New-York tribune., 1911-04-21
KE|RAN FACES ARREST
Indicted in Chenango County TOR
Grand Larceny.
WILL GO THERE TO-DAY
Attracted Public Attention IN
1908, When His Fidelity Fund
ing Company Failed.

Norwich. y. Y. April 2o-Word was re-
ceived here to-day that Patrick j. keiran'
Of New York CITY was arrested there TO-
oay on n bench warrant issued mere. 1oi-
lowing the finding last night OF two ind'ct-
;nents against him alleging grand larceny
IL, the first degree
The indictments handed down by the
C'henanso County Grand Jury at the close
Of its session incidental to the April term
OF the Supreme Court. charge Keiran with
having obtained from the First National
Bank Of Earlvile. y. Y. on March Is. 1909.
] by fraudulent and false representations, the
sum of $4,000.
To obtain this loan. for which he gave
two notes Of $4,000 each, keiran is alleged
to have made and signed statement or
his personal assets and liabilities at that
cate in which he said that he was worth In
| his own right certain corporate shares OF
| stock. bonds notes, etc. aggregating $780,
, 600 par value and nearly $500. 900 In esti-
, mated or book value and that his total
| personal liabilities did not exceed s25,oOo
and his contingent liabilities. including in
dorsements. s350.000
! Keirans associates in this city said for
| him last night that he had not been ar
| rested here yesterday. as the dispatches
! from Norwich indicated. They said that
| Mr.. keiran, through his lawyers. had
heard from District Attorney James +.
| Hill. of Chenango County. and that he had
made arrangements 10 he in Norwich this
| morning cancelling an engagement in Buff
! falo for that reason.
Keirans transaction with the First Ma
| tiona Bank. Of Earlville. y. Y, which was
the basis Of the indictments reported from
| Norwich yesterday. was one of the smaller
deals which he was concerned in.
The failure of the Fidelity Funding Com
| pany in December. 1905, first brought
Keiran to public attention. and that atten-
! ton was concentrated and increased by his
sudden disappearance from New York In
the wake Of the story of the failure Of his
company. On January ls. lS9, several
weeks after his disappearance. Keiran re-
| appeared as suddenly as he had disap-
peared. and gave himself UP TO the police
OF Pittsburg. where. after he had arranged
for a bail bond. he took train for New
| York. saying that he would reach here the
next day He went to Buffalo Instead,
| however. and IT was not until after brief
visit there that he finally returned TO New
| York
Keirans Fidelity Funding Company was
| practically big money lending institution.
! designed especially to At the needs OF
| Catholic churches and institutions. Though
he dealt in big figures and never seemed TO
lack cash. Keiran himself swore that when
he went into the Fidelity company there
was not over $4,000 Of working capita on
hand.
His method was to take the note Of such
an institution together with a mortgage.
and also with the additional security Of lie
insurance policies taken out by the leaders
Of the institution and assigned to the
Fidelity. and discount the notes at the
banks Of New York and other cities.
Keiran handled some of his largest deals
through the Carnegie Trust Company and
when that institution was closed recently
there were 10000 Of notes. indorsed by
keiran or his Fidelity Funding Company
in it's list of assets. keiran was arrested
by the New York police on January %. 1873
in his apartment at No. 5i2 West ll2th
street. but was released few hours after
ward when it was found that the only
charges winch made him liable TO arrest
were from Pittsburs and that he had pre-
viously given himself up ana given ponu
in that city.
Edwin A. Watson. who was appointed by
the Supreme Court "a referee on the appll-
cation Of Keran's Fidelity Funding COM
pany for voluntary dissolution at the time
OF its collapse. reported that he found IN"
assets Of that concern on october "a lT'''
tn he s2292l q. as against s131,2i5 IL OF iia-
bilties
Thomas r. Giiroy. jr.. was appointed re-
ceiyer Of the Fidelity Funding Company
and Robert G. Morris, receiver for Patrick
j Kelran. Mr. Gilroy was later succeeded
bv Frank Hendrick. who is now the re-
ceiver for the Fidelity. Mr.. Morris was ap-
pointed by the United States District Court
after bankruptcy proceedings against
Keiran personally. while Messrs Giiroy ana
Hendrick were appointed by the state SUI
preme Court