The New York herald., 1879-03-16
ARCHBISHOP PURCELL's TROUBLE.

AEfOnI OF Tile ThUoIEfS--ONABLE TO ACCOUNT
FOR THE VANISHED MoNEY-AN APPEAL FOR
AID TO PROTECT THE POOR WHO HAVE LOST
THEIR SAVINGS
BY TELEGRAPH TO THE HERALD.1
CINCINNATI, Ohio, March Is, 1879.
The trustees appointed in the early stages OF the
Archbishops financial embarrassments-that is, five
or six weeks ago-with their retirement from tho
position to-day presented report Of what they have
DONE They say in it that ION the goth day Of Jnnu-
ary 1879. the undersigned, diocesan trus-
tees. after being duly organized. assumed the
arduous task Of qudating the debts of the Most Rev.
Archbishop Purcell and his very reverend brother,
Father Edward. When they assumed this fespoh-
siblc duty they did it with the understanding that
al the liabilities did not exceed the of $500 O00
Immediately upon having received the deed OF
trust. and the bonds, of the value of 100000.
secured thereby, they opened Office and hotified
the creditors to present their claims within thirty
days from January 23 They have ascertained that
34s5 creditors have presented claims to the amount
of s3G7237l 81. Besides this the Very Rev. Edward
Purcell owes to divers banks the sum Of $ll7 0oo He
moreover ows to three parties the sum of $s5 900.
which is secured by mortgage real estate, making
the sum total of all liabilities known to trusteess
$3ST4,371 o.
The assets Of the Very Rev. Edward Purcell consist
in part of divers pieces Of real estce on which tbs
trustees had fixed value. as the assign.
ment has since taken these out of tho hands
OF the trustees. The public has already all
the information Besides the real estate, the trus.
tees found notes of hand and open accounts to the
nominal value $4s4OO0. 1t utterly impossible
to ascertain all the costs and claims OF Father PUT.
CELL but the trustees consider 1t very probable that
many valuable ones will yet be discovered.
WHERE THE MONEY WENT.
In endeavorng to ascertain the disposition OF this
immense amount of money the trustees are utterly
at loss. 1t was impossible for them to ascertain
what sums were spent on the Cathedral. Seminary
and Orphan Asylum. though these sums must have
three cf the diocese indebted to Father
Purcell to the amount Of $24.OO0.
PAYING INTEREST AND RECEIVING NONE.
AS the system of receiving deposits has been going
ON nearly forty years, and Father Purcell has
always been paying heavy interest without receiving
many cases annually drawn and added to the capital.
this compound interest has in many cases exceeded
the original Investment In the absence OF the regu
ment of the amount of money paid as interest.
CAUSES OF THE DISASTER
In all our Investigations we have found no reason
to suspect any dishonesty the part Of Father
Purcell. but do bnd that In addition to the large
amount paid rs interest. bad Investments shrnksge
in value, misplaced confidence and unbusinessiike
management the causes of the sad calamity which
We most deeply depiore and which we have in vain
endeavored to remedy.
We must now call upon the generosity of the
clergy aud aty OF the diocese Of Cincinnati and the
as
deprived Of their support IN their old age and IN the
In concluding their report the trustees return their
thanks to the press for courtesy and fair treatment
extended toward themselves and Archbishop Purcell
It is signed By J. H. Rogers, Charles stewats
Grenor, the remaining trustee. is absent from the
city. This report was prepared TO be presented to
city and their not knowing when he would return,
inipellcd tho trustees to make II public.