New-York tribune., 1908-10-21

During the same period the record of the Stock
Exchanre showed the total number OF transac-
tions in Ice to be 1I9, 400. Morse's purchases
that month exceeded his sales by 1890.
The April totals showed purchases Of 145.5OO
shares and sales Of $4,000 charged to Mr.
Morses account, or a net charge of three hun
dred more shares purchased than sold. The
Stock Exchange recorded 304, 113 shares of Ice
dealt in for that month. In May 10S,0O0 shares
were purchased and 10000 sold while in June
1890 shares were bought, against sales of
6,400 shares.
BIG DEALS WHEN ICE WAS HIGH
In July Mr.. Moxey's tables credited Mr.. Morse
with purchases of 10000 shares and sales of
52,900, the pool having that month acquired
400 more shares than it got rid of. The
August totals were 10 400 shares purchased and
50. 400 sold or an unloading OF 10000 shares. In
September 400 shares were purchased and
$4,000 sold 1t was in this month that ice"
reached its high level OF 500 share. In Octo-
ber 29. 800 shares were bought and $500 sold
with 47.O53 shares traded in the Stock Ex-
change The December. 1906, purchases were
Il 400 against 10 100 sold and total Stock Ex-
change transactions of 24,59O
In January. 1907. the purchases were "'ooo
and sales 1900, with 1900 shares traded in on
the exchange. In February, leoo shares were
bought and 800 sold and 2odS reccroeo on the
exchange In March the purchases were S'So
and sales 400 with 9.345 traded in on the ex-
change April showed 1886 bought and $500
sold with 4q47 traded IN on the exchange. In
May the purchases were 800 shares and the
Gales 800 and the exchange transactions 1,1OO
shares In June 800 shares were bought ana
300 sold and 10S9 recorded on the exchange. In
Julv 800 shares were purchased. 1,4oO sold and
3145 traded in the exchange August
showed 500 shares purchased and 900 sold, with
I go shares traded in on the exchange.
SALES IN PANIC MONTH.
No shares at all were purchased in Septem-
ber but 300 were sold, while the exchange re
corded 80 October. the last month Of the re-
mort showed 800 bought and 1860 sold The
exchange for that month registered total OF
81 oO5 shares traded in. This was the panic
month and on October 16 Mr.. Morse resigned as
vice-presideut and director OF the Natiohai
Bank Of North America and also severed all MS
other banking connections
Thomas Sturgis of No 100 Broadway, presl-
dent of the Continental Finance Company, was
called to the witness stand by the prosecution
TO tell about 1000 shares OF Ice stock Whlch
his company bought from MI Morse OF lioiii
the pooI in February, 1907, at S67 OS share
or a total of S67,OS0. The company paid SIoo"
in cash to MI. Morse and gave its note for
S60OOO the balance Of the purchase price
Morse kept the LOCO shares OF Ice STOCK as
collateral and discounted the note with the
National Bank of North America The STOCK
however was first transferred on the books OF
the American Ice Securities Company to the
name OF the Continental Finance Company
which company collected the accruing DIVIDENDS
on the stock.
MI Sturgis said he had objected to having
the conpany's note discounted in the National
Bank of North America, where the Continental
Finance Company carried standing balance Of
close 10 $4,000, as he feared the bank might
refuse to make further loans to the company
He went to Mr. Morse and Mr.. Curtis. and was
assured that the cOmpany's borrowing ability
would not be curtaiIed. Before Morse went TO
Europe in the early summer OF 1907 he arranged
TO have the note renewed at its maturity, which
was done. Before the second note came due
the bank had closed its doors Charles A
Hanna, the federal receiver. sued the company
for payment, but counter suit was brought.
and the litigation is still pending.
sTURGIs FORMER FRIEND OF MORSE.
The witness admitted that Morse had told him
ne might discount the note. He also said that
Morse had guaranteed the transaction. The i'll
terest on the first note, amounting $1.SOO,
was paid. The defence brought out cross
examination that lIr. Sturgis was formerly in
the ice business in Baltimore, and had been
director at one time of the American Ice Com
rany Witness admitted that he had not taken
much trouble to ind out the exact status OF the
transaction with the bank. Mr. Morse said
after court adjourned that Mr. Sturgis had
given him a handsome loving cup about a year
ago The whole transaction appeared to be
regular one