The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-05-03
MISREPRESENTATION OFTEXAS
Chicago Man Who Says He Has Been in the
State Makes Wild Statements

ing sea wall. But II can float no bonds
unless the laws of the state are SO amend
ed as TO provide the. proper security to
investors. great deal OF pressure is
therefore being brought to bear on the
State legislature by the city OF Galveston
In favor Of laws friendly TO capital
In consequence of this need OF the city
of Galveston, 1t looks now as II legislation
would in the near future be enacted which
would greatly benefit the entire State. IL
Is encouraging to note that the supreme
court has Just found the Texas anti-trlst
law unconstitutional. on the same grounds
that the Illinois antitrust law was so
fonnd.
The boom In Texas oil lands has seen
its best days. The trouble with the boom
Is not that there is not enough oil, hut
rather that there Is too much oil for the
available market. Enough oil Is flowing 20
waste every week from the gushers TO
supply all the oil the entire world would
need for a month. The gushers soon iun
themselves dry. when the oil has TO lie
pumped. which costs money.
Nv hen person buys gusher, his trou-
bles just begin He soon finds he owns a
white elephant, The oil must find mar
ket, which means that way. must be
found to take II to the coast, and then spe-
cally constructed steamers to take II To
New York where buyers must he found for
1t. There are not more than two or three
companies one n Standard OIL concern,
that own. or ever VIII he able to own, the
necessary facilities for doing all this and
the others must sell their oil In Texas,
where about cents per barrel is ohtainable
for ii, the principal purchasers being the
railroads which traverse this section.
'Oil lands have greatly shrunken In value,
many properties which originally sold for
$4,000 now selling for not more than $500.
None of the companies except those that
possess the facilities to market the oil In
the East or abroad Is making money. The
others are stll guShingly advertising their
gushers. bur those who are uuwary enough
10 put their money into them will ind they
have put 1t into sink-holes.
IL believe the people of Texas VIII con
Time to make more money out of cattle
than they ever make out OF oil IL Is
conscrvaiycly estimated that there are 49,
COe,Cn0 head of cattle In Texas. These are
worth from $l2 to $40 per head. The breed
ing Is constantly IMPROVING. which increases
the value. The dairy industry is now max
ing remarFable progress The refuse from
this industry is making fine food for hogs
and ! expect TINT at no distant date there
will be about 5000 hogs a day raised In
Texas. The Armours are now building q
fine packing nlani at Fort Worth. which
anticipate Will he hut mere beginning fol-
q great packing industry for the State
With the cattle right Mt hand. and also
the seaboard the special advantages fal
this industry In Texas are certainly great
1T must he remembered that Texas is MS
I large ms all New England with New York
PENNSYLVANIA and Maryland added on. II
possesses resources of all sorts. that could
make 1t a great sclf-sufdcient, enormously
wealthy empire State But until its laws
become friendly ia capital 1t will never
make equal progress industrlally with other
States possessing resources vastly inferior.