Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1889-07-11
OWNED IN ENGLAND.
Texas Possessions OF the Capitol Syndi-
cate Bought by EngliShmen.
A Vast Domain that Has Been Used as a Cattle
Range to be Converted Into Farm
ing Country.
San Antonio Express.


TAFT of San Antonio has received infor-
nation which will prove of great interest
to every Texan, and which possesses the
additional advantage of being somewhat
of surprise. AS long ago as 1884 the
Farwell syndicate of Chicago sold to an
English corporation, known as the
| ''CapitOl freehold land and investment
company, - three million acres of land
| paid them by the state of Texas for
| the construction of the new capitol.
1t has been the general impression in
America that this vast body of Panhan-
die soil remained with the original ven
dees, and that it was intended to make
| of it permanent cattle ranch upon
scale of prineely expenditures
and receipts. So far as learned, its sale
has been kept profoundly secret, nor
has mention been made of any legal
record stating the transfer of title.
The vast Importance of this deal and
its effect upon the future of the north
western part of the state cannot be
overestimated. If so enormous a tract
is converted from cow ranch to farm,
the increase in the cereal and textile
production of Texas will be enormous,
and the voting capacity of the section
settled correspOndingly enlarged. The
following extract from the prospectus
gives a brief description of the terms
of Incorporation and the advantages
of the property.
The company was incorporated in 1885,
under the English companies act, for the
purpose of acquiring and developing
3 200, 900 acres of freehold land in the
Panhandle district of Texas, the title of
which was granted by the government of
the state of Texas as consideration for
the erection of government parliament
buildings Estate capitol) in that state,
which have been completed and accepted
by the stare, and the whole of the land
has now been conveyed to the company
The capital of the company is E3, 000,-
900 sterling, Of which 60 900 ZOO has
been subscribed and paid up.
The land was carefully surveyed and
selected in 1880 from the best unoccupied
lands in the state, by a commissioner
specially appointed by the state of Texas.
The property is about two hundred
miles long and twenty-five miles broad,
and freehold.
Not only is 1t exceptionally well sit
uated for rearing and grazing cattle and
sheep, but the reports obtained from N.
=
missioner, and others state that it is
well adapted for growing every variety
of grain and other agricultural products,
including fruit and cotton This has
been proved by the actual operations of
the company. The value placed upon
the land by these gentlemen much ex-
ceeds the total amount of the debenture
issue
1t is therefore evident that the COM
pany owns one of the most valuable,
largest and best situated tracts of land in
the, United States held by any similar
corporation, and will be in position to
realize the profit to be derived from the
inevitable increase in value of landed
property in the United States; yearly
increase, estimated in this case by COM
petent judges, at not less than E300 900
for some years to come, or about one
third of the debenture issue.
The principal guarantees and securi-
ties for the debenture holders for the re-
payment of principal and interest are as
follows:
l. Three million acres of land, which,
if valued at 81 per acre, the reserve price
placed by the government of the state of
Texas on the worst land when sold by
auction, shows a margin exceeding the
total issue of mortgage debentures a.
900 200 pounds) by 81 200 600. Present
sales have been made at So per acre, and
an offer of this price for 40 900 acres has
been declined.
2. The income from a lease of the
company IS property to highly response
bic people, for five years, at present
rental producing So, 6l7 pounds per an
mum, sufficient to pay the interest on
the whole debenture issue, and to leave a
surplus of 40, 900 pounds per annum.
3. About 100, 600 head of cattle valued
at 1886, 1868 sterling, which at the end Of
the lease are not to be less than $50 200
head
The limit of the debeRture issue is
fixed under the trust deed at $500 900 |
has already been subscribed, and the in
terest has been regularly and promptly
paid.
Following are the directors of the COM
pany: The Most Hon. the Marques of |
Yester, Clifford, Hadding- |
ton governor of the Commercial |
bank of Scotland, limited) chair
man; the Right Hon Lord Thurlow, |
Dunphail, N. IS. deputy chairman; Ed |
ward NJ. Denny, Esq. (of Messrs. T. A. |
Denny Co., merchants), HIDernia |
chambers, London bridge, London, s. |
E.; Sir William Ewart, Bart, M p. |
chairman of Messrs William Ewart & |
Son, limited, Belfast, and honor
airy director of Scottish Widows |
fund life assurance society; |
Henry Seton Karr, Esq, NJ. p; |
st. BosweI's, n. B.; Hon. |
John V. Farwell, managing director in
America; Hon. Charles B. Farwell, |
United States senator, of Messrs. John
V. Farwell Co., merchants, Chicago,
New York, Manchester and Paris; Wal
ter Potter, Esq. COT the Potter-LoveIl
company, bankers) Boston, L. S. A;
Abner Taylor, Esq. merchant, Chicago,
c. S. A.