The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-07-05

is not justified in becoming party to
by reason of the fact that the agree
ment is speculative and binds the So
ciety to it's conditions which may not
only become onerous, but damaging
to its interests, and which lies en-
tirely outside of the pale of permissible
transactions for an insurance company.
"(2) Not only does he (NTr. Hyde)
thus disregard the established checks
upon improvidence and indiscretion on
the part of any individual officer, but
he undermnes the presidents authority
behind his back, and admonishes Of
fcers and subordinates and notifies
people dealing with the society to have
their transactions with himself, stating
that the presidents wishes, action and
! judgment in any matter may be ignor-
| ed.
Many instances of this could be
given. Mr.. Mcintyre, who is regard
ed as the personal representative and
spokesman of the vice-president, has
not only carried out transactions with
out their submission to the president,
but on being questioned as to the pre-
sidents attitude or approval of such
| transactions, has i'm repeated instances
| expressly stated, in answer to such in
! quiries, that it made no difference In
as important a transaction as the pro-
posed merger of the Mercantile TRUST
Company and the Equitable Trust
! Company, which was under serious
| consideration some months ago. and
| which has not been abandoned, Mr..
| Hyde communicated to the president
of one of the companies his beside that
the matter be not discussed with the
| president of the society, but only with
! himself, and in numerous instances
both Mr.. Hyde and Mr. Mcintyre have
stated openly that important matters
of a financial nature requiring the
consideration or approval of the So
ciety should be submitted only to his
office and have dissuaded corporations
and individuals with whom the Equit-
able sustains financial relations from
! having anything to do with he'sOciety's
| president. This has been done behind
| my back, and in the most persistent
manner showing a settled purpose on
| the part of the vice-president to break
down the authority and influence of a
superior officer, and at the same time
to increase his personal influence and
control Of the financial operations of
the society without regard to propriety
or the effect upon the society of the
methods adopted by him.
'((3). / further stated that che (Mr.
HYDE has committed the society upon
his own responsibility and without
prior consultation with the proper Of
fcers to enterprises which should have
received deliberate consideration be-
fore completion and from interests of
personal prestige or advantage, the So
| ciety's requirements and benefit being
| a secondary consideration"
The instances specified under the
foregoing statement number 81" are
also illustrative of this specification.
J l might mention, further, the very eX-
tensive purchases of the stock of the
New York Central Railroad Company
made under the urgency and persua-
sion of Mr.. Hyde for the purpose of
creating a basis for a request on his
part for election to the board of di-
rectors of the New York Central Rail-
road.
a I made the further statement:
He (Mr. HYDE has displayed a strong
personal ambition and an inordinate
and unsafe love of prominence, a
quick responsiveness to hattery, a
pliancy in the hands Of persons whose
interests are not necessarily parallel
to those Of the policy holders of the
| society This i'm conjunction with his
conception of arbitrary power and right
as the holder of the control of the stock
renders him a highly unsafe official"