When the Oil Boom began in Ranger in 1917, the one in Desdemona in 1918, Breckenridge's Strike in 1918, and the Pioneer Field of 1923, Cisco already had modern facilities, so many of the oil offices were headquartered in Cisco. The largest oil camp in the world was built in SE Cisco, called Humbletown. Cisco was a very progressive city and had developed many public works, funded largely by Bonds.
The late Mayor Eris Ritchie asked me after we started the Lela Latch Lloyd Museum, “How did Cisco fund all of these improvements so they could develop so rapidly in the 1920s?” At that time I really didn't know the answer, but later learned that by 1929 Cisco had over extended themselves and could not pay their Bondholders. An article in the Fort Worth Star-Telegram, October 6, 1929, read, “Cisco Seeks to Avoid (Cont. on pg B3) A year later, the Abilene Reporter News, February 18, 1930, reported, “Injunction to Keep Cisco From Selling Lake.” By January 15, 1934, the Fort Wort Star-Telegram wrote, “Cisco Bond Case Reaches Supreme Court.” The City of Cisco had an outstanding indebtedness in the principal amount of $4,842,000 which with accrued interest brought the indebtedness to $6,000,000.
A deadline had been given to the City of Cisco to turn over to the Underwriters Trust Company of New York, before August 1, 1933, an amount equal to one percent of the principal of the bonded indebtedness of the City to be paid to the holders of said bonds or their representatives, as coupons or bonds are paid to said Trust Company, for endorsement of the amount paid thereon, which should be one percent of the principal of the bonds.
