15824. Fidelity Funding Co. (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: October 27, 1908
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 344b161b

Response Measures

None

Description

Fidelity Funding Co. (New York) was placed in the hands of a receiver (since Oct 27, 1908) and later found insolvent; articles describe receivership and recommendation for voluntary dissolution. There is no description of depositor runs or temporary suspension/reopening — the firm is effectively closed under receivership. OCR typos corrected (Keiran -> Kieran).

Events (4)

1. October 27, 1908 Receivership

Newspaper Excerpt: The Fidelity Funding Co. ... has been in the hands of Thomas F. Gilroy, Jr., as receiver, since Oct. 27 last, when a clamor raised by Catholic institutions ... inspired the belief that the Fidelity Funding Co. might not be solvent.
Source: newspapers

2. October 27, 1908 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Receiver appointed after revelations of insolvency, suits by Catholic institutions and disappearance of company head; company found with minimal assets and large liabilities, prompting suspension/receivership.
Newspaper Excerpt: The property of the company has been in the hands of Thomas F. Gilroy, Jr., as receiver, since Oct. 27 last
Source: newspapers

3. December 9, 1908 Other

Newspaper Excerpt: The Fidelity Funding Co. is in the hands of a receiver who is very anxious to have Kieran come to this city and straighten out its tangled finances. ... Four suits brought ... against makers of notes to P. J. Kieran ... have been entered into the United States district court here.
Source: newspapers

4. February 4, 1909 Other

Newspaper Excerpt: Referee Watson says the corporation should be dissolved. ... The result of the investigation is summarized ... Assets ... $22,921.43; Liabilities ... $737,245.17.
Source: newspapers

Newspaper Articles (9)

1. December 10, 1908 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, December 10, 1908

Click image to open full size in new tab

Article Text

Four Suits at Pittsburg Against Makers of Kieran Notes. Cardinal Gibbons Denies Ever Having Endorsed the Company. New York, Dec. -The search by the police for P. J. Kieran, president of the Fidelity Funding Co. of this city, who is charged with larceny and false pretence by a charitable institution of the Catholic church at Pittsburg, continued today. The Fidelity Funding Co. is in the hands of a receiver who is very anxious to have Kieran come to this city and straighten out its tangled finances. Kieran left Washington yesterday and was followed by a detective, who lost trace of him at North Philadelphia, where Kieran is said to have left the train. The search for him was renewed in Philadelphia today and was taken up in New York, to which city it was believed Kieran was on his way when seen. Pittsburg, Dec. 9.-Four suits brought by Eastern banks against the makers of notes discounted by P. J. THE Kieran of the Fidelity Funding Co. of New York have been entered into the United States district court here. The amounts including protest fees will reach nearly $60,000. : I The defendants are Holy Family Orphan Asylum of Emsworth, Pa., Rev. : Jan Abol Rydkaizewski of Braddock, $ Pa., and the Society of the Holy Family of Newcastle, Pa. In each case the : note was made by the Fidelity Funding E Co., and endorsed to the plaintiff by P. J. Kieran. I i The suit against the Holy Family Orphan Asylum is brought by the Carnegie Trust Co. of New York, which claims $31,334 upon four notes. The same company the against i is also plaintiff amounting Rev. Rydkai- to $24.zewski on seven notes 000. The Society of the Holy Family is the defendant in suits brought by the American Trust Co. of Boston and the Shawmut National Bank of Boston, for sums aggregating about $6000. . Philadelphia, Dec. 9.-Efforts to locate in this city P. J. Kieran, former head of the Fidelity Funding Co. of New York, which is in the hands of a receiver, have . thus far proved unsuccessful. A warrant has been issued for him by the Pittsburg left . police and it is reported that he Washington yesterday for New York. The Philadelphia police do not believe that he left a Pennsylvania Railroad train here yesterday, as was reported last f night. t Baltimore, Dec. 9.-The attention of Cardinal Gibbons was called to the fole lowing statement attributed to William e Nelsor. Cromwell of New York regarding e the failure of the Fidelity Funding Co. of New York: g "Since the trouble with the Funding Company began I have been appealed to k by many dignitaries high in the church, including Cardinal Gibbons, to act in their interest." The cardinal replies by saying that he has never had any communication, verbal or written, with Mr. Cromwell on this e subject, and that he has never had any transactions with said company. He had (Continued on Page Two.)

2. December 10, 1908 The Mena Weekly Star Mena, AR

Article from The Mena Weekly Star, December 10, 1908

Click image to open full size in new tab

Article Text

$4,000,000 ARE GONE FAILURE OF FIDELITY FUNDING CO. LIABILITIES MILLIONS, ASSETS BUT $2,000. NOTES GIVEN FOR VERY LARGE SUMS Churches, Colleges, Priests and Nuns Victimized-Leslie M. Shaw Said to Be Caught for $60,000-Manager's Disappearance Leaves Institutions Involved-Whereabouts Unknown. New York, Dec. 9.-Stockholders and creditors of the Fidelity Funding Co., who number several hundred, and are composed principally of priests are anxious to of P. J. Kieran, in Roman church and was and been whereabouts nuns, prominent circles, president learn who Catholic has the of the Fidelity Funding company at 62 Broadway, this city, until that corepany went into the hands of a receiver under extraordinary circumstances. who was appointed is anxious to in order to get an it that receiver, of Kieran, Thomas how also happened Gilroy, the explanation $4,000,000 meet liabilities Mr. of the company are between and $5,000,000, while all the assets he can find amount to but little more than $2,000. All over the country there are priests and nuns who want to know if they will ever realize on notes and bonds that represent millions of dollars. The heads of convents and parishes are spending anxious hours wandering what will be the outcome of their having placed mortgages and notes with Kieran. From Pennsylvania, Washington, Iowa, Missouri, Texas, Illinois, Ohio, the upper part of New York state and Canada, comes a loud cry from priests and others in the churches to know how heavily they have lost. Kieran did not operate extensively in this city. Lealie M. Shaw, former secretary of the treasury, and the one time head of the Carnegie company, wishes Kieran had done even less here, for then Mr. Shaw would not be worrying about $60,000 that be let Kio ran have, and which he is now make ing every effort to recover, and about $10,000 in stocks be bought. The present whereabouts of Kieran IS not only now unknown, but he has of his books with him, it is to the many which he has to tions ceiver taken so that with many uptangle impossible for deal transac- the Coun- resel for the Mutual Bank of Chicago and the Euclid Avenue Banking Trust company of Cleveland would give a great deal for a glimpse at the same books The Euelid avenue institution, which is the day and night bank of Cleveland, is now in the hands of a receiver as a result, it is alleged, of Kieran's connection with it, and the Mutual ank is suing the Cleveland bank to make good on some of the notes that were issued on when the capital of the Euclid avenue bank was increased from $200,000 to $500,000, it is claimed, at the suggestion of Kieran. Kieran is described as not only suave and of engaging manner, but some of his clients say he is a good deal of a hypnotist as well. The cities the complaints have been coming from show that Kieran operated in Buffalo, Chicago, Spokane, Pittsburg, Dallas, Des Moines, Kansas City and St. Louis.

3. December 10, 1908 Daily Kennebec Journal Augusta, ME

Click image to open full size in new tab

Article Text

New Yerk, Dec. 9.-Concerning the suits brought in the federal court at Pittsburg today against makers of netes to P. J. Kieran, former president of the Fidelity Funding Co., now in the hands of a receiver, it was explained today by the Carnegie Trust Co. of this city that it holds $410,000 in notes of various Catholic societies which were discounted by the Fidelity Funding Co. These notes, the statement issued by the Carnegle Trust Co. says, are secured by $600,000 worth of collateral and the Trust Co. is awaiting the action of the receiver before attempting to recover any of the funds it has advanced to the clients of the Fidelity Funding Co. Thomas F. Gilroy, the receiver, has requested the Carnegie Trust Co. to surrender some of its I collateral on the ground that the value of the collateral exceeds the notes it holds by about $200,000, but the Trust Co. has declined to release any of its collateral at present. William Nelson Cromwell, the attorney who, it was reported, was requested by Cardinal Gibbons to reorganize the Fidelity Funding Co., said today: "Word was brought to me that it was Cardinal Gibbons' désire that I should act in this matter. I was asked by eight or 10 bishops and archbishops to take up this subject, which has relation to the financial difficulties of 20 or 30 Roman Catholic churches. This request was made to me two or three weeks ago. My reply was that if practically all the churches were united then I would consider whether I would act. "To overcome my reluctance I have been receiving letters, statements and requests of all kinds. I will probably not reach my conclusions for at least a week as to whether I shall act" Receiver Gilroy of the Fidelity Funding Co. took exception today to the statements of former President Kieran and his attorney, Bainbridge Colby, that the whereabouts of Mr. Kieran have been known all the while to the receiver. "I have not been able to find Kieran," said Mr. Gilrev. "Neither have I been able to find H. H. Van Dusen or W. B. Arundel, Kieran's associates." Pittsburg, Pa., Dec. 9.-Several men representing themselves to be repreLisentatives of P. J. Kieran, head of the defunct Fidelity Funding Co. of New York and Chicago, were here today attempting to effect a compromise with the several Catholic societies of this diocese who have been made defendants in suits to collect money growing out of loans placed through Kieran and the Funding Co. One of the men was clothed in the garb of a bishop of the church. but it is said he admitted to the attorneys that Bishop Canevine did not recognize him. It is said to be the policy of Bishop Canevine not to consider compromise propositions and to insist upon "prosecutions. Attorneys for the organizations informed their callers today that the matter was now in the hands of the police and would take its course. Attorney Charles A. O'Brion, representing one of the societies, two days ago informed alleged agents of Kieran's, who said a syndicate to care for all claims was being organized, that no compromise would be considered. Father John A. Rykaczwski, pastor of the Sacred Heart Polish Catholic church of Braddock. a suburb. is among the alleged victims of Kieran.

4. December 12, 1908 The Detroit Times Detroit, MI

Article from The Detroit Times, December 12, 1908

Click image to open full size in new tab

Article Text

INQUIRY REVEALS A MILLION N ASSETS FORMER PRESIDENT KEIRAN, OF FIDELITY CO., IS EXPECTED TO RETURN-AFFAIRS OF COMPANY ARE IMPROVING DAILY. NEW YORK, Dec. 12.-Disclosures made today reveal the existence of $1, 000,000 heretofore unsuspected assets of the failed Fidelity Funding Co., the former president of which, Patrick J. Keiran, has disappeared; brought out the fact that the Roman Catholic church in America is prepared to meet whatever losses the failure may entail and that Keiran will return to New York next week assured that he will not be prosecuted. It became known that on the eve of the failure Kieran was negotiating for the purchase of the United States Mortgage & Trust Co., for $5,000,000, from a life insurance company. The initital payment of $500,000 of this $5,000, 000 had already been made. That amount constituted half of the new assets. George W. Young, of the Windsor Trust Co., paid the insurance company the $500,000. according to these disclosures, giving his note and $600,000 collateral of the Fidelity Funding Co. The insurance company still holds this collateral and also Mr. Young's note. Keiran wanted to purchase the United States Mortgage & Trust Co. so that he might be independent of the banks and therefore not be called upon to pay the high rates of interest they demanded. The second payment for the United States Trust was to have been $1,500,000, and Keiran was arranging to pay this sum when the panic of October, a year ago, occurred and caught him. Money hardened, and he was unable to borrow any more, and therefore was unable to fulfill the contract he had made for the purchase of the United States Trust Co. Additional collateral of the funding company, it is said, had béen hypothecated in a purely legitimate way for investment. This amounted to another $500,000 which is now represented in coal and timber lands in the south. This was invested through an officer of the funding company. Application will be made next week in the federal court for the discharge of the state receiver, and it is said that all the interests involved will admit that there is no longer any contention that Keiran did anything but legitimate transactions and that no prosecution of any kind is contemplated against him.

5. December 16, 1908 The Spokane Press Spokane, WA

Article from The Spokane Press, December 16, 1908

Click image to open full size in new tab

Article Text

KEIRAN A 'GOOD FELLOW' BUT LOST MILLIONS NOONDAY LUNCHES AND AUTOMOBILES TO WORK FOR THE OFFICE GIRLS OF HIS DEFUNCT FIDELITY FUNDING COMPANY. BY W. G. SHEPHERD. Special Correspondence to The Press NEW YORK, Dec. 16.-Of whatever nature the financial dealings of Patrick J. Kieran of the Fidelity Funding Co. may have been, there can be no doubt that personally he was a mighty good fellow. What else but a good fellow could you call a man who was so good to his office help that every day he had a fine dinner sent in from a nearby restaurant and served in his offices, thus saving the girls quite a little money and the inconvenience of going out on days when the weather was bad? HE HAD FINE DINNERS SENT IN FOR HIS OFFICE GIRLS. What else but a good fellow could you call a man who sent his automobile around to the homes of some of the girls in the morning, to bring them down to work, and also COUNCIL ADDS PRESIDENTIAL carried them home at night in the same automobile? That was Patrick Keiran, who was known around 115 Broadway TWENTY COPS COUNT ALL as the prize employer when it came MOHR AND FUNK SUGGEST to looking after the comfort and NEW YORK, Dec. 16.-With the THAT NEEDED WEEDING OUT personal pleasure of the young filing of the official count of the OF NONDESCRIPTS BE UNwomen who worked in the offices presidential election by the state of DERTAKEN IN CONJUNCTION. of the various concerns in which Michigan the total count was ofhe was the prime mover. ficially revealed yesterday. The PATRICK J. KEIRAN. Twenty more patrolmen for the count shows Taft received a total The employes of the building, too police department. This sounds -the elevator man, the barbers of 7,637,676 votes, Bryan 6,393,182, good to those people living on the and the others with whom the man Debs 448,453, Chafin 241,252, Hisoutskirts who have been employing came in daily contact-knew gen 83,186. a peace guardian nights with Keiran as a "good spender." A half The total count shows a general money out of their own pockets increase over the election of 1904. dollar tip was one of the easiest while at the same time assessed Ranges Taft received 14,190 votes more things from which he separated with the rest of the city for police himself. And there was mourning, than did Roosevelt in 1904. Bryan protection. A new police ordinance not only in the Keiran offices, but got 1,315,211 votes more than did which provided for only 55 patrolthroughout the breadth and heigth Alton B. Parker, the democratic men, a chief, two captains, three candidate in 1904. of the building, when Keiran's Fisergeants, three drivers and three delity Funding Co. went into the jailers, was introduced last night hands of Receiver Gilroy, and its EMMA IN TROUBLE AGAIN. by Councilman Lambert. This was affices were moved to 42 Broadan increase of 10. Councilman way, adjoining Gilroy's law offices. DOUGLAS, B. C., Dec. 16.Funk desired more men and his There are other things told of Emma Goldman, who was taken amendment adding 10 was unaniKeiran, too, that make it hard to from the train en route from Belmously adopted. He said the counbelieve, as Gilroy asserts, that the lingham, where she was forced to cilmen should visit the police staFidelity Funding Co. has several leave, to Vancouver, B. C., by Cation and weed out those who have millions of liabilities and only a nadian immigration officers and outlived their usefulness. He did few hundred assets. For instance, held pending deportation orders not want to be understood as saya close wealthy friend of the missfrom Ottawa, was later released ing the aged officers had not been ing financier said today that no and allowed to proceed. good men in their younger days. matter in what city of the country Councilman Mohr took the same ECO HATED To GO BACK Keiran happened to be, on busiposition. He said in other cities ness, he never failed to go to mass they have a body of men somewhat -5 o'clock mass. Often, too, when A better range than our SAN FRANCISCO, Dec. 16.-Deuniform in size, all strong, healthy in New York, he would go to mass nied a landing on the threshold of young men, but in this city they Banner, Royal or Shaweco on his way to his offices. One of the promised land that holds his have them from 6½ feet tall to 51/2 cannot be made. We are Keiran's most cherished possesfamily and his friends, Hom Tim, and from 270 pounds in weight to sions, according to this same giving 20 per cent discount who arrived at this port two 150. friend, is a gold cross studded with months ago, went violently insane "It would appear to a stranger," off our very low prices. Now in the detention shed of the Padiamonds, worth about $5000, which he said, "that someone started out is the time to get yours. was presented to him by Catholic cific Mail Steamship Co. with a lot of stars in his pockets, Get your automobile nuns in appreciation of services he giving them out to the first men SAVE ONLY A KEY had performed in behalf of their he met." vouchers here. church work. The ordinance was recommended OAKLAND, Cal., Dec. 16.-NothOne of the girls at Keiran's out for passage at the next reguing but the key to the fire alarm Broadway office was Mrs. Lorena lar meeting. box which hung on the wall in the C. Davis, in whose name, Receiver Shaw-WellsCo office of the Flexo Building Paper Gilroy says, Keiran ran several Co.'s plant was saved from the fire "dummy" bank accounts. Keiran THAT PEANUT which destroyed the factory. The hailed originally from Buffalo, 330 Main Avenue fire caught from a saturator, the oil where the Fidelity Funding Co. was PHONE MAIN 808 DIET AGAIN in which boiled over into the fire. organized, and from Buffalo came WE KEEP OPEN EVERY also Mrs. Davis. She married very SATURDAY EVENING Special Correspondence to The Press Homeliness is a virtue that only young, and was left a widow at 20. BERKELEY, Cal., Dec. 16.-And pretty girls can appreciate. She had one child, a daughter, and now steps forward another chamthis child, so New York friends of pion of the peanut diet. Mrs. Davis say, is in Buffalo with This time it is Professor Jaffa of grandparents. It is said also that the University of California, who out of her earnings as Mr. Keiran's declares that you can get more enconfidential secretary she supported her parents as well as her Where a Little daughter.

6. December 18, 1908 The Seattle Star Seattle, WA

Article from The Seattle Star, December 18, 1908

Click image to open full size in new tab

Article Text

HE HAD FINE DINNERS SENT IN FOR HIS OFFICE GIRL B. hands of Receiver Gilroy, and its (BY W. G. SHEPHERD.) offices were moved to 42 Broadway, NEW YORK, Dec. 16.-Of whatadjoining Gilroy's law offices. ever nature the financial dealings There are other things told of of Patrick J. Keiran of the Fidelity Kelran, too, that make It hard to Funding Co. may have been, there believe, as Gilroy asserts, that the can be no doubt that personally he Fidelity Funding Co. has several was a mighty good fellow. millions of liabilities and only a What else but a good follow few hundred of assets. For Incould you call a man who was so stance, a close wealthy friend of good to his office help that every the missing Tinancier said today day he had a fine dinner sent in that no matter in what city of the from a nearby restaurant and served country Keiran happened to be, on in his offices, thus saving the girls business, he never failed to go to quite a little money and the Inconmass-5 o'clock mass. Often, too, venience of going out on days when when in New York, he would go to the weather was bad? mass on his way to his offices. What else but a good fellow could One of Keiran's most cherished posyou call a man who sent his autosessions, according to this same mobile around to the homes of some friend, is a gold cross studded with of the girls in the morning, to diamonds, worth about $5,000, bring them down to work. and also which was presented to him by carried them home at night in the Catholic nuns in appreciation of same automobile? services he had performed in beThat was Patrick Keiran, who half of their church work. was known around 115 Broadway One of the girls at Keiran's as the prize employer when It came Broadway offices was Mrs. Lorena to looking after the comfort and C. Davis, in whose name, Receiver personal pleasure of the young women who worked in the offices Gilroy says, Keiran ran several of the various concerns in which "dummy" bank accounts. Keiran hailed originally from Buffalo, he was the prime mover. where the Fidelity Funding Co. was The employes of the building, too organized, and from Buffalo came -the elevator men, the barbers, also Mrs. Davis. She married very and the others with whom the man young, and was left a widow at 20. came in daily contact - knew She had one child, a daughter, and Keiran as a "good spender." A this child, so New York friends of half dollar tip was one of the easiest Mrs. Davis say, is in Buffaio with things from which he separated himself. And there was mourning. grandparents. It is said also that out of her earnings as Mr. Keiran's not only in the Keiran offices, but confidential secretary she support. throughout the breadth and height ed her parents as well as her of the building, when Keiran's daughter. Fidelity Funding Co. went into the

7. January 19, 1909 The Marion Daily Mirror Marion, OH

Article from The Marion Daily Mirror, January 19, 1909

Click image to open full size in new tab

Article Text

Püttsburg, Jan. 19-Silently and without blare of trumpets, P. J Kieran, missing president of the Fliderlity Funding Co., of New York. appeared in Pittsburg yesterday gave bail on two changes against him retained a firm of attorneys to look after his interests here, and then disappeared again. Kieran said while here that he was going back to New York to face the charges algainst him. He said he wanted to undo some of the harm he had done and that he would turn over and this personal assets to the receiver of the Fidelity complany. He did not say when he expected to arrive in New York. Kieran has two charges hanging over him here. Both are the result of his dealing with Catholic institutions. Simultaneous with his appearan: in Pittsburg came notice of the un precedented action of a church filling a petition asking to be declared bankrupt. This action was taken by the Holy Name Catholic church of Donora, with which church Kieran had dealings. Among the church's creditors are the Oarnegie Trust Co,

8. February 5, 1909 The Detroit Times Detroit, MI

Article from The Detroit Times, February 5, 1909

Click image to open full size in new tab

Article Text

FIDELITY CO. INSOLVENT, SAYS REFEREE WATSON NEW YORK, Feb. 4.-The Fidelity Funding Co., of which Patrick J. Kieran is secretary, is insolent, according to the report of Edwin A. Watson, who was appointed by the supreme court as referee to consider the application of the company for a voluntary dissolution of that corporation. Referee Watson says the corporation should be dissolved. The property of the company has been in the hands of Thomas F. Gilroy, Jr., as receiver, since Oct. 27 last, when a clamor raised by Catholic institutions which had financial dealings with the company inspired the belief that the Fidelity Funding Co. might not be solvent, Patrick J. Kieran, secretary and active comment recently by vanishing for a time, but he has now reappeared and testified regarding the company's affairs before the receivers' hearing. Rerefee Watson, in his report, says that whhen Receiver Gilroy took hold of the company's affairs, he found furniture valued at less than $2,000 and notes, stocks and bonds, all of nominal value only. Since then, the receiver has been able to collect only about $3,900. The result of the investigation is summarized as follows: Assets, furniture and fixtures, $1,961.50; accounts receivable, $17,379.29; bank balances, $140.67; stocks subscriptions, $3,450; total, $22,921.43. Liabilities: Unsecured accounts payable, $101,878.81; bills payable, $274,949.47; bills discounted, $389,000; bank overdrafts, $1,489; total, $737,245.17.

9. February 5, 1909 The Detroit Times Detroit, MI

Click image to open full size in new tab

Article Text

FIDELITY CO. INSOLVENT, SAYS REFEREE WATSON NEW YORK, Feb. 5.-The Fidelity Funding Co., of which Patrick J. Kieran is secretary, is insolent, according to the report of Edwin A. Watson, who was appointed by the supreme court as referee to consider the application of the company for a voluntary dissolution of that corporation. Referee Watson says the corporation should be dissolved. The property of the company has been in the hands of Thomas F. Gilroy, Jr., as receiver, since Oct. 27 last, when a clamor raised by Catholic institutions which had financial dealings with the company inspired the belief that the Fidelity Funding Co. might not be solvent, Patrick J. Kieran, secretary and active manager of the concern, caused comment recently by vanishing for a time, but he has now reappeared and testified regarding the company's affairs before the receivers' hearing. Referee Watson, in his report, says that when Receiver Gilroy took hold of the company's affairs, he found furniture valued at less than $2,000 and notes, stocks and bonds, all of nominal value only Since then, the receiver has been able to collect only about $3,900. The result of the investigation is summarized as follows: Assets, furniture and fixtures, $1,961.50; accounts receivable, $17,379.29; bank balances, $140.67; stocks subscriptions, $3,450; total, $22,921.43. Liabilities: Unsecured accounts payable, $101,878.81; bills payable, $274,949.47; bills discounted, $389,000; bank overdrafts, $1,489; total, $737,245.17.