The New York herald., 1878-10-05
ANXIOUS POLICY HOLDERS.

THE VICTIMS OF THE DEFUNCT NATIONAL
CAPITOL LIFE INSURANCE COMPANY LOOK
ING FOB THEIR MONEY.
meeting Of OF the policy holders Of the de-
iuncs Nalioaai Lie Insurance Company Vas nsia yes
,erday afternoon the office OF Messra Butler L.
Bull, No. 271 Broadway Tho object OF the meeting
was TO deviso some plan by which the funds now on
deposit NJ Albany 70 tho credit ot the company may
be divided the benefit OF Individual policy holders
Mr. James y. Butler, who issued the call for The
meeting. presided, aud spoke some length on the
AFFAIRS Of the company. Il was started in
1866, always did q poor business and finally
became bankrupt IN 1873, passing into Tho hands OF
receiver, Mr. Ira Beard Alter atlers report the
supreme Court issueu order directing MIN 10 re-
eau Nallonai Life ana Trust Company, New Haven,
Ia pursuance oil an agreement mado by order the
Court. !hls was carried ou': A,. Berjamin Noyes,
Prison, eoughs up at washington tho onarter OF
mpsny calling nssi the National Capitol insurance
Company. In December. 1875, the afiars Of tne Now
Haven Company became involved, aud M.
Moves secured an asrssmsn. ny winch !. trans
iaus. Hsus.Ds N.s,ouss 'L Life. " 7asa @ NJ. NJ ssyss s
Ss way ssSoay 70 twenty per cent q nsr
value. The holders, who agreed 10 u these changes
and surrendered their policies, found thsm growing
less valuable. Mr.. Noyes' oiicat career
nnaly cut short by = term IN The New Jersey state
Prison. aud The policy holders found no tunas ~
Covof. - su0 wosuS " ~. DueseAs s"c 'uHuS nao
gone from the Natlonal Lie 10 ms American National
Inc American National had gone into ths Na,ional
Captoi and Inc National Capitol had gone into the
State Prison. u
there is required by law iuud OF 100000, to bo
deposited BY company with the Insurance Super
tntendeat ~ Albany, Gs guarantee oi good uan.
agsment This sun, Win interest," now amounting
3l36, ,000 All that is left ol the assets oi old
National Lille. There are many policy holders who
have consented 70 these en- angss aud thcy now
propose make some move with a Wow 10 recover
the sum Albany. Somo suits have already bssu
begun In Brooklyn and there nave been liens died
against ine deposit by policy hoiasrs. law
passed by the last Legislature provid-
ing Tor tho appoinment oI reieree by
tne Attorney General 10 mako y distribution
tho money. clause IN tho bill provided III with
regard 10 tue policies surren lsred AE NoyCs only
The amount that he paid ior Them should DO taken
pro rata basis VI distribution and not the lace
value OF she policies Tnis done 10 OF Ar.
Noyes iitto speculation. But Governor Robinson
fused eign bill The ground Attorney
airsady had powcrto ACT III tho after with
any special legislation. The Attorney General
gave NO opinion and the bill fell through. The
ing OF policy holders called with view
taining what poslion the Attorney General will
take. Mr.. Batter said he was convinced that
tnrougn q special BALL IL was necessary nrst
obtain opnion oI the Attorney Gonerai that he
has the 10 appoint sucn rsicrsss and then
u law similar TO tho one that iaiied last year.
Tnsn money could be dividcd pro rdtd among The
poilcy hodera IL said thnt The liabilities am0uat
10 between $500. 000 ana $5O0,000
A general discussion oil the situation occupied the
attention Of the meeting, which nnay aaJogrned un-
III next Tuesday At noon