The New York and Texas Land Company begins operation
On this day in 1879, the New York and Texas Land Company, one of the largest privately financed land companies to operate in post-Civil War Texas, was formed when all of the land owned by the consolidated International-Great Northern Railroad Company was deeded to John S. Kennedy, Samuel Thorne, and William Walter Phelps, all of New York state. Total acreage owned by the company was 5.5 million acres. It extended into fifty-one counties. Under the management of T. D. Hobart an extensive development program of fencing, well drilling, windmill building, and water impoundment began on the Panhandle land. By 1900 all the Panhandle lands had been developed and sold, including 190,000 acres of the North Fork pasture, 100,000 acres of the Sam Lazarus pasture, and 88,000 acres of the Nick Eaton Range. Sometime before the company was officially dissolved in 1918, the event was celebrated with a barbecue in Austin, to which all principals and current and former employees were invited.