Uncommon early TLS, one page, 7.25 x 10.5, Franklin D. Roosevelt, Vice President, Fidelity and Deposit Company of Maryland letterhead, May 25, 1926. In full: “Dear Mr. Towner: Thank you for sending me the copy of the address. I like it! I enclose the list of A.G.C. Always sincerely, Franklin D. Roosevelt.” The A.G.C. is the Associated General Contractors, a trade group of building contractors. Both FDR and Towner had an interest in selling contract surety bonds to contractors. FDR’s involvement is documented in various biographies. In early 1921 Franklin D. Roosevelt became vice president of the Fidelity & Deposit Company of Maryland and resident director of the company's New York office at 120 Broadway. Fidelity & Deposit of Maryland was an established insurance company specializing in the bonding and surety policies required on government and corporate contracts and a range of individual employments ranging from secretary of a trade union to employees of stock brokerage houses. In fact, a potential for bonding business exists wherever a contractor or employee can violate a fiduciary trust or fail to complete a contract, as in construction projects. In brief, bonding is a specialized field of insurance covering the risk of noncompliance. In 1921 Fidelity & Deposit was the fourth largest such bonding house in the United States, but not to be confused with the Fidelity and Casualty Company of New York, another insurance company, which incidentally had W. Emlen Roosevelt, FDR's cousin, on its board of directors. The use of politics to obtain bond business is reflected in the FDR letter files and essentially is the only way he obtained bonding business while vice president of Fidelity & Deposit Company. In fine condition, with faint edge toning. R&R COA.
