Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-19
LIFE OF COWBOY PREFERRED
TO MILLIONS BY WAGGONER
Richest Texan, Owner of Panchio, Hap
piest in Saddle-Doesn't Know
How Much He Is Worth.

earned" he explained "I've carried it
ever since as q good luck piece"
They tell me you have the biggest
ranch in Texas. Is that SOP"
mo, 1t amt SO. I've got only $4,000
acres, and the King ranch down in
South Texas, has nigh 100000 acres.
1 reckon mine is the second largest"
do you own all that land?" I asked
Waggoner.
Il reckon I own it. I paid cash for
it and got the deeds to 1t and there
amt anything against it. I'm still IN
the cattle business, too, mind that. I'm
no oil man; I'm cattle man. I got
so 900 head of cattle up there on the
ranch, and 80 cowboys to take care of
EN- The boys are shippin' out 1000
head today"
Waggoner's ranch is all in one solid
body of land in Wilbarger, Foard, Knox
and Baylor Counties in North Texas,
near the Oklahoma line. Waggoner
owns nearly all of Wilbarger County.
On his ranch is Lake Kemp, made by
damming the Wichita River. 1t Is one
Of the largest artificial lakes in this
miles around. Waggoner bought the
lands of this ranch before there was a
railroad in that part of Texas, when
it was the real wild West. 1t cost him,
he said, SIPS to 50 an acre. 1t is now
said to be worth about SIS an acre,
making the land of his ranch, alone,
worth more than 100000.
Oil Discarded as Worthless.
How oil was discovered and for years
discarded as q worthless nuisance was
told by Waggoner. In 1902 he was
drilling a well for water for his cattle
and was down 1000 feet when oil came
bubbling up, black, smelly liquid.
We'll, sir, there was, all that money
and time and work spent putin hole
down 1000 feet and the whole thing
spoiled by that stinkin' black OIL" said
Waggoner. II didn't want the cuSsed
only 40 cents barrel then. We ADAM
doned that well and went away off and
sunk another and got water"
For eight years the oil well remained
despised and forsaken. They stuffed
old clothes into the hole and rammed
them down with a Scantling, trying to
plug the opening SO the oil wouldn't
run out and befoul the grass, but it
continued to seep out and little Of it
was gathered up and used for greasing
the wheels of wagons and ranch ma
chinery.
Then came the motor car and the de-
mand for gasoline. Oil went up. A big
oil company heard Of the we'll on Wag-
gonerS ranch, investigated and leased a
part Of his land, giving him cash
bonus Of 100000 and royalty OF one
eighth of all the Oil. 1t turned out to
be one of the richest oil pools in Texas
Builds Town Of Electra.
waggoner built the town of Electra,
naming it after his only daughter,
now dead, and there he put up re-
finery to handle part of his oil. In
one year s50,000,000 worth Of oils
was taken from the Electra field on
Waggoner's ranch. The wells on that
part of his ranch in Wilbarger County
lowed 10000 barrels a day.
Some idea of the size Of the Wag-
goner fortune was given when Wag-
goner's son, Guy, was sued for divorce
and alimony by his fourth wife.
In the trial the question of the value
of the Waggoner estate was gone into.
The court appointed an expert ap-
praiser. and he testified that the Tom
Waggoner estate was worth $98,oO0,-
600. In FIVE years its revenue from
Oil profits was $l0,000,000.
In 1923 there were 1,040 producing
Oil wells on Waggoner's ranch, and he
was getting a bonus and one-etghth
of all the Oil from them. In 1925 his
net income from Oil was $4,000 900.
In that same year oil leases that cost
him $24,295 we're sold for $2,000.075.
The appraiser testified that in one
five-month period WaggonerS oil and
gas royalties brought him $500, 735.
In one year he sold cattle at a net
profit OF $273,000.
Tom Waggoner, himself, was put on
the stand TO tell how much he was
worth, and he testified that he did
not know, for sure, but thought 1t was
around 100000
Owns String Of Horses.
At Arlington, near Fort Worth, Wag--
goner has 1000 acres. a race track and
the Three d. Stables" that cost him
more than 100000. There he has
string of famous thoroughbred race
horses. The head of his stud is Pha-
laros. and other nationally , known
Vermaio, Prince Pat, Double Heart,
Calf Roper and Panchio.
1T can't see the races myself, Tor
I am nearly blind" Waggoner SAID
1T can hardly see you, sitting right
there. My boy Paul looks after the
horses and get kick out OF 1t, just
hearing about the races.
ct Just sit here and live in the past
mostly" he went on. There's a pic
lure prize ABOVE an OtileiS, aiAo ne
pointed to q framed picture taken in
1905 when President Roosevelt visited
and hunted on his ranch.
THAT was the best five days IN all my
life of rs years. when he visited me,
he remarked. He was one Of the big
gest, finest men in the world, good
sport. I chased wolves with him. He
was there when the dogs caught II. I
gave him the best horse on the ranch,
and he was some rider.
II was a cowboy just as soon as l
was old enough to ride horse, and I've
herded cattle from Houston to the Pan
handle, all over Texas"
Asked for his opinion Of the future
Of the cattle business in the Southwest,
Waggoner said:
"Itll simmer down to real stock
farming. The last big ranch will soon
be cut up. Land Is too high and wages
too dear and everything so high q big
ranch Is too costly to handle to
advantage.
"The cattle business will always be
good, on a smaller scale, and 1t will
always be good business for any young
man to go Into It will have its ups
and downs. but q good worker and
manager will always make money at It.
at S'pose an old fogy nike me thinks
and talks too much about the old times,
hecoIse lived in 'em and knoWed 'em,