Business & Finance: Earnings

Texas Rangers were still combing the coulees for cattle thieves and badmen when the Texas Pacific Land Trust was organized in 1888. Its assets were 3,450,000 acres of Texas land originally granted by the State of Texas to Texas Pacific Railway. Its liabilities were $10,370,000 of certificates issued in a reorganization of that railroad which segregated the land grants from the carrier properties. And its purpose was liquidation.

The trustees, however, were in no hurry. After 47 years 1,980,552 Texas Pacific acres are still unsold. Meantime the certificates have sometimes made exciting market history. After oil was discovered near some...

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