The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1908-12-16
history
OF KIERAN
..,hlnq About the Napoleon Of
finance Who Operated So
LavishIy With Others
Money.
!, SOLD FRUIT TREES
!, Born in ireland and Came to
canada When Eighteen Years
Of Ase-Now Owes
Several Millions.

me Buffalo, N. Y, Courier of last
NAV says: "P. ]. Kiran, the fin
rspr planed to make big profits
raising about $20,00o,OO0 for
,,holic churches, converts. etc.
NJ of the things which he did,
rssh was considered entirely out of
II ordinary was to induce the Sis
sr Of St. Mary's Academy at Maui
~ TO embark with him on a career
high finance. The institution he
ssuaded. migAt derive both bene-
n and profits from an electric rail
lad he was planning and from
|uerworks company he was organ
fng. He accordingly took in the
B,titution as a full partner In the
Testern Illinois & Iowa Railroad
ssupany and in the Nauvoo Water
Torks company. With the credit
1.-THE Academy and of the church
/ a foundation, they raised s350,OO0
the railroad. Kieran also Sc
rred the support of Bishop Spald-
h Of Peoria. who gave him a blanket
itlorization for his schemes exc
ated in such a manner as virtually
amount to an enforcement and
.lsrantee of any paper .eran might
sre to discount at any bank or trust
pnpany He did not stop at this, but
Iso secured authorization from Bish-
b Canevne of Pittsburg and Messmer
Il Wisconsin and these authorizations
he preserved in the safe of the Car
lsgie Trust company and they are
snding and absolutely good
Five Millions.
Al one time the Carnegie Trust COM
any has outstanding loans amounting
| b 100000 to Kieran's company, but
ilally got it reduced to 100000. The
umpany's failure involves something
<fse 100000 in money and securi-
Tvs 1t is one of the greatest business
hiTes Of recent years. His friends
hBuffalo had great faith in him until
kfailed to come forward and face the
serious charges made against him. No
more spectacular captain of finance
has ever appeared above the horizon
/ ID short meteoric flight than Kie-
ian has proved to be. Within a
period of only five years, he handled
hrtunes time and time again, al
| thOugl he started out with nothing.
| 70 all appearances he is a devout
nan although there are those who
say that he probably assumed a man.
te Of extraordinary piety in order to
idyaace his business plans. Then
there are those who say that he has a
power which is hypnotic. He was born
In Ireland and came to Toronto, Can
| ada when IS years of age. He is now
about forty-three years old. He mar
|ned Toronto girl, but until he set
|dsd in Buffalo he had not displayed
|any marked ability along financial
mes. In fact he was engaged in get
|dng in his crop of wild oats, thev
|ay. He Went about great deal with
men who looked on the gayer side of
|He He started out as a fruit tree
|asent, then sold fire extinguishers,
Ina later entered the fire insurance
business. He then organized the HI
|lelty company and became P. ]. kie,
IAN, the man of unlimited millions, the
NO ~ h n q
PAPER against paper with him when
eace ne got started. Once in the game
Y lad to battle to keep his head above
|ae tide which all the time was in.
|eeaslng in his fury. And to his shame
Y had to fail. If he had won he would
nave proved that he has one of the
master minds of the world; If his
ilAdlns company had lasted long
cough to get on a solid basis he
loud have made many financiers look
Y their laurels. When he had explain
= MS plans to priests and sisters, he
,ds usually hailed as a messenger
|aua God 1t was considered most
|avOle to be raising money for found
|as selools and churches and hospi
|As' But underneath his suave man
|.H and his devout pretensions q
|,aiieWd man of the world could moi
|.ap seeing trained business mar
|'ao was playing a game.
kieran Sold Church.
some time ago st. Bridget's church
n Buffalo, borrowed $4,000 from the
,ahaihg company. Monsignor James
.aligan, rector of the church, is one
Fl 'ne trustees who signed the note
y came due last March and Kierar
,'At on another note to be signed as
A d. .enewal of the loan. Believing tina
is y. Old note would be cancelled ant
a NED, as is tne custom in business
NY trustees of the church sent on the
NV - note. And now a Chicago banl
MI i, = sued to recover on the old note
\ having been sold by Kieran and thu
NV ls.s, note has been presented for col
S ssai by New York bank. Sucl
5 /, Is little short of larceny ant
A ss,s. lair example of the way Fl
Si'y company did business.