The Providence news. (Providence [R.I.]) 1891-1906, 1905-06-03

The committee. having pursued its in
vestigation OF the present management
OF the society sufficiently far to convince
It that the personnel OF the management
should be radically changed and the
methods OF conducting the business OF
the society brought back TO sound legal
and ethical lines. begs TO be relieved from
further duty"
In mentioning the particular executives.
whom the committee men believed should
be retired. the report said
PRINCIPAL OFFICERS BLAMED.
THE shortcomings in interior executive
offices are largely due TO the methods
which the principal officers have en-
couraged or permitted. and 40 far as cor
rection OF these Irregularities calls for
further removals OF officials that matter
should be dealt with and largely con-
trolled by the judgment OF the re-
organized management"
Among other features is letter from
President James w. Alexander. sent 10
the committee i'm response To request
for specific data under II heads. The
letter Is largely devoted. however. 10 n
restoration OF tho charges against Mr..
HYDE, among them being one to the effect
that large quantities OF stock belonging
10 the society stand in his name. enabling
the vice president 10 become director
in many corporations.
"If there is any need the president
wrote. "for the society 10 be represented
upon the boards of the companies whose
securities the society holds that represen-
tations should not be central in one per-
son who cannot by any possibility. give
proper attention TO the duties Of so many
positions"
The report also contains a long letter
from Mr. HYDE concerning syndicate
transactions. heretofore made public.
Commenting on these deals, the report
says:
I'm one case In which the syndicate
profit was sSo210. the society now holds
the securities purchased. which a present
quotations show loss OF about $780,
'In all other cases the society has
either made a profit or could make n
profit by selling the securities at the
present market.
THE net result TO the society ~ the
purchase OF these syndicate securities has
been n very considerable profit. II the so
ciety had acquired the securities by taxi
ing allotments I'm Che original underwent
ings. the profits would have been greater
-
by s1s6l07
BREACH OF PROPRfETY AND TRUST
while the society was a gamer by the
transactions. the report declares that tho
officials I'm the syndicate were guilty Of a
breach of propriety and a breach OF trust
in this course OF dealing with a corpora
tion they were serving
The report declares that II Mr.. Hyde
were guilty OF tho things charged by
President Alexander the latter was 'cul-
pably negligent I'm acquiescing In them
for so long a period, and In not bringing
them TO the attention OF the board OF di-
rectors al such time and IN such way
as ~ enable the directors AT such time
and in such n way IA to enable the d.
rectors To- consider them In connection
with the exercise ~ their responsible duty
or electing the officers OF the society"
After quoting n letter alleged TO have
been addressed 20 Vice President HYDE
by Mr.. Alexander last November regard
ing the duty OF the fiscal committee. and
detailing the manner In which two new
members were TO be handled the report
continues:
CHARGE FOUND TRUE
THE committee nnds that go far as
Mr. Alexsn1er's charge against Mr.. Hyde
is true namely. that he has displayed
strong personal ambition and an In
ordinate and unsafe love OF prominence
a great responsiveness 10 fsttery = pli.
arcy IN the hands ~ persons whose in-
teres's are not necessarily parallel TO