| Show A Big Scheme Chicago 31A gigantic land and colonization scheme was completed here today This morning the Duke of Manchester and President Stephen of the Canada Pacific Railroad Rail-road came from the west and met R B Angus vice president of the Canada Pacific and Mr Scarth of I Cochrane Scarth Co of Toronto Besides these parties there were Robert Tennat of Leeds England Dr Todd of the firm of lY H Kennedy Ken-nedy R Co of New York representing repre-senting Scaath and the Canada Pacific Pa-cific syndicates In fact practically all the large land syndicates besides capitalists in Paris London Montreal Mon-treal New York and other points are interested in the scheme The plan ag outlined here today with the Duke of Manchester as President Presi-dent is as follows The syndicate represents capital amounting to 15000000 It proposes to buy 595000000 unsold bonds of the Canada Pacific Railway now held by the Bank of Montreal and take a second part of 6000000 bonds of the road not yet in the market paying par for them In turn the Canada Pacific agrees to accept these bonds in payment for lands granted it by the Canadian government which are to be taken chiefly in Sas kitchewas county at the rate of sue The giant of the Canada Pacific was 25OCO000 acres of which 22 0000 0 acres remain unsold The combination proposes to take 11 I 000000 on the terms mentioned Connected with it is an immense colonization scheme including among other things the erection of farmhouses for settlers unable to build and sell to them on easy terms It is stated that one of the effects of the scheme will be to insure the early completion of the I Canada Pacific railroad |
