The Birmingham age-herald., 1910-12-08
GREGORY SELLS OUT
 ENTIRE HOLDINGS New Turn In Citizens National
 Life Matter HE GOT ABOUT $10O.OOO President Says He and Brother Sold Out Because Of Loyalty To PoIicyholders and Stock
 holders Of Company
HE GOT ABOUT $1oO,OOo

Louisville, Ky, December 7-(special)- Tho courier-Journal today says:
 The contest for control of the Citizens National Life Insurance company, whicn has been on between two factions of the officials for several weeks, and which has resulted In suits being filed in the state snG federal courts for a receiver, was terminated last night, when w. 1T. Greg ory, president of the company. and his brother, R. k. Gregory, the second vice president, disposed of their holdings to the opposition and withdrew from the company.
 At just what figure the holdings of the Messrs. Gregory was purchased could not be learned last night, but W. H. Gregory stated that he and his brother owned close to 20.Oo0 shares of the stock and that they had received a sum approxi- mating S10o,OOo for their interest. Just what effect the deal will have on the suits now pending for a receiver Is not known, as none of the stockholders who are plaintiffs in the suits filed recently l in the Jefferson circuit court could be reached, while one of the attorneys for Sa. A com piainant in the proceedings in the fed eral court, refused to discuss the case until he had been fully advised as to the negotiations. He said however, that he could see no reason why the suit for a receiver should not be pushed, and stated | tfat motion likely will be made before Judge Walter Evans this morning for the appointment of commissioner to hear proof. It had been the purpose of the attorneys representing Mir Brown, he said, to make the motion yesterday. but as the time of Judge Evans was fully occupied in the trial Of other cases the matter was deferred until today. One Suit To Be Dropped One court proceeding, however that will be terminated by the disposal of their holdings by w. H. Gregory and R. F. Gregory will be the suit filed against the former by the finance committee recent ly. ip which it was sought to collect s24. GOO which was said to have been advanced to MT Gregory by the finance committee, and which, upon his alleged refusal to repay, had been made good to the com pany by the members of the finance com iGittee. 1t was stated by members of both factions last night that the purchase Of the Gregory stock by the faction op- pcseo to him would result in withdraw al of the suit
 Although the negotiations for the pur- chase of the Gregory interest in the com pany were practically closed early yester- day morning, the details were not agreed upon until a late hour last night. owing q abSAnpa ba ,f+ Of D. Pearce, first vice president of the company. He returned to Louisville shortly after 10 o'clock last night and im- mediately upon his arrival he and the ether members of the executive and finance committee, and President Greg ory, went Into executive session in q room at The Sellbach
 W. 1T. Gregory Talks
 Just before entering the conference Mir. Gregory admitted that an agreement had been reached whereby the holding of himself and his brother had been pur- chased by the members of the faction op- posed to him. In discussing the sale he said: 'I realize that the very best thing that can Dc done for the company is 10 settle all internal controversies. I of fered to buy out the opposition, but they stated that they would not sell at any price. l then decided to settle the mat ter by disposing of my holdings and re- tire from the company. l stated to both MT. c. D. Pearce, first vice president, and MT. Helm Bruce, general counsel, that l was moved to do this not with in- tent to please the members of the finance committee, but because of my loyalty to the policyholders and stockholders of the company.
 The two warning factions Of the com pany have been headed by ". H. Gregory afaA n last night by one of the officials that the latter would be the acting president of the company until the annual meeting of the stockholders on January Il. 1911, when all officials of the company are to be elected for the ensuing year. It was further learned that by the acquisition of the holdings of the Gregorys, the fac tion headed by MT. Pearce comes into control of the company and that he will be elected president of the company at the meeting of the stockholders Janu- ary Il.
 History Of Companies
 The Citizens Life Insurance company predecessor of the Citizens National Life Insurance company, began business No- vember 23 1904 C. B. Norton was it's first vice president and general manager. In January, 1904, he was elected president and general manager
  and the surplus s25,o0O The Citizens Ma tional Life Insurance company, with which the Citizens Life Insurance com pahy was consolidated began business on May g last the merger being effected the same day. The authorized capital stock of the Citizens National Life was Sl,O0O,OOO, and the authorized capital of the consolidated company Is S1, 10000. di- vided into 150000 shares of par value of hao of flee building at 40 West Walnut street, but the home office was moved a short time back to Anchorage
 It is stated that the concern now has on it's books some s1S,00O.000 of business. It is licensed to do business in Kentucky, Tennessee, Georgia, Florida, Alabama Mississippi and Arkansas
 amount of 14,SS for account of property sold in error for taxes.
 That petition of Mrs. Alice Morris for