The Birmingham age-herald., 1909-04-02
Kieran Discusses Matter.

 merly president of the Fidelity Funding company made the following statement today. in answer to Father McMahon:
 ''In the transaction with Rev. William McMahon, acting for St. Bridgets church, the Fidelity Funding company loaned him s2e,0O0 and his mortgage is drawn at the rate of interest that was agreed upon between him and myself at that time. Father McMahon gave me no notes, nor did St. Bridget's church in connection with this mortgage, and any statement to that effect Is untrue. He has borrowed from the Fidelity Funding company and from me personally, since that time, over $2S 900 and we hold his notes for s17,- 800.
 Father McMahon J. P. Madigan and myself are indorsers on some church pa per amounting in all to $53000, which is amply guaranteed and is held by bank in Toronto, Canada, in addition to this, the bank holds s2OeOo of collateral of my own which they can sell at any time for the face of it.
 Father McMahon J. P. Madigan and myself are makers of two notes which are held at the present time by the Carnegie Trust company amounting in all to s466, 900 and amply secured by good collateral. This collateral belongs to me and was pledged by me for these loans and they joined me in these loans for the reas- son that they expected to make large profit out of the transaction.
 ''At the request of J. P. Madigan, Fath- CT McMahon signed notes for $40,O0O which Madgan had cashed in the Euclid Avenue Trust company and 1 know noth- ing of where the proceeds of these notes went to, as not one dollar of them ever came into the hands of either the ri- delity Funding company or myself.
 Recently, when the Assets Realization company purchased the Euclid Avenue Trust company. their representative, MT McKinnon and MT. Thomas of the Euclid Avenue Trust company, called on me in connection with this loan, MT. Thomas stated that Madigan was prepared to pay his third of the obligation and I told him If Madigan did so, I would pay both mine and Father McMahon's, although I did not consider that either one of us should be liable for one dollar of 1t, nor do I yet think so but I knew Father McMahon's circumstances and I knew that he couldn't pay it.
 "The purchase of the stock in the Euclid Avenue Trust company was mat ter that was engineered in Cleveland, l had nothing to do with 1t, further than joining them after they had represented ii to me as a good proposition. All these matters are In process of adjustment and will be cleared up at an early date.
 "So far as my dealings with Father McMahon and J. P. Madigan are con cerned, l am willing to submit my ac- counts to any disinterested persons and allow them to decide who suffered the greatest loss on these transactions. think the verdict will be very largely in my favor.
 Father McMahon has not been called upon to meet any of the obligations in which he appears with me or the Fl- delity Funding company as indorser and furthermore, will not be called upon in the future.
 Father McMahon at all times before bonuses, in matters in which he was jointly interested with me- were paid knew all about them before they were paid and agreed to them, and further more. it was the carrying of the obliga- tions indefinitely for the churches and in stitutions that made these bonuses neces- sary. They would borrow money tenn porarly on their notes and think the giv- ing of the notes paid them. not even paying interest, let alone the principal.