Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1882-06-16
LOTS OF LAND.
. Mammoth Purchase from the Cana
dian Pacific Railroad


The largest purchase perhaps ever
made, with the possible exception of
the purchase of Alaska from the Rus
sian Government by the United States,
was Yesterday partly contaminated st
the Grand Pacific Hotel by distin-
guished party of American and foreign
capitalists. The scheme in itself is of
grand and enormous proportions, in
volviDg, perhaps, 100000 acres of
land and $15, 100000 in money. The
purchase however is made in Canada,
along the line of the Canadian Pacific
Railway. Report had it that syndi
cate had bought up all the lands grant
ed to the Pacific Railway by the Do
minlon Government; that they had
agreed to take 5000, 600 of the bonds
of the Canada Pacific, now held by the
Bank Of Montreal, and that the synd!-
cate would guarantee the payment Of
the bonds, using them for purchase
money for the land bought by them.
A Tribune reporter was detailed to
look up the matter, and learned about
all that there was to be found out IN re-
gard tc the mammoth scheme There
will be howl over this" said the gen
tleman who gave the details to the re-
| porter, "about another gigantic mon
| opoly. But the fact Is, this is q legit-
| innate enterprise, intended to settle the
northwest of Canada. 1t is consolida-
| ton of all the little land companies I'M
der one management tits, in short,
great land corporation"
| The gentlemen who came here to
| further the scheme and who met at the
Grand Pacific yesterday, are the Duke
of Manchester; George Stephens, Pres
ident, and d. B. Angus Vice-President.
Canadian Pacific railway; Robert Ten
nant, Member of Parlemiant, OF Leeds,
England; Stephen Angus, Lord Ephin-
stone, and Mr.. Todd, of w. F. Kennedy
& Co. representing the Scotch inter-
ests, and w. F. Kennedy, representing
the New York capitalists; and w. b.
Scarth and Mr.. Osler, representing Tor
onto. These gentlemen organized the
Land Corporation of Canada. The
Duke of Manchester was elected Pres
ident and Robert Tenant Vice-Presi-
dent.
The Canadian Pacific Railway re
cieved land grant from the Dominion
Government of %, 100000 acres. Ofthis
between 100000 and 100000
acres have been sold. The company
up to date have issued 8, 000, 900 in their
| land grant bonds, which are said to be
held by syndicates IN Paris, New York,
and Montreal holding, it was stated, a
goodly block. How great this amount
was no one seems to know, but some
alleged that the bank was overloaded
with them. Whether true or not, as
soon rs it became known that the land
company was to take up these bonds
! the stock of the bank of Montreal went
up also. The Land Company of Can
ada is consolidation of all the smaller
land companies in Great Britain and
Canada which have colonization IL Can
| ada as then great objective scheme.
The corporation agrees to purchase
one-half of the land along the line of the
| Canadian Pacific which is lett of its
| land-grant, including, of course, half of
| the town sites. These lands lie in North
west Canada, clear up to the line of
the British Columbia, and includes in
the neighborhood of 100000 acres.
Tie Canadian Pacific issued amount
to 100000. These are held in Paris,
New York and Montreal, as above
stated. The land company will take
these up at par, and Will receive 5 Ter
cent. interest upon them. The land
company will pay for these lands in
bonds of the Canadian Pacific, which
will thus cancel them.