The Portland daily press., 1896-10-15
THE PORTLAND ELEVATOR
Opposition Manifested by Grand
Trunk Owners.
LIVELY DISCUSSION PROVOKED
AT YESTERDAYS MEETING.

Motion Made Not to Accept the Portion of
the Report Reelating to the Same-Re-
marks by Sir Charles Rivers Wilson
on subject-Motion Finally Lost.
London. October 14.-The annual meet
Ing of the directors and shareholders of
the Grand Trunk railway was held to-
day, as previously announced. The meet
Ing room was crowded, a moro represen-
tative meeting never having bsen held
In the history of the country. Sir
Charles Rivers Wilson, the president of
the company. presided, and in the course
OF his remarks, said in reference to state
ments which had been ma de regarding
the increase of the expenses of the COM
pany during the past year, that when the
Presidential election in the United States
was over, the west bound traffic Of the
road would resume Its ordinary proper
tion and the expenditures under the gen.
eral charges would be reduced in the
future.
Sir Charles said that Mr.. Charles M.
Hays. the general manager of the Grand
Trunk railway, had shown himself to
be the worry best m an for the position.
The allegation that the management
had shown tendency to Americanize
the Grand Trunk road. he said, were
greatly exaggerated. The Grand Trunk
was, to considerable extent, an Ameri-
can line, and the company must be guild
ed by the interests of the shareholders,
which he would never subordinate to a
sentimental consideration.
The times which had beset the present
administration. Sir Charles said, had
not been plopitious, but the horizion was
clearing. The volume of business had
been generally paralyzed, but after the
American election. the prosperity of the
of the company would be returned. Ame-
rican railways, he said, must pursue q
waiting policy at the present time. They
must not be considered experimental.
though the conditions were exceptional
and transitory. No scheme for the re-
construction of the capital of the conipa-
ny would be taken into consideration by
the board.
The finances of the company were in a
condition to relieve all anxiety and
upon the revival of business the company
would be in position to avail itself of
the fullest advantages accruing to the
shareholders.
Mr.. .Teffreys advocated the sale or rem
tai of the property of the company at
Toronto and complained of the dismissal
of certain officials Of the road. "If" he
said, twe should go to war with the
United States, here the speakers re-
marks were drowned with Kisses.
Mr.. Bristol Baker, a shareholder. as
sailed the administration fol it's extrava-
gance which, he alleged, had brought
the company into it's present lameutable
condition, and at the conclusion Ct his
speech, moved an amendment to the re-
solution to adopt the annual report that
the meeting should not conf1l m that
portion of the report relating to the ar
IanRement entered into between the au-
thorities of the company and these Of
the city of Portland, Me-, oonte mplating
use of the company in loading trans
Atlantic vessels with grain.
The directors and shareholders Of the
company he declared, must not approve
OF any scheme which involved handing
over The control of any part of the sys-
tenn of the Grand Trunk to Americans,
who seemed to be playing into the hands
Of the American steamship lines.
Sir Charles Rivers. Wilson interrupted
the speaker at this juncture, and said:
Most of the statements which you
have already made are inaccurate and
have been refuted.'
Mr.. Baker said that the sum of 1900
pounds, which had been alleged to have
been pocksted by the committee in
charge of the arrangements made with
the Portland authorities for the erection
of the grain elevator, had all been spent
in communication with the shareholders
of the company on that subject.
Shareholder Viers supported the con-
tention of Mr.. Bristol Baker. Mr.. Lam
dun and other shareholders, supported
the chair, Mr.. Landon say ing that evil
IDENTIFY a mum ber of the shareholders ex-
pected the board of directors to work up
on the punny in the slot principle, which
was simply to put a new board in the
slut and the outcome would be something
sweet.
Sir Charles Rivers " ilson said in re-
ply to the gentleman who had spoken
in opposition to him, that the company
had been laborinR under an inherited
accumulation OF liability. which it W rs
an xious to dispose Of The Portland ele-
vator, he declared, while it was of the
utmost Importance to the company, was
absol utely without cost to the company.
tho receipts would pay for 1t all. He
therefore moved that the report of the
company as submitted to the meeting
be adopted. Mr.. Joseph Price and Mr..
Tomlin seconded the motion with an
amendment, which was lost by prac-
tically unanimous vote, there being no
supporters beside the movers. The re-
port was then adopted unanimously.