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CAPITOL FREEHOLD LAND AND INVESTMENT COMPANY
CAPITOL FREEHOLD LAND AND INVESTMENT COMPANY. The Capitol Freehold Land and Investment Company, Limited, was incorporated in London, England, late in the fall of 1884 with an authorized capital of $15 million. It was organized by John V. Farwell to raise finances to stock the XIT Ranch and to meet its tremendous operating expenses. Wealthy English bond buyers like the Earl of Aberdeen and Henry Seton-Karr were shareholders in the investment company but not in the ranch, which was operated by the Capitol Syndicate under John and Charles B. Farwell, Amos C. Babcock, and Abner Taylor. By the late 1890s the British investors had begun clamoring for the redemption of their bonds, and the syndicate began its gradual selling of the XIT properties. The Farwell estate completed the redemption of most of these bonds to the Englishmen's satisfaction in 1909, and the investment company ceased to exist. The final account payment and dissolution of the company came in 1915. The remaining interest went to the Farwell heirs, who set up the Capitol Reservation Lands as a trust, and to shareholders in this country.
BIBLIOGRAPHY:J. Evetts Haley, The XIT Ranch of Texas and the Early Days of the Llano Estacado (Chicago: Lakeside, 1929; rpts., Norman: University of Oklahoma Press, 1953, 1967). William D. Mauldin, History of Dallam County, Texas (M.A. thesis, University of Texas, 1938). Lewis Nordyke, Cattle Empire: The Fabulous Story of the 3,000,000 Acre XIT (New York: Morrow, 1949. rpt., New York: Arno Press, 1977).
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