The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-06-29

the true condition Of affairs of the
Equitable Life Assurance Society,
the remarkable documents remarkable
matter The disclosures regard the Equitable and the cono-
ragged these disclosures been Of the
most remarkable incidents financial history and the effect they have
already had and the effects they likely still have of the most
lar reaching and believed the most wholesome hd not alone m
Equitable but every financial will be benefited for these dis
closures have educated the public such matters nothing else has
done and they have called attention to certain tendencies IN way
that is to be expected will far toward correcting them
which the ragged which threw
light conditions The Star today begins the publication of this
ed doing this The Star believes is fulfilling important
SReS its duties as Journal NO one can I understand the issues
what the Prick committee reported brief summary OF the points Of
this report is here given:
1t arragnment Of the management of the society," and
condemns uneervedy and the strongest all the transactions
OF the syndicate known James H. Hyde and Associates Other
tuon The Alexander Hyde
and Second VcePresident Tarbell is recommended.
After rectng the history Of the company and the which
it governed the tells OF the evident reluctance OF the officers
cation successful On April letter addressed President
Alexander asking for specific data embodied eleven different
quests ON April IS the committee viewed with surprise and regret
that to this date OF the information asked for had been received
Mr. Hyde finally communication revealing all the transactions
OF James IL Hyde and Associates by which he and several other
directors made large profits Of securities which aeward pu
letter to the committee which Hyde grave
irregularities in his official capacity Of first wcepresiden
The report shows the great increases that have been made
years IN the salaries OF executive officers and their favored stbordm
Commenting syndicate transactions the report says:
In which the syndicate profit $3o2Io8 the society
now holds the securities purchased which quotations show
"n all other the society has either profit
make profit by selling the securities the present market
The result the society the purchase syndicate
securities has been considerable profit society
qured the securities by taking aoments the original undertakings
to which the Hyde syndicate party would have made larger
profits The profits would have been greater by $186Io73
the sOcet directors who figured the syndicate
the society the soce profit would have been $675o greater
than was
Gage Tabe second vicePresdent Of the society replied
long written statement the criticisms the Prick
made number of astonishing disclosures.
He declared that the business of the Equitable fallen
900 in May and that another decrease might be expected
business lie pointed alleged inadequate
OF Equitable real estate Mrs Henry Hyde he asserted
cept OF lite pension OF $4,000 from the socetys funds
suits OF possible decentralization of the suggested
suggestive comments the degree of truth the oceys
matter.
Because the rk rejected by the directors
meeting le trk Hartman and Bliss resigned anger from
directorate After their departure, motion Jacob Schf the
following resolutions adopted:
Flhat chairman of the board with penarv power
over all departments and affairs of the society.
Second-lha nominating committee consisting d. O. Mills
John Stewart A. Cassatt T. Jefferson Coolidge Belmont
j. b. ogan and Robert Lincoln be requested report at
ing OF the board to be called Wednesday next candidate for
chairman.
d-hat at that meeting OF the board the committee
De reorganed and that appropriate amendments bylaws
should be prepared submission purpose of
carrying out these resolutions.
Fourth hat Mr. James Hazen Hyde requested within three
months to dve himself of the control the the society on
such terms and conditions shall be satisfactory"