The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-07-08
ALEXANDER CHARGES
AGAINST HYDE.

THE ALEXANDER CHARGES
AGAINST HYDE.
These charges constitute serious
arraignment of MIR. Hyde They in
voluve his personal and official inte-
gritty and they allege a condition Of
affairs i'm the management of the So
ciety that is i'm utter defiance of all
the safeguards provided by it's charter,
its bylaws, the general rules of law,
and sound business practices. So open,
fragrant, obvious, persistent and dan
gerous are the practices of which Mr..
Hyde is accused, that the establish
ment of their truth convicts of equal
guilt all who were cognizant of their
existence and failed promptly to set
about their correction.
If Mr. Hyde involved the society in
transactions of magnitude without
legal authority, if he prevented the
president or other officers of the So
ciety from participating, in the con-
sideration and disposition Of matters
in respect to which they owed a duty
to the society under its charter and by
laws, if he attempted to break down
the authority of his superior officers, if
he committed the society upon his
own responsibility to important trans
actions such as the purchase of secu-
rites, if he secured his election as
director to represent the interests of
the society, in other corporations a
gainst the wish of the proper authori-
ties in the society, if, without the au-
thority of the society, he has taken in
his own name large amounts of it's
securities. it, without the society's con-
sent. he has assumed any relations to-
other organizations that are incom-
patible with his position as an officer
of the society, or the attention to which
withdraws his services from the society
if he has used the society's funds i'm
properly for the payment of his own
personal expenses or to crafty his own
personal tastes or vanity, and if he has
combined with others to make secret
profits out of transactions with the so
ciety through syndicates or otherwise
or, in short, if he is guilty of one-half
of what is charged against him in Mr..
AleXander's letter of May 1905, he has
shown his entire disqualification for
the important and responsible office
which he occupies.
Upon the other hand, it is equally
true that any one holding position of
trust in the society who had knowledge
of any one or all of these practices
is culpable in neglecting or failing
promptly to disclose his knowledge
thereof to the board of directors.
1t is important to inquire, when, how
or for what purpose, and by whom the
accusations against Mr.. Hyde were
first brought to the attention of the
board Of directors.
AS it is pointed out in the beginning
of this report, the first accusation made
against Mr.. Hyde is contained in the
supplemental petition to the board of
directors requesting the naturalization
of the company, dated February 7, 1905
and signed by James w. Alexander
Presden; Gage E. Tarbell, second vice
president; George r. Wilson, third vice
president; William Alexander. secretary
and thirty-fve other officers of the
society. This accusation was in the
following language: I'VE also deem
it proper to add that i'm our opninion,
after the most careful and anxious con-
sideration of the subject, the reelection
of Mr.. Hyde as vice-presdent and act
ing president in the absence of the
President, with all the powers he has
to the welfare and progress of the
society and the conservation Of the
trust funds held for the benefit of our
policyholders. Mr.. Hyde's prominence
in various ways and his acts as vice
president are such as tend to provoke
criticism of the society, TO create mis-
givings as to the conservatism of its
management, and to injure it's business
as an institution which has been uni
formly held out to the public as con-
Quoted solely on the mutual plan for
the benefit and protection of its policy
holders"
Although dated February 7, 1905, the
day before the annual meeting for the
election of directors and officers of the
society, this supplemental petition was
not presented to the board of directors
until February s, at the annual meet
ing. Tt will be observed that this
accusation against Mr. Hyde is couch
ed in the most general language, and
the board is urged not to re-elect Mr..
Hyde as vice-president solely for the
reason that his reelection with all
the powers he has exercised mot abus-
ed) would be most prejudcial to the
welfare and progress of the society"
and because "Mr. Hyde's prominence in
various ways and his acts as vice-presi-
dent are such as tend to provoke criti-
cism of the society and to Great mis-
giVings as to the conservatism mot
honesty or regularity of its manage
ment." There is not even an intima-
ton in the objection to Mr.. Hydes
reelection presented upon the day of
the election of any of the serious mat
ters that are set forth in Mr.. Alexan-
der's letter of May 2, 1905 The cleo
ton of directors and officers did not
take place on the Sth Of February, but
was deferred until the 10Th of February
at which time the board had before it
Mr.. Alexander's communication of Feb
ruary 10th, wherein, after setting forth
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