New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-09
RONUS AAU POLITI IS.

Nothing could more clearly reveal the nature
OF the Plat bonding business in this State than
the determination OF a rival Maryland concern
10 enter the same field under Tammany patron
age The Fidelity aud Deposit Company Of
Maryland managed bv son OF Thomas Z.
Plat assisted by n son OF John Ranes. with
the firm OF Tracy RoaIdman Platt ms IFS
counsel has hitherto II IS estimated. written
about 60 per cent Of the bonds required by the
State Excise Department. as well as large
number Of contractors bonds The company
might with reason have styled itself the OIL
cial bondsman Its position was so well estab-
lished that a stranger. for instance club Off
Ger inotrring at the Excise Bureau for blanks
on which TO make ont the license papers for the
club would be told that they were not kept
there. but could be obtained Of the Fidelity and
Deposit Company OF Maryland. Contractors
who put in bids with personal sureties fire.
ouently found II advisable. II they obtained the
award TO substitute the company In place of an
individual.
This system caused much adverse comment.
but the company has always said It was the
victim Of unjust suspicion. Its transactions
which 1t boosted were large and profitable were
not due to political influence but simply TO
be Mr.. Platts son and Mr.. Raincs's son are re-
markable young men, who should be reckoncd
among the Napoeons OF finance. rather than
among the Jeromes and Eugenes Of politics.
But II the bonding business is not rooted in n
political pull, IT is rather remarkable that the
United States Fidelity and Guaranty Company,
another Maryland corporation, having nomi-
nal existence in this State but no manager and
| hnrn INN,
datey after the Tammany triumph select as
| its resident director an intimate personal and
political friend Of Richard Croker as its active
manager another Tammany politician better
known to the Wigwam than in financial and
| insurance circles and as It's counsel the ilrm at
whose head is the Prcsidcnt-eect of the new
Municipal Council. For politics, that is a COM
bination which sporting men would call sure
winner. And If it isn't made for politics, 1t Is
about as inexplicable as any arrangement ever
made by shrewd men not given to the selection
Of business associates without purpose.
II seems to us that Mr.. Platt has bungled rs
badly In building up his family fortunes as in
building up the Republican party. He passed
an excise bill with provision for n great ma
chine which was knocked out by the Constitu-
ton. and he had nothing left but the bonding
business incident to II. Then he started out last
spring to prevent the election of a nOn-partisan
| Mayor and TO carry ont his plan was driven to
become the ally Of Tammany. trusting that the
Legislature could be used as club TO keep the
Tiger faithful But his hold on the Legislature
is so prccarlous that Tammany does not think
1t worth while TO return favors 1t sees the
milk in the bonding cocoanut, and decides to
have some itself 1t looks as II Croker had
added his name TO the long list Of persons who
have broken faith with Plat. Anyhow. Plat
appears to have fallen upon evil times. He
overdd his work. When he beat Seth Low he
couldn't have foreseen that Guggenheimer Tn
termycr a. Marshall might become the rival:
OF Tracy BOardman & Plat.