New-York tribune., 1906-12-25
OPPOSED TO ICE DEAL.
Knickerbocker Committee 4dOises
against Western Coacersa.

The protective committee OF stockholders OF
tic Knickerboclzsr Ice Company. OF Chicago. Of
which committee J. n. Wallace. president OF the
Central Trust Company. OF this city, is chair
man has issued q circular 20 the stockholders.
nnalyzing the ofIer made by the Arm Of Thomas,
Maolay 6 Co.. in behalf Of the recently organized
Western Ice Company. for the acquisition of
thsir holdings and advising them against en-
fering into the proposed arrangement.
Figures presented 20 show that Thomas,
Macay & Co, Il the plan shah be carried out
or the present basis VIII receive 100000 in
bonds and S2.450O0O IN stock Of the Western
Ice Company IN addition 10 the bonds and stock
which they receive on the basis OF exchange
which they recommend 10 other stockholders
FOR 3l5ol shares OF common and $500 shares
OF preferred stock OF the Knickerbocker or one
share over so per cent Of the total outstanding
STOCK II IS figured. they viii get 1850 shares
os Western Ice stock, or more than 30 per cent
cs the amount 70 he issued az this time
TIE circular OF Thomas. Maclay & Co. offers
Cor each share OF Knickerbocker preferred stock
So in bonds and SO in stock Of the Western
Ice Company. and for each share Of the com
mon, $50 in bonds and S45 in stock OF the West
err. Assuming that al the stock Of the Knicp-
erbocker, SoO00000 Of preferred and $1,000 OO0
q common, We're 10 be exchanged for Western
Zee securities on the basis set forth in the
Iho-nas-Aaclay circular. the committee says
there would be required S5.90OOOO OF bonds and
$4,000 OF Western Ice stock.
The circular states the amount Of stock Of the
Western Ice Company presently issuable" as
100000, which IS 50. 10000 more than needed
II converting the entire stock Of the Knicker-
booker ice Company. and adds: For what pur-
pose this S2.f5000O OF stock is 10 be used the
circular fails 10 disclose its use is disclosed
r-ae--e7r ,a---ae, 49,. Fs-.-.--,. o
panv and Thomas, Maclay & Co. mentioned in
sad circular and hereinafter referred to-
The salient features Of the agreement between
Thomas. Iaclay & CO. and the Western Ice
COMPANY, the committee says. are:
First that Thomas. Macloy & Co. agree to sell
within three months 10 The Western Ice Com
panE $500 shares Of Knicllerhocker Ice pre-
-erT- and ol|ol shares Of The common for
g go ESQ OF the bonds
Secondly. that they agree 70 sell 10 the West
err ice Company, for $4,000 in cash or bonds.
the properties OF the Graydon and Rockford Ice
companies.
Thirdly that they agree TO buy. at the option
- the Western lee Company, 100000 Of its
bonds.
Figuring OF the basis OF the terms stated in
III Taanas-3.aelay circular, there would be re-
oer0d ly the holders Of the $500 shares Of pre-
serrel and 81. .J0l shares OF common. stock of the
Er..kerbocker Company contracted TO be sold
fy Thomas 1lclay & Co. 10 the Western Ice
Company s., So $50 bonds and s., ,J05. .O45 stock
O. che latter corporation. while the securities
70 be issued 10 the fr1n by the Western Ice
Company tor these shares Of Knickerbocker
stool, aggregate s. 9350SO bonds and 50. 800. .045
stock, an apparent excess in the payment to
them Of 100000 bonds and 50. 45o 900 stock. as
already noted.
Edward r Thomas controlling spirit Of the
Western Ice Company has issued a statement
70 show the advantages which he declares stock
holders OF the Knickerbocker Ice Company. Of
Chicago wtu derive from the deal He says in
part:
The Western Ice Company was formed to
finance The purchase Of other ice properties n
growing cities, which is something the Knicker-
booker ice Company was unable TO do Then
by the largely increased tonnage acquired both
s. Chicago and other cities. dividends would he
insured on the securities Of the company, while
reasonable prices would be guaranteed 10 the
ECnIc for ice delivered under normal conditions
4-e --o-1aS interests, which always have been
large stockholders 0f the knickerbOcker COM
pacT and have been represented on its board
q Llceclors, lclnd i would be impossible TO
carry through their plans without the formation
OF me holding company which has been or
gained.
stockholders II the Knickerbocker company
w IEc II decidedly 70 their advantage TO e,-
Change Eeet- securities for Western ic4 bonds
end stocks under The terms offered in the circu-
laf Issued by Thomas. AaClay e 60. 4 sufFl-
cie-t number OF assurances have been received
from TIE stockholders Of the hnickerbocker 10
guarantee absolutely the carving OUT OF the
plan % have the E-icke-boClIer absorbed by The
Western Arrangements have been made nv the
Western ice Conrany with a syndicate TO take
s5-l".9 - its bonds ar par. which wiz furnish
y WIN so''t'7 worth OF working capital. All
properly purchased in the future by the West
erl Ice Company VIII be additional security TO
these bonds