The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-16
LIFE IN NEW BANDS.
TOWNSLEY AND VAN SCHAICK
NOW CONTROL THE COMPANY.

NONUB IFu3J Dfb3OlNCu anu y w" 49,
Elected-MOst OF Thom Van SohRiok'S
Men-President IL william Hanhart,
Who Has Been With Emlgrant Bank.
The management OF the Bankers Life
Insurance Company passed into tho hands
Of the holders Of the majority stock yester-
day. The old management represented
a voting trust which, although created
by the majority stock. had for some time
maintained an entirely independent con-
troll Of the company's affairs. The price
! paid by the majority stockholders for con-
troll was $71 500, which was the amount to
which the ~oompapy's capital stock was i'm
paired,
The fact that the company was in a bad
way was brought out in the Armstrong COM
mittee proceedings. and early in january
the State Insurance Department issued
an order prohibiting the company from
doing any further business until the i'm
pairment had been made good. A requisi-
ton was made on the stockholders to cover
the deficit but the minority holders baked
and finally the majority holders stepped
in with the assurances that concessions
would be made.
In yesterdays transaction Eugene Van
Schaick and Henry p. Townsley have, it is
understood. realized a long cherished ambi-
ton. They control the majority stock of
the Bankers Life through the Knioker-
booker Investment Company and the Man
haitian Company. The Kniokerbocker In
vestment Company is the real owner Of the
insurance company holdings, but Towns
ley and Var sohaick indirectly dominate
that company. Townsley ia president Of
tho IJfa Aaanoiatiap of Arnarioo and Van
Schaick is general counsel for that com
pany.
Upon the payment OF the 81. 500 yesterday
the voting trust which has named the man
agement of the company in recent years
was dissolved by the consent OF all parties;
the full voting power Of the stock was
transferred back to the original holders,
and every director in the old board and
every officer OF the company resigned.
A new board Of trustees was Immediately
elected by the majority stock. It was
said last night that this board was COM
posed largely of men who are affiliated in
one way or another with Van Setback or
the Knickerbocker Investment Company.
The statement was made that some ot the
men elected were clerks in Van Schaiok's
office. Van Schaick himself refused to
and when asked whether the board was
filled with dummies, sent out this reply;
The Impairment of the caDital stock has
been made good and the money Maid in.
The directors are mostly temporarv and
will be replaced by a strong board which
will be announced in n few DAYS. The
great majority of the new board will con-
sist of officers of banks and trust companiee.
The directors elected Yesterday we're;
Robert c, sands president of The stroll
lers' Ciuh: ,John ", Hanlenbeck Van
Schaickis brot her-in- ". ,, r Arms.rong.
said TO have been an officer OF the late
lamented America Union Insurance Com
nany. Clarence w Armstrong his son.
IIIciis Teter Of Cbica 90. Ernest Avrauit
George Betell. Wilson Brice, reported 70 be-
mana9in clark in Van Schaick,s ohsce.
r Howa ed Foster also sail 70 be in Van
Soha iokis oh1ce. ,john A Tieer a store-
keeper in Madison n j. who is an OFFICER
~ The Knickerbockar invastment Com.
nanv. Ernst W Schoneberger connec.ed
WITH the Kniokerhocker Connanv. Samuel
r. Buck. a director Of the Li}n ASSOCIATION
of America. William A. Cable Thomas W
pate nronrietor Of the Ronkera Lo,c
'Lovr,oi. EIoene Van Schaick. william
Ha nbsr ~ George q Van Schaics n hrothe her
~ E,Ioene' Who Ia also in, erested IN The
life Association of America: i r
Dougbar1v .Jr Henrv s .Jnlier Georga