Show SAMPLE OF HIGH Patrick J r Kieran Tells How the Fi Pi Fidelity Fidelity delity Funding Company Now Defunct Did Business New York Feb 1 Business methods followed by the Fidelity Funding com corn company company pany were described today by Patrick J 3 Kieran former president of the now bankrupt concern at a hearing ng before Referee Peter II n Obey to determine whether th the company Is amenable to the federal bankruptcy law Mr Kieran told to of the application of the St Josephs congregation of Milwaukee kee for a loan loen for liO I We e gave them Si ilOW for which we took their sots notes lie Ite testified These notes notee we immediately sold sokI to the Wiscon Wisconsin sin pin Notional National bank of Milwaukee Later we took a mortgage on the property called in the notes S and issued our own bonds on th the which we depos deposited deposIted deposited with wit the W Trust Savings tank of or Chicago as trustee Interest was wa charged at from front 4 I to 4 I Iper per cent on the mortgages th the witness saki said but bul at nt SU S on the lie notes thIs tills latter to cover corer the coet of th the first fI t premium on oa the life Insurance policies l These policies were ere always Insisted on he said Asked as to th UN working cap eap capital ital Mr Kieran stated that when he went with the company compall In I It its original work workIng workIng Ing Jag capital of oo had bad been loot host In the business bu n s Inside of a year r said the witness we had working capital At the c of the examination of Kieran the case was doSt closed Referee Ol 01 Olney ney ncy ordered that briefs briers be submitted by bythe bythe bythe the attorneys |