New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-25
A CHANGE OF DIRECTORS.
ICE TRUST SUGGESTION.
Committee Will Also Recommend
Presidents Pozger Be Limited.

While the report Of the stockholders commit
tee of tbe American Ice Company will not be
finally drafted until next week. It, so lar as es-
sential conclusions are concerned, Is no" c"ili-
plete The Tribune is able to present the SUI
stance of the conclusions and recommendations
arising out of an investigation which las lasted
for more than eight months, and has involved
a rigid examination of the company $ various
properties throughout the country
The severe criticism passed upon the manage
u1ent of the company, when 100000 of collat-
eral trust bonds were issued in an emergency,
will probab bly, lead the committee to make a thor
ough exposition of the causes which compeiied
this ISSUE and also of the present status OF
these bonds. The holders of the preferred
shares will be especially interested IN the dls-'
closure that these bonds are not lien ahead OF
the preferred stock on the properties OF the COM
pany excepting so far as the collateral security
behind them may fail to realize expectations
The book value Of these collaterals is far IN ex-
cess of the bond issue, and it is said that only
some So 600 600 Of the bonds have been sold to
the public and that the remainder have been
partially paid off or held to offset other
bonds and mortgages as they may mature.
Among the recommendations of the commit
tee will be one in favor of an abridgTnent of the
mower of the president to borrow money and 10
perform other functions OF fiscal Importance
without the consent Of the board OF directors
and one requesting all shareholders TO have their
shares entered in their own names, that they
NAV be able TO vote them at the annual meet
ing instead of turning their proxies over to the
officers of the company for SUCH use as the Of
fcers may see fit. One of the most suggestive
recommendations Of the report will be that In
favor of change in the directorate. so far. at
least as a more liberal representation or the
leading stockholders is concerned. The commit
tee will recommend that more OF these and
fewer salaried employees be included In the
board While commencing the policy OF re-
trenchment and economy that has been pursued
the last year. the report will not hesitate to crt-
else certain former proceedings.
It is officially stated that the company's bust
ness in the last year has embrac~d the sale of
nearly 2250OOO tons of ice virtually controlling
the markets not only in New-York and Boston,
but also in Philadelphia, Washington and Balti-
more. and that the profits of the year have been
sufficient nearly to pay the floating debt of
about S1,250,O00.
WILL, NOT SUGGEST RECEIvERSHIP.
The committee will meet in this city on
Wednesday TO pass upon the final draft Of the re-
mort. which. by present indications. will COM
nrise some six thousand words The rumor that
the report Las been in the hands of certain
commission houses for several days is denied.
While the committee is said to have found
that the company declared dividends on the COM
mon stock. when in the committees opinion the
money should have been retained and added 70
che working capital, no recommendation on this
count will probably appear in the report