Fidelity Funding Co. - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 10, 1908
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c00e7196

Response Measures

None

Description

Article describes the Fidelity Funding Co.'s default on its notes, sale of collateral by Carnegie Trust Co., court injunctions, and reference to a receiver's claim. No run is mentioned; the firm appears to have defaulted and be in receivership/closed. Dates in the article: injunction originally Nov 10, 1908; court modification July 26 (reported July 27, 1910).

Events (4)

1. November 10, 1908 Other

Newspaper Excerpt: an injunction granted on Nov. 10, 1908, by the late Justice C. H. Truax, preventing the Carnegie Trust Co., from disposing of or transferring securities held by them of the Fidelity Funding Co., of which Patrick J. Kieran was president, so as to permit their sale.
Source: newspapers

2. July 26, 1910 Other

Newspaper Excerpt: Justice Bishoff, in the supreme court on the 26th modified an injunction ... directing the Carnegie Trust Co. to hold the moneys realized from such sale until the further order of the court, but without prejudice to the rights of the company ... and without prejudice to the rights of the receiver in his claim to any surplus which may be realized.
Source: newspapers

3. * Other

Newspaper Excerpt: Upon the default of the Fidelity Funding Co., in the payment of its notes, the Carnegie Trust Co. reduced the collateral in its possession by a sale at auction, and, being the highest bidder, became its owner.
Source: newspapers

4. * Receivership

Newspaper Excerpt: without prejudice to the rights of the receiver in his claim to any surplus which may be realized.
Source: newspapers

Newspaper Articles (1)

1. August 4, 1910 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, August 4, 1910

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Article Text

will be satisfied first. Then the mortgages, liens, and all honest debts will be paid in succession. The New York Times of July 27 has the following to say in regard to P. J. Kieran's former escapades: "Justice Bishoff, in the supreme court on the 26th modified an injunction granted on Nov. 10, 1908, by the late Justice C. H. Truax, preventing the Carnegie Trust Co., from disposing of or transferring securities held by them of the Fidelity Funding Co., of which Patrick J. Kieran was president, so as to permit their sale. "The securities ($421,000 in all) consist mainly of overdue paper of various Roman Catholic institutions throughout the United States given as collateral for loans by the trust company, and this company said that unless the injunction was dissolved it could not proceed with the disposition of the securities. Upon the default of the Fidelity Funding Co., in the payment of its notes, the Carnegie Trust Co. reduced the collateral in its possession by a sale at auction, and, being the highest bidder, became its owner Then the injunction was obtained preventing its transfer or sale of the securities. "Justice Bishoff, in his order permitting the sale of the securities, directs the Carnegie Trust Co. to hold the moneys realized from such sale until the further order of the court, but without prejudice to the rights of the company in its claim or contention that it is the absolute owner and without prejudice to the rights of the receiver in his claim to any surplus which may be realized."