Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1900-10-11
STATEMENT BY DR.. FOWLER.

yin ~"
l
Editor The Gazette: enjoy the |
UNIQUE distinction of being the only |
candidate on the Democratic ticket |
who seems TO d5ssrye The abuse ard |
reprohation OF portion of the Repuh. |
Iican press. And what is 1T all about?
1t 10 because of an incident that is fro
quently occurring in every Insurance
department in.the countryside failure
OF an insurance or building loan asso-
citation. 's'r.'
The law bringing the building loan
associations under the supervision OF
the insurance department Of this State
was passed 10 March, 1899. A number
of these companiSs had been organized
and doing business in Delaware fer |
know not how many years, and among
them the Republic of New York, Al
though it was stated that tho act
should go into effect on May LIST, the
first requirement OF the law binding
upo1 the companies and the commits.
sioner vas that they should make and
he should receive their sworn statement
Of the condition on January LIST, l90o.
Then, and not till then, was he author
lied or Justified in interfering with tno
progress and operations OF the several
associations already established and
| doing business in the State. In fart
there we're but two conceivable meth DIS
| for him to adopt. First arbitrarily
to command that all the companies srs-
pend business until their reports the
| following January disclose whether any
among them were financially embar-
rnssf d ur upsound. This he had neither
the authority nor the disposition to do.
Else he might have entered into IL
tedious, vexatious and expensive ex.
animation OF the affairs of each and
every company on like pretense.
While this might have Put something
III his own rocket, there is nothing in
the law to require or Justify it. Lack
of authority and due regard for the
interests of tho share hnldrs forbade
1T. Nothing remained, therefore, but
to allow them To continup AZ before
and get ready 10 make satisfactory
report Mt the time specified in the law.
This ne did and W uld do again under
the same circumstances.
As the time drew near. the Republic
Loan OF New York signiiied their de
sire to report, but asked for an exten.
aion OF time on the plea that il would
he impossible TO complete their state
ment before January 18th. 1t is moi
; t., he presumed that the Stockholders
would complain that this favor wal
granted. Wheu the report was re
} cnisei they we're informed OF othel
PROV isions Of the law with which the,
must comply. This led to an eAchang
OF interrogations and explanations, in
, yolying considerable correspondence
They manifested commendable vii
: lingness and desire to comply.
| ~ of tho rnut1tfp1 Ian,tGi
! OF securities with the Sthte treasure
Y was calculated and they were told tina
Q Whatever would satisfy the Slate treas
: urer would be accepted. Ample tim
]. was given and they we're indulgtd I'll
u April Ath, when they were informe
Y that their case was settled, and as the
9 had failed to meet the requirements Z
y law, the commissioner declined [
9 grant certificate OF authority. Up [
- that date their case was on trial, su
- iudice, rs the LAWYERS say. Then I'll
% trial ended .apd !the verdict was Ier
: dercd. And it was supposed that tn
10 was the end of it. ..-Hs.' TOT. .'
2. II they essayed doing new busine:
~ after that time, it was in violation
Is law and had IL come to tine commi
!, sioner's knowledge he would have take
80 steps to stop them. But there is |
70 evidence that they ttansacttd busine
10 after that time II they did, some oil
~ should have been kind enough to
10 form the commissioner.
GU There are gentlemen in Wilmingtt
30 who eau tell you how he has spe
K days in that city ferrsting out Il
" Illicit work Of a single agent; how
-, has found policies OF insurance in r
IN mote parts OF the CITY, placed in COL
~ panies not authorized or worthy to b
US and succeeded In suppressing tine
on withut litigation Or cost to the Stat
cN The question is how wohld he ha
on known that such policies were stow
~ away in fireproofs of business men h
VI not some ono put him ON their track.
nc Several insurance companies of Pen
Of sylvania, also OF Maryland have be
~, refused authority to continue busine
M in Delaware within the last three yea
,as because their reports indicated a pl
,,eeC carious financial status. In very su
Ivy case these companies have gone in
ue the hands of q receiver in less than
ny months, while still retaining author
~ in other States. Yet there was
H., outcry against the Republican comm
ne sioners OF those States whose peo
Iea we're caught by the failures thou
VI, the commissioned of Delaware was
~; =, recipient OF commendatory letters fir,
lIe prominent insurance officials. and
a ar subject of complimentary police in
nes s Insurance. press, as having shown bet
laa judgment than brother commissions
w Nor, with the possible exception
90 VI one concern that deceived several
, az eurance Departments by false rept
; ~ has any company ever failed, VII
,ags holding his certificate Of authority?
iea a. No.. Edward Fowler
OF I.aural. Oct. Slh, 1900. -.