New-York tribune., 1907-05-23
BURNH IN OUT: HAYNES IN
Former Equitable agent President
of Mutual ReserUe.

Archibald c. Haynes. formerly the star gen
eral agent of the Equitable, riding in on the
crest of wave OF reform was elected presi-
dent Of the Mutual Reserve yesterday. succeed
ing Frederick A Burnham. as indicated in ycs-
! terday's Tribune.
The Mutual Reserve directors at their trO
meetings accepted the resignation also OF Vice
President George D. Eldridge, who like Presi-
dent Burnham. is under indictment for grand
larceny.
Because of his illness Mr. Burnhams trial
has been postponed indefinitely
As told exclusively in yesterdays Tribune,
President Rurnhan- 70 be removed" yes
terday. At The eleventh hour, however the
board received his ''resigna ton and accepted It
promptly. The directors did not I'll Mr. Ell
dridge's place.
The resignation of Frederick Burnham espe-
cially marks the successful close Of a stub
borniy contested fight to oust him from the
presidency, told in The Tribune from time
TO time within the last twelve months Mr.
Burnham. by "proxying" himself into re-elec-
ton. by the strangely contrved absence of
quorums at "ouster' meetings by the promo
tion of some of his opponents and the disciplin-
ing of others in the board. succeeded for nearly
a year in staving off his dethronement. Now.
however his physical condition, the peoples
proceedings against him and the avowed plea
that he was too i'll TO appear in court, the sud
den infusion Of blood into the board and
the election Of Mr. Haynes as a director all con-
spired TO present his attendance the meeting
yesterday and TO bring his undoing
Some of the directors who attended the more
notable fact that certain directors who had
pledged themselves TO overthrow Mr.. Burnham
a few months ago and had then broken faith
and rallied to his support. among the
most eager last week that Mr.. Burnham be re-
moved
Mr. Eldridge. a Tribune reporter learned,
in his resignation, by request, a week ago. 1t
was ia bled.' however until yesterday. Mean
while the management promises reform
and retrenchment all along the line.
The official" announcement of yesterdays
dual meeting fellows:
AT a meeting of the board of directors of the
Mutual Reserve Life Insurance Company, held
this day, the resignation OF Frederick A. Burn
ham president Of the company and a member
Of the board Of directors was presented TO and
accepted by the board. Archibald c. Haynes
vas duly elected president Of the company
AIr Burnhan's successor
George d. Eldridge also presented his resigna-
ton as vice president and actuary Of the COM
pany End member OF its board OF directors
In order to give the new president free hand
the resignation Of Mr. Eldridge as vice presi-
mains member Of the board Of directors and
actuary Of the company. No successor 10 Mr..
Eldrldge as Vice-president was elected.
President Morton of the Equitable summarily
dismissed Mr.. Haynes July 2S. 1905. be-
cause he 'insubordinate' and refused to
cease criticlsing the Equitables new manage
ment and the agency department methods Mr..
Haynes was then the largest writer OF insurance
among the Equitables general agents. few
DAYS before his dismissal he had been making
caustic comments President Morton and
Gage F. TarbeI, then second vice president and
head Of the agency department, who has since
resigned y enter the real estate business. On
July 2S 1905 Mr.. Haynes's debts to the
Equitable We're said to be between 100000 and
$4,000 for advances, for which his renewal
commissions pledged security. Mr..
HAYNES said at the time that these commits
sions would pay off the debt in bout five years.
Mr. Haynes previously had resigned" from
the Equitable July =. 1908, his resignation TO
take effect at the end OF that year.
Soon after the announcement OF his resigna-
ton. however, he and Tarbell became allies, ac-
cordng of the aPents. Mr.. Tarbell
wished to become president or first vice presi-
dent and Mr.. Haynes TO succeed Mr. Tarbell
second vice president. The plan. however. ap-
parentlv miScarried and the criticisms followed.
Mr. Haynes born In Maine and is fifty
seven years Of age. He identified with the
Equitable almost continuously from 1877 TO 1905.