The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-03-01
THE CATHOLIC INSTITUTE.
Some Interesting Correspondence
Between the Directors and the
Archbishop.

Some Interesting Correspondence
Between the Directors and the
Archbishop.
The Directors of the Catholic Institute
have presented the following address to His
Grace Archbishop Purcell:
To His Grace, Archbishop OF Cincinnati:
Your Reverence has undoubtedly read in
the daily papers that the Catholic Institute
was compelled to make an assignment, not
that it was bankrupt, but because q few enc
mics brought four charges before Squire
to recover the sum of 5000 from the 1nstitu-
ton. The Directors were notified of the
persecution against the Institute, and as
they feared or anticipated run, they
thought it best to make an assignment, by
which all creditors would be put on an
equal footing. That che institution is not
bankrupt, and that it is perfectly able to
pay all creditors, we would show Your
Grace by the following:
In 1875 the loaned money amounted to
$1S6, 700 and in 1873 the liabilities are
$4,000; that is, $11, 900 less than in 1875.
Where is the ground for suspensionP
1st, it is the want of confidence; I'd, enc
mics who want to see the Institute sold ;
and Sd, the present scarcity in the money
market.
hC lCfOlluCo VI Illc SdIliOllC 1DStltutO Ut
present are $22, 900 per year, and at other
times would easily aggregate $685. 900, which
would convince your Reverence that we
could carry debt of 5000, 900 at 6 per cent
per annum and that even then we could
pay all expenses.
At a general meeting held last Saturday
afternoon, it was almost unanimously re-
solved not tN sell the Institute, and the
stockholders, whose stock amounts to
$40, 900, are ready sooner to lose every dollar
than to let this building go under the ham,
mer, by which the name of Catholic"
would be disgraced.
1t was further unanimously resolved to
issue preferred stock to the amount of $780,
600, secured by mortgage on the institution.
This sum should only be used to quiet the
claims of creditors. The Directors and
stockholders intend to pay all claims, with
six per cent. interest and from all those
who at present do not need the money, it
mortgage for the bonds now held; these
years. the interest to be paid semi-annu-
ally.
By the present revenues we can reduce
our debt, and before ten years are over the
debt can be reduced to $4,000, and it is our
intention to adopt bylaw, that as soon as
our debts are reduced to that sum, to use
the building only in accordance with the
wishes of the Catholics, or, in other words,
for the purposes for which the building was
originally erected. To this end all Catholic
Churches will be invited to hold their con
certs and other entertainments in this
building.
!, Signed:
H. GRoTENKEMPER Jos. T1EMAN,
f. VONDERHEIDB, A. b. WILSON,
VIM DUNN, +. SPRINGMEIER,
G. LITMER, JOS WAHLE,
Directors.
To the above His Grace Archbishop Pur-
cell made the following reply:
CINCINNATI, Feb. %, 1878.
Relying on the business knowledge and
honesty of the Board of Directors, and in
the hope that your statements are founded
on facts, with which you are thoroughly
imbued, have little hesitation in concur
ring in the plans which you have adopted
to extricate the institution out of its pres
ent embarrassment.
There is no apparent cause why your eff
forts should prove abortive.
1t will be cause of JOY and honor to
the Catholics of this city to secure the end
and fulfill the hopes, which you awakened
on commencing the erection of this build
ing, under so many prayers and petitions
for Divine assistance to the qualification of
thousands who were present on that inter-
esting occasion, and those who, throughout
the United States, heard of it.
JOHN B. PURCELL,
Archbishop of Cincinnati,