Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1914-07-09

aware as you have suggested that there
has not at all times been what 7 have
considered on open straightforward pol
icy adopted In dealing with the Insurance.
departments.
But this company is not the only Of
fender in this respect and I feel that in.
surance commissioners ought to take A
broad view OF such situations and look
beyond these things to the company It.
self, and that is why have suggested IN
our talks about this company that to me
the important thing was whether tha
company was solvent or not, for IL II were
able TO meet It's obligations under the law
1t Is entitled to do business unless 1t is
conducting its business in an unsafe and
reckless manner.
And as 7 have indicated to YOU have
not felt that the evidence was all in as
yet. on the 18th inst at tho annual
meeting there was an entire change OF
management and Cecil Patt, who has
been with the company for several
months, and who was formerly secretary
of the Intcrna tional Fidelity Insurance
company ito which have referred. is the
new secretary of the company.
I feel that he as had some experienc.
",
and 7 guess have neglected to refer to
him in our talks. The last few days |
have been going over the affairs with
my co-commisstoner, Mr. Bailey. and he
is coming again Monday. the 18th inst. |
have been over the financial matters very
carefully with Mr.. Hollander. who has
made some figures for me showing the
experience of tho company the pa ST tv,
will try TO get this information In shape
tomorrow to submit to YOU as I have
promised to do.
And as I have said before will keep
you advised of developments and to.
day received n letter from the attorne'-
general in which he states that he is get
ting better but has not yet had a chance
to pass upon the legal question submitted
by the commissioners. Mr.. Bailey and
have made an investigation of the mat
ter the present week and have looked at
some cases not cited by Mr. Fifed or
Judge Rowcll which seem to bear out the
claim of the company that this donation
of stock is not a reduction of capital be.
cause it takes nothing from the funds If
the company. But that of course is a
matter for the Acknowledgement and
have no desire to try to anticipate his
conclusion.
Put | do want to say one thing further
and that is while I realize that il is your
Judgment and not mine which should con-
troll your actions I do feel that all of tn
information which | have furnished you
whether in connection with giving my
bond as state treasurer, or in my CapaC-
itY of insurance commissioner touching
the American Fidelity company does no:
at this warrant any change IN my bond
as state treasurer aside from any legal
questions which may arise in that con-
necton.
And I say this with the sincerest re-
spect for your good Judgment in such
matters and with no feeling of ill-will or
resentment on account of anything which
has been said or written. and | hope my
action in this matter may be Viewed by
YOU In the same way, for I am striving
with an earnest purpose TO so conduct
myself with respect to the duties of the
important office which | hold that my
action may merit Your Appreciation and
! sincerely desire as ! have said before
TO comply with your every wish as exc
cutive and | shall comply with every re-
quest which | feel that l can conscien-
tiousy comply with.
And such compliance will be in an open
straightforward maner and without con-
ceament of material facts and want to
say in closing as | have said before that
thought | was giving you all material
facts when YOU We're passing upon my
bond as State treasurer and | am now
taking the earliest opportunity to have
the facts as YOU supposed them to be, and
also to take care of the situation which
has arisen by the change in the constitu-
ton referred to.
Very respectfully.
tSigncd) EDWARD II. DEAVITT.
state Treasurer and Insurance Commits
siOner.