Daily Kennebec journal., 1904-03-09

Portland, Me, March S.-The ratifi-
cation of an agreement between the
Grand Trunk Pacific Railroad Co., and
the Canadian government for the con-
struction of q trans-continental line
IS of interest in this city, which is the
Atlantic terminus of the Grand Trunk
system. The Grand Trunk Pacific Co.
is new corporation formed by Grand
Trunk interests to construct the pro-
posed road. While it is separate COM
pany its shareholders are practically
identical with those of the old cOrpor-
alton.
The agreement ratified, today, will
have to be endorsed by the Canadian
Parliament, which will assemble in a
short time, and an animated session
Is anticipated. The Grand Trunk plans
nave been at 4 standstill nearly all
winter on account of a new agreement
which was drawn up to take the place
OF one endorsed, last fall, by Parlia-
ment. The Canadian government will
assist the Grand Trunk Pacific Co. 10
construct Il road from New Brunswick
20 British Columbia.
The eastern terminus is named as
Moncton. n. b., a city not on the sea
coast. The railroad question is live
ssue in Canadian politics. Opponents of
the government claim that Portland
and possibly Boston, may ne the real
outlet on the Atlantic for the new sys-
tenn.
me decision was arrived at only after
a prolonged discussion. The meeting
was packed and at one stage of the
proceedings the tone was unmistakably
hostile to embarking in such a huge
enterprise. General Manager Hays, who
mad come from Canada specially to at
tend the meeting, saved the situation.
ana when the final vote was taken
there were only Il few opponents to The
Grand Trunk railroad undertaking to
build q trans-continental road.
Sir Charles Rivers Wilson, president of
the company, explained the plan to extend
the Grand Trunk TO the Pacific. He de-
ciared that it was the most important
question ever put before the shareholders
OF the Grand Trunk Railroad The new
iine, ne added. was justified by the flow
OF prosperity from East to West and the
Increasing immigration into Canada from
the United States The Grand Trunk
could not hope to receive such generous
treatment from the Canadian government |
as the Canadian Pacific Railroad. but the |
premier. Sir Wilfrid Laurier, had acted /
absolutely fairly, in spite of violent politi- /
cai opposition. with the object of attain /
ing additional facilities tor the develop
ment of Canada. The president charac- |
terlZed the deposit demanded by the Ca
fadlan government in connection with the |
agreement as an extremely unnecessary |
and unreasonable demand.
Then, one after another. shareholders
representing blocks of $4,000 and more
shares rose and dee .lred they had not /
had sufficient time to consider SO huge
an enterprise.
An amendment was proposed by George |
Allen. who had resigned his seat i'm the
directorate on account of the matter un-
der discussion in which Mr.. Allen de-
clared the intended action would ruin
withdrew their proxies and
placed them in the hands of the directors.
. 1he president. in reply to cries of '.ad-
lourn, explained that the Canadian Par
nave an answer one way CT the other.
Vice President Smithers openly attrib-
lted some of the criticism to the inStiga-
ton of rival railroads.
Then General Manager Hays bluntly
told the shareholders that If they did not
accept the Canadian offer other influences
would, and that without n trans-continen-
tai extension the future Of the Grand
Trunk would be gloomy in the extreme
Mr.. Hays prophesied great future for
the new road. which would ne able TO
hold its own in competition with the ex-
sting systems in Canada and the United
States
After over two and. "A half hours dis
2ussion. Mr.. Aliens amendment was de-
eated and the agreement was ratlnfu.
Ion of the Grand Trunks plan, the semi