New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-20
COYLE SEEKS CONTROL.
PMladelphian after Presidency Of
Mutual ReSerre.

Ex-State Senator John J. Coyie. of Philadelphia
backed by half a dozen Pennsylvania business men
and politicians is seeking 10 gain control OF fresi-
dent Burnhams company the Mutual Reserve. ana
Mr.. Burnhams place. according 20 a statement
which prominent director of this company made
TO a Tribune reporter yesterday. The Tribune :
informant said that at meeting OF the MUTUAL
Reserves board last week Mr.. COyle through a
representative offered to place S2j00O in the treas
ury Of the Mutual Reserve to aid its crippled
finances and to take over, in a Pennsylvania state
mutual life insurance company or which Mr. Coyie
said he was president, ali the Mutual Reserve S
risks. The other portion of the plan was that he
and his associates should first be elected directors
of the Mutual Reserve. and that Mr.. Coyle should
finally be elected presiden: of the consolidated
affair.
According TO the outcome of inquiries when the
reporter made over the long distance telephone IN
Philadelphia last night the only PENNSYLVANIA life
concern OF which Mr.. Coyle is president is the
American Catholic Union Life Insurance Company
a Pennsylvania concern which SO far as can be
learned, insUres the lives of Catholics only. Inc
Of these negotiations coming as II did at the
time of President Burnhams illness and the re-
yival OF an attempt to GUST him from the pTes-
dency, and on the eve, too Of the date set for
his trial for grand larceny, caused great interest
in insurance circles last night.
Some of the Mutual Reserves directors, accord
ing TO the same informant. were disposed to favor
Mr.. Coye's plan. although it involved retiring from
the board of directors six officers Of the company
now on the hoard. MIR. Coyle, however. was asked.
il is said II he would guarantee" the various
features OF his plan. but did not that he would
do
II then suggested 70 him, it is said that il
his plan involved taking only two better risks.
leaving the risks with the Mutual Reserve,
ana then placing the company with Its worse
risk policyholders) in the hands of a receiver,
such a proceeding would not only be fragrant in
Justice 10 thousands OF policyholders, but might
pave the way for conspiracy" case and action
by the District Attorney of this county. This.
cordlng 10 The ITibune's informant, is virtually
the situation in the Mutual Reserve day. some
OF the directors still favorng Mr.. Coyte's plan.
Meanwhile the reporter learned. there is an
alternative o. Ian afoot entailing disntegration.
rms again involved Mr.. Burnhams resignation.
ara Nh Burnham has been asked 10 resign by the
middle Of this week.
This plan involves whiting down" the presi-
dents ana vcepresidcnts salaries the president s
probably to $1,000 II involves also reducing GER
tam former counsel fees for which. II is believed
mere mas been no adequate return. and such a
drastic system OF retrenchment all along the line
$4,000 year
With economies effected and new MANAGEMENT
Mutual Reserve has still a future Despite the
fact that Vice President Eldridge. however is un-
me directors oppose any suggestion that he also
he asked 10 resign saying that is indspensab bic
at TINS Juncture, at least While several directors
some or whom have refused consider
being mentioned for Mr. Burnhams place Archl-
bald G. Hayne general agent of TIE Fqufta bic
seems TO be the favorite at present The directors
MI Burnham is a dying man. and do NOT see
now he can stand trial. was the statement which
a a, man In close touch with President Burnham and
ms aHalrs made to a Tribune reporter last night
the eve of the day set for Mr.. Burnham's trial be-
Iore specia! panel OF jurors a charge OF grand
Erceny- 1t Is expected that certificates from Mr.
scians VIII he produced in court declaring his
physlcaI inability to stand trial at this time.