The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-06-17

| 4AOSuAts Ol tAio IACCtAAS aC1O 1cStcIuAy
Afternoon-An Agreement Reached,
and Minor Details VIII Be Settled This
Forenoon.
The arrival,.of General Manager Hays of
the Grand Trunk. yesterday, and his con-
sultation with representative business men
of Portland is q matter of the greatest in
terest and Importance, since it practically
assures an extensive commercial develop
ment of this port. This is the first time
Mr.. Hays has been here since the river and
harbor bill passed over the veto and con-
sequently since the improvement of the
harbor became certainty.
Having this basis of certainty, the
general manager has been able to make
such a proposition to the business men
of this city as will ensure the building of
the new elevator in time for the steamer
service next fall.
After the meeting Mr.. Hays talked
PRESS. He said that Portland was the
real Atlantic terminus of the Grand
Trunk, Montreal being a summer port
open only four months in the year. The
Grand Trunk had been unable to handle
as much of the grain trade as it ought to
because of the inadequate facilities of
Portland. Moreover, the general ocean
traffic depends OH the grain trade. The
great ocean steamers will not come to
this port with their cargoes unless they
can get return rreights. Thus in provid-
ing for the outgoing comm cree we pro-
vide also for the incoming. The great
ports like New York and Boston are
oyercrowded, and the railway lines are
turning to the small ports. He1e in Port
land the Grand Trunk has splendid
port, ready made, which can be utilized
at relatively small expense.
Mr. Hays thinks that the Grand Trunk
has never fully appreciated the treasure
which it has in this city and when the
new management came here with their
ideas of enterprise, they were surprised
at the extent and value of the terminal
facilities.
The old elevator with its capacity of
only 40, 600 bushels was we'll enough in
its day, but now modern steamer like
the Scotsman can take $50, 00) bushels, or
more than the entire capacity of the ele-
vator.
The new elevator which Mr.. Hays has
in mind will have capacity Of /, 800, 900
bushels, or enough to load 10 steamers
Mr.. Hays thinks that with such an
elevator there will not only be more
regular lines of steamers but that many
large tramp steamers will come. Thus
Portland will become one of the great
grain shipping ports.
The meeting of Mr.. Charles NJ. Hays
General Manager of the Grand Trunk
system, with the committee of the City
Government and the Boards of Trade,
relative to the additional terminal
facilities in Portland was numerously
attended.
There were present General Manager
Hays, don. A. A. Strout, solicitor, and
MIR. T. Smith, local agent. on the part
of the Grand Trunk, Hon. J. P. Baxter,
Alderm an Thompson, Alderman Leigh
ton, representing the city and President
Hon. Geo. P. Westcott, Weston f. Mill
ken, Seth L. Larrabee. Edward A.
Noyes, Chns. S. Forbes the full COM
mittee on the part Of the board Of trade
and Frank r. Barrett, president Portland
Savings Bank.
The meeting was called to order by Mr..
Hays and Mayor Baxter was chosen
chairman of the meeting and Henry
Phillips, private secretary of General
Manager Hays, WAS chosen secretary.
Mr.. Hays then stated briefly as a gen.
eral proposition that company should
be organized with sufficient capital stock
by citizens, which should issue $500, 600
worth of bonds which bonds should be
guaranteed substantially by the Grand
Trunk rail way, q sinking fund to be pro-
vided for the bonds in such manner as to
make them desirable security and that
the bonds should be taken in Portland;
TINT upon assurance being given that the
amount of money $500, 00o) would be
raised for the sale Of the bonds the Grand
Trunk would furnish sufficient capital
from subscription TO stock in the elevator
company, to complete the elevator, that
the interest on the bonds would be paid
from the earnings Of the elevator, and
sinking fund provided which together
with what WAS necessary to keep the
elevator in repair would be substantially
guaranteed.