New-York tribune., 1903-03-11
HOT FIGHT IN ICE TRUST.
Minority Wants to K1sow Cause of
Big Deficit.
COMMITTEE APPOINTED TO PROBE

to be investigated by q committee alleged to be
not in accord with the present management.
This decision was reached at the close Of
lively annual meeting of the stockholders yes
terday in Jersey City
The trouble began at noon, when the meet
ing called to order, and it continued for
two hours. The minority was formidable and
aggressive. The chairman was chosen by
standing vote Of those present. President
Schoonmaker named by the ins and John
A. Seicher by the outs. The latter chosen.
The vote was 25 to 49,. Shares of stock decided
other questions, and committee composed
of President Schoonmaker and Directors Oler.
Hunt and Hopkins held shares and proxies
aggregating 100000 shares Of the 202.312
shares represented, the opposition's power was
limited to its voice, but it exercised that. The
anti-administra ton element held 1928 shares.
Almost 100000 shares have been issued.
The presidents report showed that last year
had not been fruitful for the trust There had
been cool summer and a small demand for Ice.
The receipts had not met the Indebtedness
He referred to the persistent attacks the
company, which he declared were unwarranteo-
The company had discharged its floating debt by
an ,ssue of So SOC 600 in stock of the $5 600 900
authorized
The report of Mr.. Scott. the treasurer, showed
a deficit of 1852, ,492 90. decrease Of $S2l'oo5
compared with the preceding year, "hlch
Welded a surplus of $65S,S70. The total assets
were put at S44S61SO0.
Mr. Winston, who was said to represent the
interest of the holders Of 1900 shares, had pre-
pared a series of questions ana oesdh u
catechise President Shoemaker. who dis
,Ioxad irritation at the persistency of the
ver and finally declared that he could not
carry every detail of the business OF the COM
nany in his head. The Office was open 10 any
stockholder, he asserted. and there the IN
formation sought would be cheerfuhy anu
nromntIv furnished. Some of the questions
asked were:
What is amount Of the bonds isspea nb tbey
What sti use was made of them? uo,.a
Did the American Ice Company ever purchase rf ,se
the Knickerbocker Ice Company or aHS ''''''
WRo Sold It, and what was the considerations
HOW many shares of preferred and common STOCK
Was the dividend the common s1ocs stock?
A vouns man said to be Sigmund Tynberg de-
clared that the towing company transactlon
indicated crooked work and receiver shouio
he apponted to ascertain definitely where the
company was lat The administration party
shouted Hes an intruder" Put him out!
Hes here to aid stock jobbers!" Tynoers tnen
accused the president OF refusing to impart In
formation to him.
You were not a stockholder of record, re-
piled the president, and added, This man was
not entitled to any courtesy. He came into the
ONCE and said: Schoonrnaker. I'm after you.
I don't care a for the interest OF the
American Ice Company. I've been played for
sucker" -s.s.- .s--
Mr.. Briggs. OF Boston. inquired what had
become Of the profitable Boston company in
which $S3 900 of his money had been invested.
He was informed by the president that the Bos-
ton plant had not lost ground. but had inn
proved.
Mr.. Winston then offered resolution that
committee OF three be appointed by the Chair to
investigate thoroughly the affairs of the COM
pany. THE bylaws shut off the searchlight of
independent investigation" he asserted. He
added that he expected the resolution would be
defeated, but he wanted to get it into the
ords and reach the absent stockholders, who
might exercise greater care in giving proxies in
future The resolution provoked long discus
sion. 1t tabled.
An amendment was introduced authorizing the
directors to dispense with the services Of any
officer or employees without ceremony Mr..
OIer. director, favored it, but the other three
in the committee opposed the amendment and
then the question of the division of the
votes Of the block of stock they Jointly held.
Mr.. Oler finally changed his vote, and the
amendment was lost
The nominees for directors were John r. Ben
nett l. Q. Blake, Oren bennett, T.. d. Haley,
Henry H Head, r. W. Hopkins. D. W. Hunt
c. w. Morse, Wesley NJ. Oler, John D. Schoon-
maker and Robert A. Scott, named by the
regulars and ]. z. Mcdonald Frank Koe-
wig F. w. Pierchas, I. ]. Briiht Frank Krug
and J. A. Hoffman, named by the opposition.
The nominees Ct the regulars were elected.
The opposition faction retired. Chairman
SIeicher, who pleaded a business engagement,
was relieved and Mr.. Oler was elected to the
vacancy.
President Schoonmaker offered a preamble
and resolutions which were unanimously adopt
ed after he had declared that the committee
designated was not in sympathy with the ad-
rninistration The resolutions said thatlt Wasthe
desire of the president and the ooaro OF oirectoIs
that all of their official acts be open TO tnVesti-
cation by the stockholders. and PROVIDED tnat
a committee to consist Of John A Slelcher, =.
C,I ar Goodrich of Baltimore, Nd, and Ihomas
SturKis be appointed with authority 10 lnVesL-
gate the acts of the ofrcers OF the coiipoHI' o0
we'll as its affairs. -, x- x,- -.
The directors will meet at the New-York OF
flee of the company at II o'clock TINS morning
to elect officers n.., .1oroL
The American Ice Company was formed Marcn
10 1S!l0 1t lowered the price OF ice ana III
Inl,- of that year bought several ice companies
In The middle of August it raised the price 10
a large extent and the company became eornont nro
&c tbs ..Ice Trust" The control by the company
- tho tee business grew to such an alarming
axtenf and prices were raised so extortlohdIeiS
that Governor Odell directed the Attorney Geh-
eral to investigate -. y,,,o IN 1000
,n6 Se,,erai men prominent in Tammany nan
pave testimony, among them Deins eA--HeSoi
Sohert A. Van wyck ard John F. Carroll.
The case was finally carried TO the court oI
Anneals which gave decision against the
trust.
rur rprrcH SHORE QUESTION.