New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-22
PRESIDENT BURNH4M OUT
Mutual Reserve Board Care Fire
DaYs' Notice.

The Mutual Reserves board of directors at a
special meeting on Friday. Tribune reporter
learned yesterday. voted TO remove Frederick A.
Burnham from the presidency of the company.
In compliance with the Mutual Reserves by
laws, however. Mr.. Burnham received on Friday
five days notice Of the boards intention to re-
move him. and 1t is expected that the board will
formally announce his removal to-day. Every
member Of the board who attended Fridays
special meeting was pledged TO secrecy
2 The facts. the reporter learned. are that
the board. at its weekly meeting on Wednesday
voted that Mr.. Burnham have forty-ei hours
only in which to hand in his resignation. and
sent a communication to Mr.. Burnham TO this
effect. Mr.. Burnham. however, did not even
reply to the communication and accordingly the
board held special meeting Friday. passing
the resolution already noted
II is considered entirely likely that the board
will elect a president to-day. Archibald c.
Haynes. former general agent of the Equitable
being the favorite candidate. apparently.
The Tribunes exclusive announcement on
Monday that ex-State Senator John J. Coyle Of
Philadelphia. backed by half dozen Pennsyl-
vania business men. seeking to gain control
of the Mutual Reserve caused great interest in
insurance circles. Polcyholders from all over
the country vera up in arms. especially against
any attempt TO reinsure them, with the result
that the Mutual Reserves nagement has had
TO issue a formal statement repudiating the
resolutions and that their negotiations are
sheved for the present. If not once and for all.
Meanwhile Mr.. Burnham is between Scylla
and Charybdis. His only hope a forlorn one
withal. OF staving off his removal from the presi-
dency. is 10 attend tO-days meeting in person
and by mixed thunder and cajolery whip in" his
board of so-called employee directors as he has
done on the occasions OF many crises heretofore
when the outlook has been equally black.
Should il permit him to attend the meeting.
however, his physical condition would give the
lie To the testimony of experts on his condition.
The Tribune's exclusive announcements from
time 10 time of this condition and MIR Burn
hams probable plea for the adjournment of his
trial for grand larceny and forgery in the third
degree received ample confirmation yesterday
when Justice Greenbaum. sitting In the Criminal
Branch of the Supreme Court. postponed the
trial indefinitely IL is unlikely that the case
will be put on the calendar before fall
DR.. j. Seymour Thatcher, of No S3s Madison
avenue. ordered by the court TO make a thorough
like the other experts, had found Burnham suf-
fering from diabetes and other organic troubles
and that TO put him on trial nov would expose
him To serious danger.
In his opinion. said DIR. Thatcher, IL Burnham
took the proper treatment. which he understood
he was undergoing at the present time he would
he able, If he made proper progress, to stand
trial within two months.
George Il. Scrugham and Charles Stirrup tho
representatives of the International committee
who are accused of conspiracy I'm connection
with the election In the New York Life appeared
before Magistrate House. at jefferson Market
court, yesterday and renewed .heir hail bonds
OF $500 each. Fred Haberman. n retired milk
dealer, who lives at No. 81 East 6Oth street
signed the bonds. No warrants for the rearrest
or any of the defendants are looked for before
to- morrow.