New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-14
ICE TRUST EXPANDS.
VOtes Poecer to Engage an Many
LineS-NiROrity Protests.

The following remarkable authorization, en-
bodied ia g number OF clauses under the heading
subsidiary objects. was voted at the special
meeting in jersey City yesterday OF the stockhod-
Of the American Ice Company. called to take
action upon certain changes recommended in the
charter by the board OF directors:
To authorize and permit any all Of the direc
tors Of the company or the members Of its eXecu-
lations to it. to enter into. negotiate consummate
name nature between the company and them
to time constituting the board of directors or any
person acting a. a member of the executive com
mttee. or any firm or corporation in which any
tee may be interested, directly or indirectly
whether such individual or individuals firm cor
poration thus contracting with the company SHAH
thereby derive personal or corporate profits. bene
fits otherwise the intent hereof being to relieve
each and every person who may be or become a
director Of the company managing director. or
disability which might otherwise exist Of
ing with the company for the benefit Of himself or
may he in any wise interested.
The adoption of these amendments to the charter
was strongly opposed by several of the minority
stockholders. but carried by a vote of 37S l2f
shares 10 6543 all Of the stock held by the Ameri-
can Ice Securities Company being voted in favor
of them The holdings Of the Ice Securities Com
Total OF 23S H. and 1880 Out Of ii9,302 shares IS Of
preferred, the entire minority stock thus being
oniy about s.2u" shares Among the minority share
holders Directing 20 the passage OF the resolution
os!ts i4pV SilafeS 81 the preferred and $50 shares
OF the common stock; J. O. Bright OF Boston. own
Bro, who own 416 shares. and Henry r. Hoyt
lttx-Mayor Grant was represented at the meeting
by a member OF the law firm If Bowers & Sands
ana Ottlnger & Bro ny Nathan Ottinger
IN d formal protest entered against the adoption
OF these amendments one OF the minority stock
hclQers declared that the resolution Illegal
eno that therefore the acts OF the meeting would
De invaldated by its adoption as the meeting had
peen called IN part for illegal purposes Notice
was served on the management in the same pro-
test that If the resolution should be adopted 81
would be regarded void. and that action
would be brought for an accounting If all profits
derived under IL
The principal object of the meeting as set forth
IN the resolution adopted by the board of directors
powers Of The company, that Il could engage
II certain lines OF business in addition to that of
dealing in Ice Under the resolution the company
would ne allowed to deal in coal wood. lumber
and building materials and to operate steamships
or other vessels, ard also the extensive privileges
President Wesley N. Oler informed the stockhold-
ers that it was the purpose of the management 70
enter upon the buslnss of manufacturing brick and
dealing in building material. and i'm coal. wood and
water. It necessary. he continued for other
lines OF business 10 be taken the ice business
was active during only seven months out of the
twelve In some places. he added. the company
The sole reason for asking for the broad powers
Sought 10 be granted the members of the board or
the executive committee that the company
might he in a position to take advantage of what
ever favorable opportunities might be presented
The attorneys for the minority stockholders
pled that they were not Directing TO the company
gong INTO any proper ENTERPRISE. but that their
protest was against the granting of alleged Illegal
powers 70 the directors sought 10 he given by Tie
clauses headed Subsidiary objects