The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-01
CHBISH0P PURCELL.
TuE TTfL STORY or THE TROUBLES
THAR HITE COUE UPON MN

n
Deposits. which, Badly Invested. have been
Largely Lost to the DepositorS-rhe Busi- |
nc.. Len Entirely to Father Edward Pur- |
cell. the Archbishop's nrother-The Amount |
Involved Snid 10 he over Three Million |
uoIiars- General sympathy for the Prelnte. |
CfNcINNArI, Feb. 2S.--Littc has yet been
done toward perfecting an arrangement be-
tween Archbishop Purcell and his many cred
nsrs So far as the general public or those per-
sons vino made deposits with him can see; but
for all that. the trustees in whose hands the
business of settlement or adjustment was
tincci. have done a vast deal toward accom-
rlisning the hcrculcnn task set before thcm
md I'm few days will make their anxiously
lookrd-for report
Deep has been the interest throughout tho
couutr, % this matter both by reason Of the vast
sum involved (which rumor places as high as
s4O0uOOOl and the remarkable character Of the
Transactions that have come 10 this end. no clear
and accurate statement OF the facts has hereto
fore appeared in the press. and public know-
edge has been gained from conjecture isolated
scraps Of Information. and the manifest distress
brought about in this community by this most
unhappy event.
Archbishop Purcell was ordained priest in
France in 1896. In 1927 be was appointed Pro-
iessor Of Philosophy in st. Mary's College En-
mit;-burg Md and in the succeeding year was
made President OF that institution. In 1888 his
rirty. purity Of character. high scholastic at
ieinments. and Jealous devotion TO his work ms
priest were rewarded by his appointment as
Bishop Of Cincinnati. At that time there was
only one Catholic church in this city a small
frame edifce. and in the whole diocese there
were not more than four or five The en.irc
church property in the diocese would hardly
have amounted in value to $4,000. outside the
7 .a..a.
could hardly be classed among tho possessions
OF the Church. The work then before him. that
to which he has with rare sinGeness of purpose
devoted his life. was the building up Of Catholi-
cism in his diocese; and the success attending
upon his ability and energy is attested to-day
ly the 100 churches in the diocese many OF
them magnificent structures by semnaries.
colleges. orphan asylums. hospitals and other
Institutions throughout the State belonging To
tie Church, but all. in whole or in part. owing
their existence to his encouragemont and. in
great measure 20 his financial aid. Many hun
drods Of thousands Of dollars has he given to
such objects Yet he came here so poor that he
had TO borrow $500 in Baltimore to pay his pas
sage and subsist him for n time. and was under
the necessity of getting six months credit from
tie Resor Misunderstanding Company for a stove
to keep him warm.
The Archbishop's brother. the Rev. Father
Edward Purcell was student in the old Catho-
lie Seminary in Sycamore street and was or
deined in 1888. From that time down to the
present he has been in close attendance upon
tie Archbishop. intimately associated with him
IN the carrying out OF all bis projects. and as 1t
now appears. most unhappily. his agent in the
handling Of the large sums OF money intrusted
10 the ArchbIshopts keeping. II is not
really known. for reasons yet 10 be stated. when
Father Edward Purcell began TO discharge tho
duties OF financirr 10 the then Bishop but as
nearly as can bee ascertaincd, il was almost
soon rs he was ordained. in 1898. In that year
be- bought the ground upon which the presen:
grand Cathedral and the episcopal residence
stand. paying therefor $4,000.
IL was IN 1880 that Bishop Purcell was raised
20 the dignity OF Archbishop He and Arch
bishop Hughes received the pallium together
in Rome in the Pope's chapel. BY that time,
thanks TO his energy and loerality mainly.
Catholicism In his diocese had grown great.
During ten years OF prosperity in the com
munity when a tidal wayo Of emigration was
pouring into the country. when there was abun-
dant work for all. good pay and cheap living.
the earnings Of the members Of the many con-
Cregatons constantly springing up in his do
cese were great. and their savings We're. in very
large amounts. intrusted 10 his care for safe
keeping. Banks. the faithful thought, might
fail but the Archbishop was founded upon "a
financial rock. II is said that not even tho Rev.
Father Edward Purcell has any knowledge OF
how much money was thus given him in trust
at any particular time. but il is estimated that
there were occasions when the deposits in his
hands could not have been less than million
Of dollars. possibly much more.
Until year ago there never was any trouble
about keeping even with the demands Of de-
positors. and the Archbishops brother success
'ully tided through the great crisis Of 1857 and
other periods Of financial distress in which
much more pretentious institutions were on
quilted. In 1857, indeed. he even saved the
lives o! hundreds Of families and stayed the
sinking fortunes Of some banks which are still
IN existence here. The first heavy blow re-
ceiyed was through the failure OF the great
dry goods firm Of j, a j. Slevin. Of New York
and Louisville. In 1876. Two Of the brothers
IN that firm. John and james. specu ated
largely in boulevard property in New York.
and when the, bottom dropped ont Of that snort
and easy road 10 wealth. they We're ruined. and
n their fall dragged down some $40 900 from
Father Edward Purcell, muney which he had
lent them lu the hope of tlding them over their
lihlruties. Not dollar Qi that money has been
recovered nor Is il AT all probable that any Will
tN"rDr Then $40 600 more were lost In Father
iurrFs effort 20 help out OF some temporary
uouMr the heirs OF man who had been one
OF ms friends. They had got the estate tangled
~ ~ legal complications. his 100000 were
mixed In the snari, and there the money still
remains. But there is some hope Of getting the
money hack. or "A part Of II at least There
were several other smaller losses. aggregating
pressure upon Father purccll's supply OF
ready cash thai. added TO the demands constant
ly made upon him Ot Cathedral deficits chari-
ties, aids 10 churches and other religious and
eleemosyunry Institutions. left him i'll prepared
20 stand the strain OF Il run upon him by his de-
positors
Such run began in "A mid way in the carly
summer OF 1878. not because there was any
particular diHtrust Of Father Purrelps financial
stability Just then. but because poor dep0sitOrs
We're feeling the pressure Of hard times and
turned al last 10 their little savings as their last
resort. They found that they could not draw
thoir money out with facility just when they
wanted II. and n breath Of doubt iioaied about
On the last day Of o tober 1878. the house Of
Iemaun Co.. bankers. Of this cty. failed for
about s3s6.OUO. Some malicious persons started
rumor that Father Purcell had in reality
been the backer of thht banking enterprise aud
bad lost by its fnilure very large sum--tho
lowest rumored was $40. 1000. The fact WINS that
that bank was his creditor for some $4,000 ad-
Vanred 10 him 10 meet tho demands OF deposit
ors upon him. and secured by $4,000 OF per-
erals. A fortnight later another banking
house. that Of Adae 4 Co.. went down with
orrported loss oi $4,000. Again. rumor said
mat Father Purcell was u large creditor Of tho
ilru, but the ia't was that he had never had any
business transactions with that house. Both
Dy reason Of tho general alarm caused by the