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

ganization of the company, and none OF
them for lesser period than SIX years.
They meet twice a week and approve. in
writing. every bond aud obligation written
and assumed by the company, and every
investment made by it The success OF
the company is due, in a large measure.
To the intelligent and conscientious work
Of these men They understand thorough
lv the yarious character of guarantees and
bonds applied for, and the risks that should
be declined Their experience has made
them the best equipped body Of men doing
similar work in the United States
IT. GROWTH
The history of the Fidelity and Deposit
Company of MARYLAND Is, in large meas
ure. the history Of the development and
growth Of the surety business in the United
States It. policy has always been one Of
conservative but aggressive and progressive
business methods Its first work was the
education ot the people Of the State of
Maryland To the advantages Of corporate
over personal surcty,hip. So in the begin
ming. 1t did nnt seek "a reach cut beyond
the borders uf IL, native State. Il became
necessary for II to satisfy the court. and
the people ot the State that individuals did
not offer a. great protection TO parties IN
tsrestei in the settlement of estates and
the administration of oihoe> a did cor
roratiou Ike the Fidelity and Deposit Com
pauy Of Maryland
l'p 90 the time that this company had
begun business in May, 1890, eorpora-
,iau had never been accepted as surety by
a single o5ur; 10 TIN, State. nor upon the
bond ai any public official The first judie-
ial boDj written by the company was fur
uishei to an administrator IN Prince
,,,ar.c yuuuty, and was approved by the
Orphan, Caart If yha, county The re-
-glr. of the efforts pu, forward At first were
nat especially encouraging. but by persistent
work the people began 70 awaken tc the
great advantages, Of such an institution, so
that to-day person, giving individual surety
are an exception \ number ot banks and
other institutions had been accepting cor
t1Ta.e satetyship upon bonds uf their etn-
YIsy,7- The total business, however.
writien by surety companies in $50 IN this
State amounted 90 SIG, 2l9 The total
premiums received by the Fidelity aud
Deposit Company Of Maryland during the
Gr~; year of IL existence, all ct which was
upon business done in the State of Mary
land. wa- s.. S9l 50 The total business
written by all Of the surety companir, in
MARYLAND iu 1893 was s73, 292 81, OF
which the Fidelity and Deposit Company
Of Mayyland wrote SOL. 373. 35 At,hat
time there we're ouly three other companies
writing this character of business IN Mary
land. neither af the other twu local com
pauies having then been organized. In
t~gS the total busines, written 10y all
surct companies in Maryland amounted To
Sl54 SIS. Of which ths Fidelity and De
posit Company Of Maryland wrpte S1l.-
455 This spe@k, volumes for the educa-
tioual work iuausurated and in the main,
performed By thl, pioneer company
EDUCATING rHE MASSES
After spending two years in Educational
work ia this State aud preparing itself for
the proper conduct Of the business, the
COMPANY turned It's attention To other
State, uf the uion. a, well A. 20 the Ci;y
of Washington Il was confronted with
many difficulties and objections, and had
many ~, back, and rebutfs from the au-
thoritie> of the various States that had in
charge the approval of the company A.
surety upon bonds and the admission of 1t
To the several States To do business. Few
of the States a, that time had laws author
izing the acceptance Of surety companies
upon bonds Of public officials and the
Government of the United States had not
authorized the acceptance Of such surety
ship.
By continued effort and constant preSeu-
tation of the advantages of such suretyship
the heads of several of the departments of
the United States Government consented
to accept the Fidelity and Deposit Com
pauy Of Maryland as sursty upon bonds,
where discretion was allowed them as to
the sureties to be taken Especially was
this the case in the Treasury Department
at Washington The then Commissioner
Of Internal Revenue, after thorough III
vestigatiou, agreed to accept the company
upon annual bonds given by distillers, a,
well as warehousing bonds. This company
was the first one to qualify upon such
bonds. This character Of bonds compoSes
one of the leading lines written by all oi
the companies at this time. The matter
Of corporate suretyship had grown 50 great
" in favor with the departments of the
Government of the United States and with
the people that Congress finally, IN Au,
gust. 1894 through the efforts of the
Fidelity and Deposit Company Of Maryland
and the American Surety Company of New
York, passed an act authorizing the ac-
ceptance of surety companies upon all
character of bonds given 10 the Govern
ment, requiring before the same could be
accepted that the companies desiring to
do such business should be approved by
the Attorney General of the United States,
and make quarterly reports to that De
partment. The Fidelity and Deposit Com
pany Of Maryland was the first company
to file its statement and to be approved
under this act The original certificate of
approval bears date August %, 1894, just
four days after the approval of this act by
the President 1t was filed on the date
of the approval, but it took the Attorney
General several days to examine it and de-
termine upon the form of certificate to be
given.
LEGISLATION PROCURED.
1t can well be understood what an i'm
mense amount of work was necessary to
accomplish all the legislation needed in the
various States. Governors, legislators,