The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1899-04-08
The Fidelity and Deposit Company.

Most of our readers will no doubt peruse
with pleasure history Of the organization
and growth of the Fidelity and Deposit Com
pany of Maryland, published on the trst page
of this issue. Mr. Charles E. Fink, of West
minister, is one of the original and present
stockholders and directors, and quite num-
Der of our citizens hold stock of the company
which is a pioneer of its kind and the strong
est in the country. Its growth has been
phenomenal, and while its home office is IN
Baltimore, where its employees number nearly
one hundred, it has agencies in all the large
cities of the Union.
1t is not a trust nor a trust company, as
some might suppose. tits a surety company
guaranteeing the honesty of people holding
responsible public or private positions. 1t is
an insurance company, in tact-insurlng the
honest handling of funds by executors, ad-
ministrators, guardians, bank officers public
officials. &c. When man takes out policy
on his life for twenty years for ten THOUSAND
dollars, the insurance company guarantees
him to live for twenty years, and II he dies
before the time expires the company pays the
ten thousand to his family or other beneficial
nv. If the man lives he draws the money
himself. When the Fidelity and Deposit
Company goes upon the bond of county
treasurer for instance, for $4,000, 1t IN
sures the county against loss from care
lessness or dishonesty on the part OF the
treasurer 1t guarantees the honesty of guar
d;aps of minor children, of administrators or
executors, and all persons from whom bonds
are required. In the case OF private surety
on the bonds of public officials, in the event
of defalcation, an effort is usually made to
relieve the sureties of their responsibility
Stevenson Archer, the defaulting state treas
urer. gave private security for the faithful
handling of the states money and securities
and when he defaulted petition 10y the
hondsmen for relief was sent to the Leglsla-
ture. The relief was partially granted, be-
cause to enforce full payment meant bank
ruptey to some of the bondsmen. The Leg
isIature was appealed to some years ago 10
relieve the bondsmen of Carroll county tax
collector, which was done, and now the
bondsmen of another tax collector are seek
ing 10 be relieved of responsibility. No cor
poration could ask relief. To do so would
ruin its standing and it would not be accepted
thereafter as surety.
The Fidelity and Deposit Company IS the
conception and child of a once Howard couu-
ty farmer boy, Mr. Edwin Warfeld, who IS
well known and highly esteemed by many
people of Carroll. After maturing his plans
he interested some friends Of high financial
standing in the enterprise. Although he was
not its first president, he has managed the
company from the beginning, aud IS now the
president as we'll as manager. It's growth has
been most wonderful, and its high standing
throughout the United States is a monument
to the courage, energy and prudence OF Mr..
Warfeld.
The history of the company and sketch OF
its organizer make interesting reading asd
we would commend il to the attentiou OF our
readers, particularly to young men, who
therein will find what may be accomplished
by persistent effort and courage pradeniiy
sruidsd