New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-16
NAY BECOME COAL TRUST.
ICE COMPANY REPORT.
Stockholders Committee Would
Abolish Dummy Directors.

In addition to the report of the stockholders
committee of the American Ice Company
which was made public yesterday, it is con-
sidered probable that a supplementary report
may be issued by the committee early in 1904
because of the large number of letters received
from stockholders in the last few months ask
ing what, If any, legal proceedings are to be
taken against the directors who were RESPONSE
BILE for the payment of unearned dividends on
common stock. While In 1900 according to the
committee. earnings were seriously diminished
the management continued during 1901 and
part of 1902 the payment Of dividends on the
common stock at the rate of per cent a year
'imperillt1g not only the company's property
but Its reputation and credit" But for the
1ndiscretion of the management at this time"
the committee believes the dividends on the
preferred stock could have been earned and
paid regularly every year
No REFERENCE TO RECEIvERsHIP.
No reference to the reported suggestion that
the company be placed in the hands of a re-
cever is made in the report the general i'm
preston being that the committee in view OF
the company's present prosperity and promise
considers the suggestion unworthy serious
consideration.
The report of the committee which was made
public yesterday includes the following recon-
mendations, which follow largely along the lines
already foreshadowed by The Tribune from time
to time in the last few weeks:
The resembling of the extraordinary power OF the
pIesioent OIL the company to borrow money inds-
crminatey and that he be authorized to borrow, only
on the recommendation OF the board of directors
not to permit the directors to mortgage the com M
panys property or issue bonds without consent of
two-thlrdS OF the stockholders The elimination of
dummy directors. and that fair proportion of the
90 boaId OF directors and of the executive committee
oe nlslue up OF representative stockholders in pref
erence to salaried employees officers Of the com
given to stockholders from the several arge citto
comprised within its territory. The appointment
OF general superintendent, with full power to in
yestigate all the departments, and to advise re-
ETI4g the sale Of superfuous property and the
change from March in the date of the annual
not satisfied with their oicers the they coKd If
necessary, elect different set of officers before
could have been made.
placed i'm their own psmas on tb bt te' SsaFes res
company, and that they take a liveIer interest in
least attending the annual meetings or giving
proxies TO those who deserve their confidence
I'm no other way" says the report In closing
can the best interests of the company, which
should always mean the best interests of the
stockholders be fostered and promoted BY
unity of action along proper lines much can be
done at the next annual meeting to restore this
great corporation in whose large and increasing
earning capacity your committee has great faith
80 condition OF surprising prosperity ard
progress"
Discussing the finances of the corporation the
report says, in par:
REDUCTION OF NOTES PAYABLE
on July l. 1906. the notes PAYABLE of the company
were S,2ii 676 81. On October 81 this amount stood
at 1857 55I o. reduction of $Ss4 l9 g. 1t pleas
record that during the three months of July.
August and September the floating debt Of the
pany, represented by its notes and vouchers pay
able, reduced by the handsome sum of $792,-
With the exception of hA 81 representing
the increase in the accounts payable and the net
proceeds realized from the sale Of parcel of real
in Philadelpha). this entire amount of nearly
operations of the company, to wit the buying and
selling of ice. and this done without adding
dollar TO the permanent obligations of the COM
pany.
During the year. in accordance with the require
ments uf the collateral trust a:;reanlect Sl4O60
was expended for the purchase of the collateral
chased, 90 $l46,00 face value of the bonds. which
bonds have been surrendered 10 the Central Trust
Company has cancelled. The management also
deemed IL advisable to purchase and retire $l66UO
additional of the collateral trust per cent bonds
outstanding, and these have also been retired and
cancelled.
Economies have been instituted by the man
agement which can be carried much fur aler
and which in the committees Judgment should
reduce the cost Of operation of the company
by more than S15OOOO year. The condition of
the company on November L is shown by the
following balance sheet. which the report says
has been prepared by expert accountant
after most careful and searching examina-
tion made by him:
BALANCE SHEET. NOVEMBER l. 1903.
CT ON hand loans and