The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-11-08
THE GRAND TRUNK.
Hts Semi-Annual Statement-A Net Loss
of EiOS, ,0OO-sir Heary Tyler Sustained
by the Shareholders.

London papers bring reports Of the ordinary
half-yeSrly meeting of the Grand Trunk Rail-
way of Canada, which was held in England
October %. There had been much adverse
criticism in the press and the meeting present.
ed an angry appearance. When she president
Sir Henry W. Tyler arose TO speak, he was
greeted with mingled applause and Kisses. Bat
when he concluded, ,Ihis explanations had PROV
ed so satisfactory that not question was asked
and no sign Of disapproval was shown. His
report showed that the gross receipts Of the
half year fell off e225 900 as compared with the
corresponding period OF the preceding year,
while the working expenses were reduced
STAT 600, leaving net loss of revenue of a1O8-
600. Two causes mainly contributed to the
decrease in earnings, the deficient harvest last
year and quiet condition of trade in Canada,
producing loss of no less than 224, 900 tons of
local traffic, and the reduction of rates on
East-boand traffic from Chicago to the sea-
board brought about by the keen competition
of the trunk lines. There was also consid-
cradle falling off in West-bound traffic, the
proportion of East-bound to West-bound traffic
having been as 70 to 2S during the half-yssr,
rIod Of 1855. Rut this loss was less than that
OF the American lines. The gross earnings in
the Michigan Central and Canada Southern
Company fell off nearly II per cent, and their
net receipts fell off 50 1-2 per cent. The Lake
Shore and Michigan Southern gross receipts
fell off 20 per cent, and the net receipts 10 Der
cent. The gross receipts of the Grand Trunk
fell off 70 per cent, aud the net receipts Is per
cent. Sir Henry stated that they were now de-
ing large business with two lines between
the Niagara River and New York-the West
Shore and the Delaware, Lackawanna and
Western-and they were also doing a very
large business with the Wabash. Having
quoted from the reports respecting the work
doEe in the engineering and locomotive de-
partments, he alluded to the expenditure of
G195, ia on capital account, el41 600 being for
the WellAEd Railway very cheap purchase
On various new works they had spent a41, 900.
With respect to No. 10 account-the general
balances-the item of 9l00.0 600 for renewal
accounts" had been alluded to good DEAL
When they took over the Great Western they
found that the car stock and the bridges on
that system required extensive renewal and
that the line wanted ballast; and according to
the information they had received this 210O-
600 was divided into e43 COO on account of car
renewals and EST 900 for renewals OF rails
bridges etc. The idea had been not to spread
the outlay over certain number of years
10 had been mentioned-and TO charge SO much
every year, putting the remainder to renewal
accounts. AS to the important items "by cash
invested In securities not charged against cap-
ital expenditure. 9906 ,243,' and "securities on
hand" e244, ,120, there has been great deal of
Misrepresentation, and he had, therefore, pre-
pared printed paper giving a complets list Of
the securities. Tho paper would be circulated
among the proprietors, but he might say as to
these two items that they had in their Golfers
securities worth at present prices Ell, 100000,
and in addition stock of various railroad COM
panies amounting to e3, 100000, which might
be valued at $500 600, and which would in the
future greatly increase in value, but which
stood in the balance sheet at only G25, ,633. In
conclusion, Sir Henry moved the adoption OF
tbs report and the payment of the following
dividends On the 4 per cent guaranteed stock
and on the first preference stock, at the re-
spective rates of and 5 per cent per annum.
The motion was carried by unanimous vote.
In 1876 the length of the line was 1888 miles:
the gross receipts were G1 800 600, and the net
receipts 1878, ,000 in 1885, the length of the line
was 2 32l miles, the gross receipts were 93, ,609,
600 and the net receipts had grown to ei,198,