Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-23
HE HAS GREAT FAITH IN TEXAS.
COL. CLIFFORD OF THE EQUITABLE
MORTGAGE COMPANY
DecIazes That Texas Is I'm BETTER
shape Than Any other State in the
West or southwest-Fnrmers Pay
Tag Thoir obligations Promptly.

Colonel James NJ. clifford, receiver OF
the Equitable Mortgage company Of
New York, was in the city yesterday.
He arrived in Texas last Thursday and
has been over portion Of the North
part OF the state. taking a look at the
condition OF affairs, and especially
the condition OF the agricultural inter-
ests. The Equitable Mortgage company
has between ss.oOO0OO and s700OOOO in
loans on farm property In Texas. most
of which is in North Texas. The Texas
headquarters OF the company are in
Dallas. under the management of Mr..
$. NJ. Finley. and Colonel Clifford was
very much interested In learning all he
could OF the prosperity Of the farmers
and their future. The eminent position
which he occupies In Eastern financial
circles gives weight to his opinions of
Texas as field for investment. The
Gazette asked him for an expression on
this subject. and he declared that Texas
is the best state in the West or South
west at present. and that while many
Of the Western states, particularly
Kansas and Nebraska, are In "a deplor-
able condition, Texas has weathered
the financial storm In splendid shape.
Although the company of which
am receiver has n large amount OF
money loaned to Texas farmers and
ranchmen, we have had practically no
one to default interest or principal in
this state for the past sixteen months.
There has not been a foreclosure in
| that time. 1t shows n better record
than any six states In the West, and
am remarkably well pleased. We
make no loans on city property, and
probably shall not do SO. find more
evidences of prosperity here than any
where | have visited, and ] may add
that have been from the Atlantic to
| the Pacific recently The condition of
affairs In the West Is deplorable, and
should Judge the Texas people have
| little idea OF what hard dimes really
are. The Equitable Mortgage company
| has been In the hands Of receiver
about year and a half, but It will pass
into the control of It's owners on jan
| uary l. 1t will be known as the Equl-
| table Securities company and Mr.
| Charles NJ. Preston, who Is now super.
| intendent of banks in New York. will
| be Its president"
Colonel Clifford said tho Equitable has
| loaned over $4,000 900 since It's organi-
| cation, and that when It went into the
| hands OF receiver 1t had liabilities of
Sl6,0oO000 and assets considered good
of Sls0O0,0O0.
what is the relative number and
amount OF mortgages today on Texas
farms, as compared with year agoY'
| no was asked.
1.-THE amount Is greater today than
six years ago. but less than one year
ago, The farmers here meet tholr obli-
cations promptly and when due as a
rule. but whenever there Is one who ls
unable to pay off the loan at maturity.
and who is disposed to act honorably
with us. we gladly extend his moi
gage. We want no land, and the Equi-
table IL disposed to treat Its patrons
with all the lcniency possible"
what Is the feeling IN New York
financial circles at present toward
| Texas7"
'-There has been some uneasiness
about investing In railroad property in
| this state on account of what has been
considered hostile legislation against
tho roads, but that feeling seems to
be gradually dying out, Speaking for
the company with which l am con-
nected, can say that we have the ut
most confidence in Texas and know
that we shall always be treated fairly
by the courts here. The one thing that
causes us uncaslness is the homestead
law. I believe the law Ia a detrlment
to those who want TO borrow money.
and works to the injury of the state.
We are forced 10 be extremely careful
In many applications for loans ON this
Nccount. We have sdrawn out OF
Arkansas entirely, because the courts
OF that state are undoubtedly hostile
to US, but no such complaint has ever
been made OF Texas"
"Will tho change in the Texas adj
mlnlstration have any effect upon East
ern money londers?"
81 viii say that we are all highly
pleased with the result Of your late
election" said the colonel. with laugh.
He then added: II do not believe the
/ next administration in your state Will
cut much of figure with those In the
J East who desire to buy your securities.
Hostile legislation may be undertaken,
but no one anticipates H."
Colonel clifford is accompanied on his
Texas trip by his accomplished wife,
They were dined yesterday afternoon
| by DR.. and Mrs. w. A. Adams ut their
home on Lamar street, iend left last
night for Galveston.
Nntna.