, 1881-08-28
MILLIONS IN Them
Some Great ReaI-Estate
Operations Involving
Millions.
Bowen's Calumet Canal & Dock
Company to Be Re-
organized,
Its Mortgages Paid OFF, and 1880
Acres Opened to I'M
proyement.
Jacob Forsyth Sells His 1000
Acres at Wolf Lake for
Sl,000,000
To a Lot Of Outside MilIionaires Dis
guised as Belt Railroad
Company.
Six Millions Of Capital and No End
of Bonds-Work to Begin
at Once.
They Will Found East Chicago and Pool
All the Belt Lines
Except the Western Indiana, Which Goes
It Alone-lts Shops at South
Rng]ewood.
To Lot OF Outside MilIionaires Dis
quised as Belt Railroad
Company.
Six Millions Of Capital and No End
Of Bonds-Work to Begin
at Once.
They Will Found East Chicago and Pool
Ali the Belt Lines
Except the Western Indiana, Which Goes
It Alone-Its Shops at South
Rng]ewood.

BIG SCHEMES.
INVOLVING MILLIONS OF DOLLARS.
Allusion was nude in THE TRIBUNE q
which were beginning to agitate all the real
estate interests south of Chicago. Grea
efforts have been made to keep the matter
referred to from general knowledge. The
are schemes Of great magnitude, involvin!
the expenditure of many millions of dollars
influencing values south, west, and north t,
the extent Of many times the millions di
rectly spent, and affecting for all time tn
mercantile and manufacturing arrangement!
Of the city, and the distribution of the popu
lation surrounding it. We are able to-day tt
give the first authentic information abou
these enterprises. They are:
/. The reorganization of the Chicago &
Calumet Canal s. Dock Company.
?. The consummation Of the plans for the
Chicago Beit-Line Railroad Company.
s The location OF the shops and centra
transfer yards of the Western Indiana Belt
Line Road; and,
i. Several associated enterprises Of more
or less consequence,
g. OTIS AND MEEKER
VicePresidcnt George l.. Otis, of the Com
merciai National Bank, and Mr.. A. 3. Neeker,
both of the Calumet s. Chicago Canal i:
Dock Company, are now in New York per
fccting the negotiations for q complete re-
organization Of that Company. The bonded
debt OF the Company now with accrued i'll
terest amounting to about s., ,0o0, 600, is to be
paid off. III its place, $2,0oo,ooo of pre-
ferred stock are to be issued. This stock
will not be issued to holders of the
bonds in satisfaction Of their claims The
bonds are largely owned by the Greene and
Bayard estates and the State Savings banks
and other interests which can take nothing,
but money in payment 4 new company is
to be formed, and the subscribers to its pre-
ferred stock will furnish cash to clear off
the mortgage. Besides the s. ,ooo, GOO OF pre-
ferred stock, Se,ooo,o 600 Of common stock
will be issued, in addition to the 81 600 900 of
common stock already outstanding. Sub
scriptlons to this project have already been
made so freely that
IT'S SUCCESS IS ASSURED.
It will release 500 acres at the upper end of
Lake Calumet from an incubus OF debt aud
litigation that has kept it out of use> for
years. a comprehensive improvement of
tie property will be at once begun. Subdi-
visions will be made, docks and Slips cut out,
streets surveyed, everything in brief will be
done necessary to obtain the maximum re-
turn from this valuable tract. Its position is
the most advantageous. It has a great 'front.'
age on Calumet Lake, adjoins the 1Go acres
in Sec II, owned by the Illinois Central, and
the probable site of its shops in the near fut-
ure, and is Immediately in the line of the
New York, st Louis s. Chicago Railroad,
which will pass through its property.
A NEW YORK DISPATCH STATES
that parties interested in the Seney Syndi-
cate that is building the New York, St Louis
g. Chicago Road have subscribed for more
than $500, 900 of the preferred stock of the
Canal IL Dock Company. This shows how
powerful arc the interests which are now
concerned in the development of this neg
lected property, aud make it certain that it
will be but short time before there will be
at the north of Calumet Lake, as already at
the west, the Inauguration Of a new life Of
growth and Improvement
No secret has been better kept in Chicago
for many years thai, the progress Of the Chi
cago Belt Line Railroad Company. This is
the road first planned by A[r. Weston, but i'll
the management Of which he has for some
time been outranied by some of the ablest
railroad men and heaviest capitalists in the
country. Few people Ill this city know be-
fore reading this that all the plans have been
for q belt road running around the
city, beginning at Sheffield, and passing
west of the city three or four miles beyond
the city limits, running thitty-tiye miles |
In all. with four steel tracks. and all |
the land. equipment, and accessories
needed for perfect system Of grain, ner- |
chandise, cattle, and other freight transfer. |
The promoters of this scheme have worked |
In the most successful secresy. Even the !
OF the road in the gorgeous |
offices here in Ashland Block were kept in !
ignorance Of what was being done. Three
or four routes have been surveyed in places
n order to
cHEoW REALrEsrATE SHARKS OFF TIE
SCENT
Between one-ha1f and twu-thirls Of the
light of way has already been secured.
rrack-laying will certainly begin. in thirty
lays, and possibly in ten, and the whole thlr-
y-tive miles will be completed as rapidly as
men aud money can do it.
The Company have purchased the s,0N
lcre farm Of Mr.. Jacob Forsyth, fronting on
lake Michigan and Lake Wolf. This was
he site Of the ili-fated Sheffield, started the
'ear4efore the panic Here the Belt Road
Eili have its eastern terminus and its outlet