El Paso daily herald. (El Paso, Tex.) 1881-1901, 1899-04-29


property to pay his debt without going
into the courts. The borrower paying
the fees and expenses of sale providing
he contracts SO to do when getting his
money. If for any reason suit becomes
necessary, the lender may collect bis
attorneys fees, if so specified in the
contract, and all costs from the borrow
er. Appeals r1ay be taken to the SUI
preme court of the state in all cases
where suit is necessary to foreclose q
lien on real estate.
COUNTY AND CITY WARRANTS.
Counties and cities may issue war;
rant to the treasurer for q claim due by
either of them. These warrants are
usually designated as city or county
scrip, and are payable in the order is
sued. 1t sometimes occurs that there
is not sufficient money in the treasury,
to pay these warrants as they issue.
When this is true these warrants fire.
quently sell at q disco unit. The pu--
chaser is secure in buying them If they
have been legally and properly is
sued.
RAILROAD SECURITIES.
Railroad bonds in Texas are issued
under the supervision of the railroad
commission, and it is prohibited to is
sue bonds for any amount over and
above the reasonable value of the rail-
road property. This provision is q
protection to purchasers of railroad
bonds and prevents the issuance of
bonds in amounts above the value of
the property.
BONDS OF COUNTIES, CITIES AND
All bonds issued by counties, cities
and towns must, before they are legal,
be su omitted to the attOrney-general of
the state of Texas. If the alto, pey-
general finds such bonds Ito be ISSUED
for legal purpose and all prerequi-
sites complied with he so certifies and
the bonds are registered by the comp
troller of the state. When this is done
''the only defense which can be offer
ed against the validity of said bonds
shall be for forgery or fraud"
By this provision bond purchaser
may easily know whether or not his
bond is valid.
TIE unusual protection afforded
bond buyers in Texas has made this
class of security extremely popular,
and causes the keenest competition at
any sale of desirable bonds. Unfortu-
nstely the bulk of these, like else-
where, are readily absorbed by the
large financial institutions, leaving the
upon
MORTGAGE LOANS.
While until recently the money
necessary for this inviting class of Sc
curity has been largely furnished in
this state by foreign corporations. a
few life insurance companies and much
local capital, state of transition has
now been reached, where these funds
will be superseded by the surplus of
Individual investors who will be glad
to find a satisfactory field assuring
them of to per cent income. Tex
as mortgages, while comparatively I'M
known in eastern Investment circles,
have brought less Disappointment than
those of the central western states, and
many of the large companies operating
in the state have never experienced
the loss of dollar. Until recently in
terest rates ruled high and not infre-
quently were mortgages made at 10 to
y per cent per annum. With the
cheapening OF money, however, q peri
cd of refunding has set in which makes
such rates prohlbitory.
WESTERN TEXAS.
This great expanse Of territory is al
most entirely used for stock raising
purposes, aud generally classed as
land; though there are in GER
tain sections fertile valleys and favored
spots where agricultural pursuits are
followed. The northwestern part of
the state. com monty called the Pan
handle, also for considerable distance
south and east of the Panhandle pro.
per, is great expanse of plains-land
OF good quality OF soil but uncertain
used almost entirely for graz
ing purposes. Agricultural pursuits
are confined to very small and scatter
ed individual efforts, though some sue
cess has been attained. Values in that
section range from 81 to SO
per acre. That part of the northwes
lying just south of the Red river and
say, from Montague to
counties and for a distance
of 60 to IS miles south of the river is
better favored than further west, and
Is fairly we'll settled, the settlement in
creasing in density Us the "black belt"
Is approached. There are fertile lands
in that section, we'll cultivated and
but the soil Is lighter, the
less certain and the values
much lower and less stable than in the
black belt proper. Wheat is the prin-
,ipal product of the north west, though
cotton is being planted with some suc1
cess Improved agricultural land
range in value from 81. so to 500 pes
acre, according to location and proper
lion under pillow.
Grazing lands proper throughout the
western part of the state range in value |
rom 81 to % per acre, according to
quality, location and water facilities. |
Selected mortgages on large ranch |
are desirable. but larger |
margins should be obtained than on |
arm loans. In my opinion there is a |
rood field for investment in our cheap |
Western lands.
On the dividing line between the |
black waxy belt aud eastern Texas are
ound large deposits of Ignite now be-
ng developed at several points, parti-
ularly in Milan and BastrOp coun-