Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-10-31
GRAND TRUNK CRISIS
Directors Ask Shareholders TO
Make Complete Investigation.
Flames and Smoke Find Tenement
DweIlers in Their Sleep
And Frish.Iul Scenes and Deaths Ensue De-
spite Efforts 10 Save.

LONDON, Oct. 30.-At the Grand Trunk
meeting today, Sir Henry Tyler said the
expenses had been kept as low as possible
The Grand Trunks cost per train per mile
is 81 pence, and that of other American
railroads ranged from 45 to 40 pence. He
referred to the coal strike and Pullman
affairs, describing the latter as the most
senseless labor outbreak ever organized
Behind these circumstances, lie said, was a
general economic condition which was
deplorable, and in proof of which he cited
a number of authorities.
At this stage several listeners requested
him to come TO the point. Sir Henry con-
tinued by saving the directors saw no rea-
son to oppose the proposals made by the
committee of share holders which includes
Messrs. Livensedge, Harrison, Prince,
Girdlestone, they therefore arranged that
the committee should make complete and
independent investigation of the books and
affairs of the company. CCheers]. The
directors he declared had nothing to conceal
and he only hoped the result of inquiry would
prove satisfactory to the shareholders as the
directors were confident it would prove to
the board He expressed the thanks of the
board to those shareholders who by sending
an enormous number of proxies are sup
porting the directors while the latter are
striving to see the company through the
most serious crisis in its history
At the meeting of the shareholders, this
morning, Sir Henry Tyler, president Of the
company, moved to adopt the report and
accounts.
Mr.. Scarf, shareholder, moved an
amendment to the report and accounts be
received, but that their adoption be post
poned until the result of the investigation
of the accounts to be made in Canada by
an expert shall be announced.
The amendment was voted upon and car
ried by vote of l6l to 100. Tyler chal-
erged the vote and it was decided to have
a re-ballot, the result to be announced at l ]
omorrow. The directors, upon enterina
the meeting, were greeted with Kisses and
cheers in about even proportions.
Mr.. Heygate, shareholder, seconded the
remarks of Sir Henry Tyler. Joseph Price,
manager of the Association of American
Bondholders, acting as spokesman of the
committee to which Mr.. Tyler bad referred,
ssil the committee proposed to intrust theli
inquiry to M. S. r. Barker, formerly
manager of the Northern Canada Railway,
who had consented to act.
Mr.. Price said he was member of the
deputation representing the owners of
f500, 900 of stock, which deputation
waited upon the directors the other
day. Some shareholders represented
urged the inauguration of hard
proxy fight at the present meeting, buf HI
discouraged that because the directors arr
face to face with a crisis. The deputation
objected to the unintelligible form in whicl
the accounts are put forward, and com
planned of the amount of assistance the
board gave subsidiary lines.
Mr.. Baker, shareholder, made an
attack upon the management of the road.
The same excuse, he said. had been hsshed
up year after year to explain DEFICIENCIES OF
the directors.
Mr.. Household attributed the present
position of the company to Improbable
amalgamations which the grasping and am
bilious policy OF the directors brought
about. Shareholder Stroud defended the
directors, who, he said, had done on the
whole the very best that could be done 10
the midst of the gloomiest of times.
Mr.. Whnney, auditor of the company
said the committee appointed should con-
sider the question whether it was desirable
that all accounts be kept in England. Sir
Henry Tyler, replying to further remarks,
said the Grand Trunks affiliated lines had
done very badly of late. The shareholders,
he said, numbered 2G,000, and the board
intended to defend itself sgainst attacks by
taking all the proxies they could get.