Evening star., 1915-11-23
.TRUSTEESPET|T|ON
FOR DISSOLUTION
Proceedings to Wind Up AT.
taEs~of National. Capital
life Insurance Company.
r : D !

| S5sy,ei
| Charles A. stilings, Charles P. Grandi-
SON, Duncan l.. Richmond and William
NJ. Cooper. as a majority of the trustees
| of the National Capital Life Insurance
Company. today filed petition in the
| District Supreme Court to dissolve the
corporation. The fifth member of the
board of directors is Jesse D. Price of
| salisbury, Md, who Is said to have
| rendered his resignation, which has not
been acted on.
The court Ia told of two agreements
| made to sell the stock of the COM
pany and of an investigation of it's af-
fairs by Commissioner of Insurance
Nesbit. and of a meeting of stockhold-
ers, hold last July in the boardroom of
the District Commissioners at the
Municipal building.
A committee was appointed and has
reported poor prospect of continuing
the business. The petitioners assert
that it is apparent there is no chance
of realizing the original objects of the
corporation or continuing it's business.
Attorneys Wilton J. Lambert and R.
H. Yeatman represent the petitioners.
Meeting of Stockholders.
Stockholders of the National Capital
Life Insurance Company, which was
organized year ago with a capital
of $3.50 and is now reputed to have
but 1895 in its treasury, met yester-
day afternoon in the boardroom of the
District building and decided to ask dis
solution Of the company, and an investi-
cation Of the affairs Of the corpora tion by
the District attorneys office, with view
to instituting any prosecutions that may
be deemed warranted.
This plan of action was decided upon
following consideration of a report by a
committee appointed last summer to in
vestigate the condition of the company.
Will Sue c. W. Walker.
committee that Groom W. Walker,
originator of the company. is not in
Washington and that the committee
has no knowledge of his whereabout.
notwithstanding, it was determined to
endeayor to obtain Judgment against
Mr.. Walker by civil action.
DR.. Douglas Mackall, Wilton J. Lam.
bert and w. Gynne Gardiner were ap-
pointed a committee to present the
petition for dissolution to the court.
Mr.; Gardiner. as secretary of the
stockholders. committee that conducted
the investigation, submitted the COM
nittee's report which stated that there
remains in the treasury but $7,496.25-
This amount the court will be asked to
uAstuS ehhOHS the SlOChHOIucTS Oh
lowing consideration of the report, the
committee was discharged and Dr.
Mackall was elected chairman of the
meeting, with D. L. Richmond off1ciat-
Ing as secretary.
The proposal that the company be
dissolved met with no opposition This
action was advised by District Super
intendent of Insurance Charles +. Nes-
bit, who attended the meeting.
Charge Lack of Interest.
The stockholders' investigation fol-
lowed an inquiry conducted by Supt
Nesbit. who read the report of his in
vestigation to the first meeting of sub
scribers held last July. The report of
the committee states that 1.-The National
Capital Life Agency was incorporated
by Groom W. Walker, A. D. McKenney
and George C. Hynson. 1t appears that
this company was incorporated for the
purpose Of succeeding the c. w. Wal
ker Company as the promoting agents
for the National Capital Life Insurance
Company," ....-
Continuing, the report says that "the
committee finds that the officers of the
National Capital Life Insurance Com
pany, with the exception Of one, had no
real interest in the company; that they
held in their name one share each OF
its capital etock, which 1t appears was
the stock originally issued to the origi-
nal board,of directors" -
The meeting was attended by about
sixty persons, including a number OF
out-of-town subscribers.