The Portland daily press., 1895-10-31

President and Boards Action Criti-
cised-sir Charles Wilson Made IA
speech W hich is Greeted With Cheers
Not Very Harmonious Family Gath
ering-L. j. Sergeant Elected Direc-
| tor.
| Iondonn. Cctber 3O.-The semi annual
meeting of the directors and share holders
of the Grand Trunk Railway company
was held at the Cannon Street hotel to-
| day.
There was large attendance, the room
| being crowded.
| Sir Charlt Rivers Wilson, president of
the company, preided. Upon taking the
chair he expressed on behalf of himself
| and colleagues in the directory the graft
tude they felt for the honor of election to
theri positions. 1t was not without hes
itation. he said, that he had accepted his
position. He had relied upon the high
character of the board and the good will
of the shareholders and had not been
wanting in efforts to justify the conf
dence they had reposed in him. The
accounts of the company, he said, had
been greatly amplified and improved and
it would be the constant aim of the direc-
tors to keep in touch with the propri-
etors, the shareholders, in matters re-
speCting the position of the finances of
the company. The new board, he said,
had taken into consideration the previous
unsatisfactory state of affairs and then
decided upon a future general policy of
strict economy in their administration,
close supervition of the working staff and
careful selection of officers. They had
resolved not to be led astray by ambitions
or other motives into tho field of extern
sion, malgamation or development, which
if not conducted with prudence might
reach disastrous results CHEERS
They were resolved, too, that ii they
ever entered into an enterprise they
I. would do so only upon satisfactory proof
that it would result in profit to the COM
pany. He had observed too, he said, that
a singular interest had been manifested
in the affairs of the company throughout
his trip through Canada.
The negotiations which had been pro-
ceeding with the Central Vermont rail
road, had not yet resulted in an agree
ment, but he was not without hope that
4 th ey would yet reach a satisfactory con-
clusion.
4 For the last fortnight there had been q
distinct incrs ease in the earnings of the
Chicago and Grand Trunk railway which
he believed was in consequence of the
equipment of the road with new cars.
The board, he said, were anxious to avert
recrilninatiOn and to draw a lesson from
the experience and profit by the mistakes
of the past The chief error of the past
had been in being too sanguine of the
uccess of new undertakings. II some
of these had not been undertaken the
finances of the company would have been
in much healthier condition. The board
had thus far been able to disencumber
themselves from some of them, an must
therefore try to work,,them if possible at a
profit. There had been an agreement of
rates within the last day or two, and he
had telegraphed to General Manager Scar
| gent in Montreal, instructing him to affix
| his signature and the seal of the company
| thereto. He had reason to believe that
bthe agreement would be signed by all the
other trunk line presidents today.
Sir Charles Wilson then moved the
adoption of the report of the board, and
the motion was seconded by Mr.. Joseph
| Price.
| Mr.. Baker, shareholder of Bristol,
complained of the manner in which the
president of the company was elected,
and called attention to the fact that he
| hadssubmitted at the last meeting an
amendment to the bylaws prescribing
| the mode of election.
Shareholder Allen interrupted Mr..
| Baker, and reminded him that the mo-
tion he had submitted at the last meet
| ing had been lost.
! Mr.. Baker, continuing his rsmarks
said, the directors ought to set an exam
pie by accepting less in fees, and that
| smaller expense be charged to the London
office. He criticised the report of tho &C
counts as scandalous. If any one had
been badly treated, he declared, it was
Sir Henry Tyler.
| This declaration caused great uproar
in which Kisses were mingled with cries
of fsit down, F" "Iet the cat out the
| bag, - what do you want Baker," etc.
| When order was restored Mr.. Baker re-
sumed his remarks, concluding by saying
| that there would be no better chance to
consolidate the interests and capital of
the company than the present
| The chairman, Sir Charles Wilson, in
replying to intimations of extravaganza
said that there had been no undue ex-
penditure in London and declared that it
was totally inadvisable for part of the
directors Of the company to reside in
Canada. Only $50, 900 worth of the stock
was held there while the company was
controlled in London.
The report sof taccounts was adopted
unanimously. L. J. Sergeant. general
manager of the company in Montreal
was elected director. a vote of thanks
to the board and staff was then passed
and the meeting adjourned.
The Alleged Fillerbnsters.
Nassau, y. p October 3O.-The Ame-