New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-11
PRICE THREE CENTS.
A GET-RICH-QUICK MAYOR,
VAN WYCK'S REVELATIONS AROUSE
MUCH COMMENT.
STATEMENT THAT HE BORROWED Saoox
FROM GARFIELD BANK MAY MAKE
TROUBLE FOR GELsHENEN.
Mayor n shrevvd "Buyer.r

Rock bottom price alleged to have been paid
for them ............. 10000
Expected 10 draw dividends a a 10 per
cent. yearly income ot..-.---.-.-.----- OF 5000
Borrowed money Trust for his
stock per cent. yearly outgo of-------- 1900
Anticipated yearly profit. outside any increase in
value OF stock. So.oSo
In less than eight years his stock
would have cost him. Nothing.
In nearly every public place where New
Workers congregated yesterday the humiliating
position which Mayor Van Wyck now occupies
since the exposure of his deep completely with
the Ice Trust conspiracy earnestly dis
cussed. and the opinion was freely expressed by
both Democrats and Republicans that the city
itself has been disgraced by the revelation TO
the whole country that it has so cOntemptioie a
person for it's chief executive. It has long been
known that Mr.. Van Wyck was an irascible
| testy. discourteous. weak and small-minded
man generally, but yet it as a distinct shock
to most citizens to read his own callous confess
sion that he a deliberate betrayer OF
public trust and mere tool OF public plunder-
ers. taking large and substantial favors from
men whose only method of recouping them
selves to extort exorbitant profits from the
people whom he had been elected 10 protect
CONTEMPT Is UPPERMOST.
Many expressions of contempt were heard
that the Mayor and his pals could not have
told one straight story of how he acquired his
five thousand shares in the American Ice Com
pany. and thus have avoided the bad effect of
having his account of that queer transac-
tion fatty contradcted on essential points by
Messrs. Carroll Morse and Geshenen Ironical
regret was expressed also that he should have
resorted such shallow subterfuges as he did
when he that he never expected the
American Ice Company would sell ice in this
| city. that he did know his close friend
Morse was president of the company. and that
on his recent trip TO Maine with Morse and
Carroll ice was not discussed at all except by
a casual reference two. AS The Tribune
has already pointed out, all the newspapers OF
this city reported July last the acquisition
| of the Consolidated and Knickerbocker COM
panies by the American. and announced that
the Trust so formed would operate in this city.
and June Mr.. Van wyck acquired an
other block of Ice stock add TO his valuable
| holdings And yet he swears he did not know
or even suspect the truth Of those widely pub
| lished facts
| 1t was pointed out yesterday, however. TO some
who were commenting on the apparent childish
ness Of this odd statement of the Mayors that
| the clause in the city charter which is chiefly
| relied upon 10 bring him TO justice for acquiring
an interest in any contract made with the city
! says distinctly that such interest must he
! acquired knowingly Now if the Mayor per-
| sists in the seemingly idiotic excuse that he did
not know" the company in which he was so
| large stockholder had contracts with the city,
he may be able TO wriggIe out of the dilemma.
In this connection it is interesting to note that
| the Mayor preferred to swear that he had not
read the report of his Dock Commissioners show
| ing that the Trust leased piers from the city.
although any Mayer. who had one spark of
proper pride in him would burn with shame. one
would imagine to have to admit such gross
| neglect of duty. Again. when he asked if
he did not know that the city would necessarily
| be buying large quantities of ice from any
| pany which controlled the local market he was
willing to go on record with the fatuous answer:
Il never gave it a thought rather than risk
acknowledging that he knew what everybody
| else knew.
| COMES CLOSE TO BRIBERY
In addition TO these comments made upon the
Mayors evidence. it pointed out by many
i that there is only remarkably narrow differ
ence if indeed there is any difference at all. be-
/ tween accepting bribe and acquiring stock in
! the way in which Mr.. Van Wyck got his. Ac-
/ cording to President Morse's testimony. Van
| wyck first approached him on the subject of
getting some of the stock. Morse let's him have
| five thousand shares lat rock bottom price, and
also lends him money to pay for it, The Mayor
! Immediately begins 70 draw dividends AT the
rate of 10 per cent while the rate OF interest he
Trust TO buy this stock only per cent.
The Mayor can hardly expect the public TO be-
| ueve that he was allowed to rake off that extra
| per cent on $4,000 the par value of his
stock for nothing. The question that occurs TO
/ every one is: What did he give for it?' And
{ the Mayor has only himself 70 thank for IL If
| people seeking for the answer. reflect that he
! confesses that he vetoed bill which would have
| increased dock facilities. permitted rival ice
| companies to compete with the Trust at lower
! figures, and thus have reduced the value OF the
| Trust stock
| WHERE DOES HE GET IT.
Another point in the Mayors testimony which
| aroused much comment was his Jauhty state-
| ment that he was accustomed TO making very
large investments. one Of which was S-ooooo
Of AmaIsamated Copper stock AmaIgamated
| Copper is a Standard Oil property lncor-
porated on April %, 1899. The Mayor invested
s25o GOO in ice in that month also. so that he
ACQUIRED stock of a par value Of $15OOOo within
| thirty davs The Mayors salary is $4,000 a
| year.
If the Mayors testimony that the Garfield
National Bank lent him 100000 is true. IL puts
the bank in bad light Its paid in capital is
only 100000 and the banking laws prohibit a
loan TO any one person exceeding one-tenth part
of the paid in capital President Gelshenen was
mot at home yesterday TO Tribune reporter
who called for him at his house several times
and Mayor Van Wyek also declined 10 see news
paper men.
An effort was then made 10 ascertain how
the directors of the Garfield Bank viewed Presi-
dent Gelshenen's alleged violation OF the law.
Only of the directors could be found. Rob-
ert Dunlop and Harry F. Morse were not in
town, while James McCutcheon and Charles T.
Wills live in Greenwich, Conn. James II. Bres-