The Portland daily press., 1896-04-10
ANNUAL MEETING OF GRAND TRUNK
Directors Say Traffic Has Been Good but
Rates Low.

London. April 9.-There was an es-
peclally large attendance at the semi-an-
nual meeting of the stockholders of the
Garnd Trunk Railroad of Canada Presi-
dent Charles Rivers Wilson was in the
chair, and read report which was unan-
ilnonsly adopted. The motion to lease
the Hamilton & Toronto railroad to the
Canadian Pacific was then carried. The
retiring director, and auditors, were
unanimously elected.
During the meeting Sir Charles Rivers
Wilson said that the board had nothing
to complain of in regard to the volume Of
trade, but unfortunately the freight rates
were lower than they eyer had been.
through lines in the United States had
its climax in carnival of rate cutting
and the reduction Of rates caused a loss Of
revenue amounting to $50, 900 pounds,
during the last year. He expressed regret
that the Canadian Pacific railroad had
not joined the tariff associations, but
said that the committee of associa-
ton recently appointed in New York
WAS still hopeful of inducing the
Canadian Paoitio and the Norfolk and
Western compan les to join. Among the
important steps the board had taken was
to obtain the appointment of the general
manager of the Grand Trunk. as one of
the receivers of the Central Vermont
comnany.
The board found upon taking offic.
that the Grand Trunk held $751;, 900 worth
Of the first mortgage bonds of the Central
Vermont, and as the affairs of that rail-
road were going from had to worse, the
board feared it might become insoIvent,
so it took this step.
Since the report was issued. he said an
arrangement had been concluded with
the Canadian Pacific. which would pre-
vent the building of q line between
Hamilton and Toronto. Both sides were
anxious to avoid the costly rivalry. An
other transaction entered into was the
leasing of the small line to the ST. Law
renee and Adairondaoks, ON favorable
terms to tho Grand Trunk. Eleven
months, he said, had elapsed since the
board went into office. He admitted that
the shareholders had reasonable right
to expect more definite opinion of the
prospects of the company than was given
to them in October, ana asked them to
consider the position of the board which
succeeded to damnosa hereditas, in the
form of overweighted capital and bur-
den of affiliated lines, acquired at an ex-
ceSS1ve cost.
The shareholders, If they considered the
SAV'Ao anu WILL Vi WHO 5ySU6lll,
would readily comprehend that progress s
must be gradual and the efforts Of the
board to effect reforms must have time
to develop. Despite the unusually severe
winter causing for days together the ces-
sation of the traffic earnings OF the Grand
Trunk, it had shown in the aggregate a
steady increase over the returns of 1895.
Another satisfactory feature was the
improvement shown in the Chicago &
Grand Trunk lines. There were two di-
recJions in which they mast look to inn
prove the financial, maintenance of rates
on fairly remunerative basis and re-
duction of the ratio of working expenses.
The former. he said, could only be achieved
by local oo-operaton of the various COM
peting companies, forming a traffic assoc
iation. The work of curtailing Of ex-
penses lay with the boards own admins
tration of the affairs OF the company to
which the efforts of the board would be
continuously directed. The shareholders,
he thought, in judging the results of the
management of the Grand Trunk, ought
to survey the conditions of the whole
transatlantic railway system, crippled
by adverse legislation. unsupported BIZ
public and suffering from the effects az
bad trade and financial uncertainty, when
they might congratulate themselves that
the company had maintained it's posi-
tiou. The attendance of directors and
shareholders was large.
The report was adopted unanimously.