The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-05-08
Wholesale operator in Jail.

Patrick j. Keiran, who has had more
or less of a spectacular career. was ar
rested last week in Norwich, n. Y. on
the charge Of grand larceny In the first
degree. and In default OF bonds was COM
mitted to jail
| Keiran is well known to life insurance
people through his extensive operations
ment policies on the lives OF priests and
nuns To secure notes. Keiran Was a
Catholic and was known as the Builder
of Churches" He was organizer OF the
Fidelity Funding company In which q
vast number of Catholic individuals and
institutlons were stockholders. 1t was
millions until 1T failed a year or so ago.
when IL was disclosed that the assets
were about $4,000 TO meet debts amount
Ing to $6,17iS05.
keiran's methods of operation were tc
| loan money to Catholics 10 build churches
on the condition that the work of build
ing ing be done by the Columbia construc-
| subsidiary organizations. To secure the
payment Of the money advanced. he had
the priests and nuns give notes and take
piled at one stage of the game by the
Security Life OF Chicago. Kelran was
extraordinarily successful in winning the
confidence Of his co:reigion!sts and many
OF these gave him blank notes to fill In
70 suit his own convenience. On one
blank, check given him by the mother
superior OF a convent at Nauvoo, ILL.,.
keiran realized s230,OoO; on another 5000.
600, and several OF them were filled In
| for $4,000. In addition, he Is said &c
have secured from this one nun $4,000
In cash for his Western Illinois G. Iowa
railroad scheme. and $4,000 for his
Nauyoo waterworks.
keiran was able to get money from
more me SOPHISTICATED people as well: pre-
secretary OF the treasury and president
OF the Carnegie Trust company OF New
York. TO take $4,000 worth of stock In
the Fidelity Funding company. Mr.
Shaw also advanced Keiran 100000 OF
his own money on priests notes and
rendered him other favors besides
tutions would give their notes to Keiran
for an understood amount and find later
that he raised it many times. For .ex-
ample. the Holy Family Orphan asylu,n
from the Fidelity Funding company. and
charged later in the suit that the dis
ecSoNwnergy cove yo was made that its notes were for
gave Keiran blank authorization to act
for him, and Bishop Canevin OF Pitts
burg, Pa. was another victim.
The fellows unlimited nerve is shown
in the fact that he even made applica-
| tion to the pope to allow him the privilege
OF Peters pence Keiran's company went
to the, wall n December. 1905. and his
upon the charge that in connection with
the Fidelity Funding company he Sc
cured $4,000 from the First National
bank of Earlyvlle, n. Y. The bank took
$4,000 OF the notes OF priests which
keiran negotiated. When they were no,
met Keiran declared that they were good
and got rhcnr renewed on their being
raised 10 $4,000 and he took personal
responsibility II is alleged that In doing
this he gave a list OF securities which
he claimed to own. but which belonged
TO the Carnegie Trust company
Talk of New Fire Company.
The Underwriters Report OF San Fran
cisco. In its Issue for May T. under the
heading Salt Lake." contains the fol-
lowing;
Salt Lake men controlling large capital
have recently been canyassing the sit
| uation quietly with a view OF deter.
mining the advisabIlIty OF organizing a
new fire insurance company. with head