1894, with headquarters at Kansas
City" continued Mr.. Gillett- In 1893
and 1896 was very successful, making
a great deal of money, clearing up in
those two years about 100000 1 had
100000 on deposit in banks. During
most of this time cattle were advancing
very rapidly in price. bought bunch
of 5000 cattle on contract at $21 head,
paying $1,000 down. and sold them fol-
$33, having the money, with the excep-
ton Of the $1,000 tied up only two
weeks. Immediately after this 1
handled a bunch of 1000 CATTLE netting
Sc per head on them.
In the spring Of 1897 my wife and
went to Colorado to spend the summer.
! received a message from Kansas
City man in whom l had the utmost
confidence, asking me to buy a bunch
of 5000 cattle. He said they would
average 900 pounds and could be bought
for $24 and would certainly be very
profitable investment. wired $4,000 to
pay on the purchase but on their ar
rival they did not weigh over 500 pounds
and I lost SO a head on the deal.
up to this time everything l touched
had proven profitable, but this was the
turning point 1 paid the loss and at
this time did not owe a dollar in the
world. The money 1 had made was in
vested in different places and projects.
In the effort to retrieve my loss, l had
repeated losses and was compelled to
borrow money. I got in some big deals
with partners and in '98 found that one
Of these who was buying cattle in the
west while I was handling the Kansas
ftifU end ffrrYaino the oa file into
the firm at a profit to himself. 1 had
been buying thousands of bushels of
corn and renting big pastures. 1 had
loaned large sums of money helped
friends by signing notes for them and
been free with my money in every
way. When L saw that the crash was
inevitable and that those whom 1 had
helped either could not or would not
trust. which 1 did. 1 hired three
lawyers. paying them $1,000 each, to
wind I'D my business.
"All this time I had 1000 head of
cattle on full feed and 10000 roughing
1t. had 100000 bushels of corn cribbed |
and thousands of acres of corn, cane, |
etc. cut uD. There was ample to pay
all Indebtedness and leave a handsome |
on. having been operating in five diff
ferent states. After l had decided to
go to Mexico one of the men in charge
of my business, after 1 left, decided to
self. He had nothing then, but is now
wealthy. I had been carrying on min
ing operations in Colorado at the time
] was in the cattle business. Had been
IN that business before, and first in
vested in cattle simply as a flyer, but
was so successful that 1 went into it
as a business.
Il went 10 Mexico, where 1 worked
very hard for about four years. 1 got
hold of good mines, and about two
and a half years ago Mrs Gillett re-
ceiVed $4,000 from the states, which
invested in mining properly for her and
1t turned out very successfully. max
ing lots of money. This will be also
invested in other mines which have
turned out to be wonderfully produc-
tvs
Il have been working to the single
end of paying off all my Indebtedness
ever since going to Mexico not only
my own. but those of other people |
much Of which the law would show
that I was in no way responsible for |
but propose to pay every dollar of it. |
My lawyers arranged a basis of settle |
ment several months ago, and if these |
Arrangements are carried out no man |
will lose a dollar by me. I know very
few Of the men who are my creditors
MY paper was in the hands of COM |
mission men and they sold it to banks |
and elsewhere. This necesSitated the /
arrangement of the settlement through |
the commission men and they have
promised every assistance in their |
power.
81 did not flee from the law as never
did a dishonorable or g dishonest trick !
in my life that 1 know Of I did feel
greatly Inundated over the failure |
more on account of my wife and my
family than for myself and wanted to
get away. The day before started for
Mexico. paid out 100000 to two banks. |
AS I said, knew comparatively few of
my creditors. but I have met some of
these whom I knew both in Chicago and |
st. Louis and have talked my affairs |
over with them. I expect to go to |
Kansas City soon to attend the meet !
ing of the creditors and to wind the
matter up and 1 will spend Christmas
with my mother rear that CITY,,