Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1900-06-11
VAN WICK ADMITS
That He Owns 1900 Shares
American Ice Co. Stock.
Claims that He Borrowed Money to
Buy 1t Of Garfield Bank.
Pres Gstschenen FiatIy Denies It and Says
c. W. Morse Furnished Cash.

New York, June 10-Mayor Van
Wyck was called to the witness chair.
Saturday, in the proceedicgs against
the mayor. the dock commission ars and
Charles w. Morse, president Of the
American Ice Co., which were begun
some time ago before Supreme Court
Justice Gaynor in Brooklyn. These
proceedings are designed to show what
u any. connection exists between Ger
tain city officials and the Ice 90.
IN" mayor testified that he owned
1900 shares of the stock in the Ameri-
can lee Co, which he had obtained
from Pres. Morse. some Of it IN *
change for stock in the Knickrrbocktr
Ice 60. of Maine.
"Did you purchase all this stock sub
scGucntly to becoming mayor of the
city" Mr. Van Wyck was asked.
II did"
why did you purchase stock in the
knickcrbockcr CO. go
Because it was paying per cent.
IN common ana 6 pr cent on preferred
stock"
The mayor said he had been advised
To buy this stock by Mr.. Morse. j. IN, u
Carroll ana Mr.. Getschcnrn Of tn. Gar
field National Bank. When ~ made
the purc hasc he did not know mat thu
American lee Co. intended to do bust
ness in New York City. H. hal paid
FIR his stock with i check On the Gar
field National Bank, ana borrowed -
per cent. Of tn" purchase money.
When you made the purchIs.. il WIS
agreed that You should borrow from
The bank"
'lt was
Was there any guarantee to rrutcc,
you against loss on that stock"
No"
Have sou paid back TX bank"
III have"
Are You accustomed to such large
financial Transactions?
Il am"
For the money borrowed the mayor
said hc gave four. five ana six months
notes. He has pri two notes for So
s00 each and. Friday. paid one cash
note for $4,000. Continuing, the mayor
said;
THE interest on the notes MAS per
cent When | made the renewal OF the
note the block of stock was worth
ISL Geo. but | sold it. yesterday. for SOS.
ooo The note called FOR $75.ooo. - /
lust $1,000. took ~ active interest in
tho American lee 60. | never knew
,nvtbinc of it's rnanagrmcnt. never
knew that The American Ice so. wa"
Id have anv monopoly Of the icc busi-
n.ss " IT,. CITY. | never knew they
hl1 any leases. never knew that tn
Ic" co stated to the Stock ENchdnga
that ID had a contract for II docks IN
this city"
Pres Getschenen IF the Garfield Ma
tional Bank was called as witness.
Mr. Getschenen fatty contradicted the
statements made by Mayor Van Wyck
- the effect that the Garlleln Dunk hau
loaned money to the mayor. His tesu-
ruony created a sensation.
Did the Garfield Bank make loans
to the mayor?" he was asked.
no. never a cent
Who did lend ito
Mr.. Morse
How much did the Garfield Bank
lend Mt Morse"
Il think it was $4,000.
"All the stock held in your name was
yours
Yes"
Even every share that the Garfield
Bank holds"
Yes"
Charles Il. Morse, president Of the
American Ice Co. denied that h" had
advised the mayor or Mr.. Carroll t"
huy American Ice 90. stock. The com
panv had asked no favors Of either. he
said
Dnck commissioner Cram testified
+h,t III to oct IA last he had been i
.+n.l,bni,Inr IN the American Icc Cu..
Ill hnlding being the small one Of 100
sh,r.e He had secured this stock by
nurchasc. believing it to be good in
,-rstmcut
NJ, cram said he hal received 800
shares Of common stock OF the knick-
erhockcr co. as bonus. He declared
that he had sold all of his shares in
October 1899. because ho thought the
matter might come before him in his
official capacity.