Cotton Land Deal Involves $2,000,000Long Staple Acreage in Yazoo Valley of Mississippi
English Syndicate and Holding Company Close Matters Within Old Law Provisions
Special to The News.
St. Louis, Mo., Jan. 21 – The transfer of 25,000 acres of long staple cotton lands in the Yazoo Valley of Mississippi to an English syndicate for $2,000,000 was completed here today by W.S. Biles & Co., whose local offices are in the New Bank of Commerce Building and who has offices throughout the South.
The first payment of $300,000 was made at the company's main office in Memphis today. The tract, which is the last large lay of that sort of cotton land remaining in the United States, was purchased by the Deer Creek Cotton Estates Company of Manchester and London, England. The deal was consummated just in time to make it valid, for a new law goes into effect in Mississippi tomorrow preventing corporations from holding titles in land tracts.
The cotton land lies in the Mississippi and Yazoo Valleys, extending seventeen miles along the Yazoo through Sharkey and Issaquena Counties. The transfer carries with it the ginning and other privileges connected with the raising of cotton on the tract.
The Biles Company retains 45 per cent of the stock of the new holding company and has appointed the managing officials. “The deal is very significant in one respect.” Said an official of the company. In this transfer an average valuation of considerably more than $80 an acre is put on the land, which people up in this country have thought as worth from $10 to $20 an acre.
Source: The Dallas Morning News, February 1, 1913, Page 6