"The Nov. 15 letter is from Lloyd, and where does he reveal he is an investor?"
Tom MacWood:
He doesn't reveal in that Nov 15, 1910 letter that he is an investor. What he does do in that letter is inform the MCC membership that a certain amount of stock has already been subscribed to by some members of MCC with the understanding that all other members should have the right to subscribe to the stock under the same terms and conditions as themselves. He goes on to say that this was done because the previous subscribers were unwilling to put themselves in a position of having received a privelege not enjoyed by every other member.
In the next paragraph Lloyd mentions that any member desiring to subscribe to the stock should communicate with the undersigned who is Lloyd.
Therefore, presumably any MCC member interested in subscribing to the stock who may be interested in who had previously subscribed to the stock would only need to ask Lloyd who the previous subscribers were.
Perhaps you don't think that is dealing with any perception of conflict of interest on Lloyd's part or on the part of previous subscribers to HDC stock but I certainly think it is dealing with any perception of conflict of interest or motivation to inequitably profit from the sale of stock at the expense of later subscribers. Of course if a potential subscriber asked Lloyd who the previous subscribers were and Lloyd refused to tell him for some odd reason then that potential subscriber would have the option of not subscribing to the stock.
I don't think transparency gets much clearer than that but perhaps you do as I am certainly aware from past experiecences with you that you seem to think if something is not written down for you to read it basically can't exist or never existed! To me this letter shows if a subscriber was interested in knowing who previously subscribed and on what terms and conditions all he would need to do is just ask Lloyd and he would tell him.
It certainly does not look to me that Lloyd with this letter was interested in hiding anything from any MCC member interested in subcribing to HDC stock.
And the same was true of the MCC letter asking members if they were interested in subscribing to the stock of the MCCGA Co. that was created to raise the money to build the golf course. By the way, Lloyd would be appointed the president of that company, and he would also hold the land by deed in his own name for approximately seven months before transfering the land into the name of the MCCGA Co after which the course would be leased to MCC for the next thirty two years.