CANADIAN GRAND TRUNK.

Press, Volume LVII, Issue 17247, 10 September 1921, Page 10

CANADIAN GRAND TRUNK.

STOCK HXOHANOE SENSATION. , . (By C*b\»- rraw AMocifttioo-^pnlgbt) (iwtaliia and V.Z. C»bl» AMOCUUoiI) " LONDON, September 9. > ... A §easation baa been oreatedonthe London Stock Exchange as W result of the Ottawa Arbitration Board's deav.aon tliat n tto Girand' "Trunk' • Railway, stock is without value. The stocks in London, .have collapsed. ' Whereas <the" preference and'ordmary stocks were' .valued:at 47.000,000. dollar on Wed-, i nesdsy.they had slumped ,to 23 t 095,000 dollars on \ Thursday. The nominal . valuejDf the stock » 37,073,000 dollars. . ■: TheXfityis indignant at themanner inwfaichthe- J Board proposes to-ofcreat tb«i shareholders,- anaappeals to the Canadian Government to treat stockholders with fairness. , [When the Government tookoror the Grand TVunk. Railway, arbitrators were appointed to decide • what value. Bhon!dx be common preferred stock, whioli would define the amount the - Government would pay. To-day the arbitrators are ogreed-that'the stocksj which had a par value of 37,000,000 dollars, are ■worth 'nothing;'consequently, the G6Ternment has not to pay the. holders., anything. The' chiefreason. for - this decision is that , during the? l&t ra'w years tbfi -railway" has f encountered heavy, annual >ctaScfss, has .nochanceto make money in the near and ,wiH soon be forced into the .receiver's, handi. . Mr ."W. H. Taft, formerly presi-' who repre-' seated the Grand Trunk shareholders; dissented from the decision. Undoubt- • edlyj' said.an 45ttaw&t.message, the resultwill,bea tremendous, shockto the: English shareholders iiii the - railway,: . ana they - will 'dOTbtleßs appeal to the i IVivy Council.! I