New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-23

DIR. SEWARD WEBB'S OPTION EXPIRES
JUNE l-PLANS OF SYNDICATE II
PURCHASE Is COMPLETED.

Ottawa, Ont, April % CSpeciaD.-Last February
DR.. Seward Webb paid TO j. r. Booth Sieeo as a
guarantee that the New-York Syndicate would
purchase the Canada Atlantic Railway at the terms
then and there agreed upon, namely, 100000
This money was to have been paid over on or be-
fore March Is, bUt, owing 10 some obstacles that
fell in Dr. Webb's way the option has been extend
ed to June J. when. If DR.. Webb cannot lay down
that IN hard cash, not in bonds or otherwise
the deal will fail through and the syndicate for
felt the $4,000 Just as soon the deposit OF
$4,000 was made Mr. Booth issued bonds TO the
amount Of 81 200 900 Before these bonds were IS
sued the financing Of the road had been largely In
the name Of Mr. Booth. and consequently there
has been no bonded Indebtedness The amount OF
bonds issued is made UP Of $1,000 a mile on 500
miles, and 200 600 on the bridge over the St Law
renee Coteau.
When the syndicate pays over the 100000 in
cash these bonds Will be formally transferred to
the owners. DR.. Seward Webb is to become
President, and +. J. Chamberlin the present gen
eral manager. weep president and general manager
The Webb syndcate's object in purchasing the
Canada Atlantic is afford Canadian connection
with the Rutland Railway. of which about % per
cent is owned and controlled by DR.. Webb. The
present position of this road. wedged IN between
other systems, is unsatisfactory. and the invest
ment is paying. With the CANADA AtaIiuC
purchased and connected with the Rutland Rail
way offer would then he made 10 sell out tile
two lines to the Boston ana Ottawa. which would
have a direct Inc from the Great Lakes to the
seaboard at Boston.
The delay in purchasing the Canada Atlantic Is
said 10 have started when Dr. Webb's syndicate
attempted 10 raise the money for the purchase OF
the Great Northern and Temiscouta railways. Inc
Great Northern runs from Hawkesbury to quebec
ana the Temiscouta from Riviere du Loup 10 Ed
lhondston. the Maine boundary lhe Ihe M
len.oH is If the project be financed 10 nave d
railway from Depot Harbor to St John. using lhe
canada Atlantic Great Northern afd IeIliscort'
railways, extension OF the latte' from f5o-
inondston ST. John y. b. Dr. NeDn mas aIso
Dsen In negotiation for the purchase OF the Queoec
Webb syndicate are said be as follows: 10 nave
line from Georgian Bay by way or me Cahatua
Atlantic TO Montreal. and from Montreal by q ne"
me or by a purchased line to quebec, ana from
quebec TO New Brunswick through Maine, across
New-Brunsgick and TO Louisburg-in a Woiu
from Georgian Bay TO the Atlantic seaboard at
I-oulsburg where ii is said to have fast AtlAhtic
service port in. view. e.,
The syndicate also entered into negotiations Ior
Tue purchase Of the Ottawa, Northern and western
1raeeield. and the Pontiac Pacific Junction ttiiI-
way, which from Ottawa TO WIthour
but the Canadian Pacific Railway Company, WlicH
Is trying to hold the Vanderbilt syndicate,s amor
lions IL check much possible jumped In just
IN time. and has secured option on Inc
run through a thicky wooded country. Many
Dsautlfui lakes attractions on the routes anu
- a tourist and sporting country IL has no SUBJ
nor Merchants In ard around Ottawa express Ifie
70 purchase the Canada Atlantic. as IL is BEYOND
doubt that once the Webb syndicate owns the roao
every measure viii be taken to boom the Muskoka
country as a centre for tourist travel The MUS
Aoke lakes are among the most beautiful on Inc
comment, and afford fine sites for summer resi-