New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-23
DIR. TOORHEES DENIES 1T.
lSags Voting Trust Did Not Intend
TO Increase Capital.
STATEMENTS FROM THE sTOKEsEs


Fx-Goverror Foster NJ voorhees, OF New-Jersey
booker Investment Company. on the application Of
which Justice Greenbaum on Tuesday continued an
Injunction obtained by II. gave out statements yes
terdav covering their side Of the controversy. The
Injunction restraints Mr.. Voorhees,, William Sherer
and Edward c. Stokes. individually and rs trustees
or stock IN the Bankers Life Insurance Company,
and also -estrains the Bankers Life Insurance
Company from voting at any meeting Of its stock
holders on stock belonging to the hnickerbocker
Investment Company and from interfering there
with. except 10 return the same TO the hnicker-
booker company.
Mr. VOORHEES, is president Of the Bankers com
pany and OF the voters trust that was complained
Of. He said:
decision. said there was no necessity even az ms
time for considering the ALLEGATION OF I4qG anu h
granted the temporary Injunction Was that OF me
possible increased issue Of stock There would nave
been need OF these people seeking an injunction
TO prevent this. We members OF the Young uust
10 issue any stock until the suit was settled.
But could not do this in view Of the allegatloh5
made against Us, for had We II might nave Se tj
that admitted the truth Of the charges or iraHa
other side l deny the statement made that il was
undisPued that the voting trust was cTfated VIII
not, ratified by, a legal meeting Of the knicker-
All I ASK is to be let alone But now the dis
gruntled directors Of the hnickerbocker have iieI
how long it VIII take TO siraighten it out This
hurts The BUSINESS ana n%K S bnsfling for
business There is absolutely no truth m the a!Ie-
Voting trust Intended to increase the capitalization
OF the Bankers Life and divide the new STOCK
said ex-senator Edward c. Stokes:
/ never conceived the plan Of acquiring personal
o%Io5 :" Ina 5s;r IN oafain such control
either directly or indirectly. with either goIaets
~ iE,,ierbors- Investment Company as 10 the
limo Of he 81 Gf
5sd not induce the directors Of the Kncker
booker company to make me a memher OF ,, ths
voting trust on the contrary. al hrSi aecnnnel
tr,-sfee vote myself into the board OF directors
Of The Bankers Lie n January re ifraSo~z ' of
the Bankers life at that time, bur was elected
10 MI a vacancy on April .. 1893. when the board
was not under tho control ~ the voting tTusi. -
raI71- for NV own proat endeavored I'm every pos
She way 10 reduce its expenses and promote Us
only did never vote myself any salary ana never
az the voting trust Of their relatives. but since
the selection q Howard h SiokeS as N t a. a.
dent the salaries Of three ofhcials nae oesn Us
nensed with az saving 10 the company OF $'''"
year
Howard X stokes. third vice. president and treas
urer Of the Bankers Life Insurance COMPANY said;
The importance Of the decision Of Justice Green
baum. however is very slight. in view Of the fact
that Tuesday morning. when he rendered his de
quest Of the defendants
Most Of the statements made IN the Dill or COM
plant have absolutely no foundation ~ iac; ana
a the utterauCes OF C!SgruUucd faction
A Mr.. Tiger. 4 retail ETOceryrnGn IN small town
in New-Jersey. and Mr.. Schoneberger. travel
Tng salesman IN New-Jersey. complain that the
sO-Called voting trust formed without the
knowledge and consent of the stockholders Of the
kuickerhocter Investment Company Yet they
both We're stockholders tho time when tho voting
trust agreement was entered into. they Were pres
ent meetings at which il Was discussed. and
they themselves asseuted 70 its formation The
voting trust formed iu December. 1872. and
these gentlemen raised objection To IL until
this year. when the request 81 one OF them that he
be made a director IN the Bankers Life Insurance
Company refused
The Bankers Life Insurance Company has been
made party To the present suit TO set aside th@
voting trust. hut the parties who brought the suit
are well aware that the Bankers Life Insurance
Company IS not controlled managed In any
way directed by the voting trust: that the active
management and direction Of the Insurance COM
pany lie in is board Of directors
Tho directors OF the Bankers Life Insurance
fail