The sun. [volume] (New York [N.Y.]) 1833-1916, 1883-02-25
HALF A MILLION IN DEBT.
A CATHOLIC SAYINGS SOCIETY HOPE
LESSLY INSOLvENE

CATHOLIC SAYINGS SOCIETY HOPE !
LESSLY INSOLvENE
Uaabie 60 Meet tie Obligations, and Iafov..
Ing sts Depesitors that Their Money IL
Gewe-The Saviags OF Peor People Lost.
BOSTON, Feb. A.-Sevcn suits havo been
Instituted against tho Augustinian Society. n
Roman Catholic organization formed In Law
renee in 1870 to receive the deposits Of the
Pensioners Of tho church. Attachments have
been issued for the sum OF t27. 00O and more
are likely to follow. The society was formed
by the priests. and subsequently chartered by
tho Legislature. with authority to hold proper
ty not exceeding 100000. Largo amounts OF
real estate. including church property. have
been conveyed to the society from time to time.
Since 1891. when Father Regain took charge OF
Its affairs. deposltors have had difficulty In Sc
curing deposits. and several claims have Been
entered against it. 1t has been selling real es-
tate for some time past and has been largo
borrower from banks. Tho depositors have
been informed that no money is loft but that
the society will endeavor to pay them at the
ratio Of <24. 900 per year. Tho indebtedness is
placed at $500 900 to depositors and 100000 to
mortgage holders. The depositors number
TOO q majority OF them being poor female mill
operatives. Father O'Donnell. who controlled
the society some years before it was incor-
porated. invested largely In railroad stock. re-
suting In heavy losses.
Tho Herald saws OF tho Augustinian Society
that its actual debt is. In round numbers
$40 900. Deductlng mortgages to the amount
q sii0 600 there remains due to the depositoEs
esss snspss atk
Father His death IN ISL
Sissfta M Rs' been VIII H
haa han hat In AIN i'm NJ
MSreoysri r i is ~ he society. then hsylns,s
saans $500 SO 70 the debt and new using 9 the
money Of depositors ~ 70 ON meet ct. this amount
by subscription. In addition to these burdens.
the society hos for 20 years maintained paro;;
Ave or six ssars So sser,ed the
charge Of st. Lawrence Church and the Church
sSass rake @ xb Of eofE%en
the institution. and admit that tn. money OF
ing expenses and strengthening the revenues
| Of the church they can eventually pay of the
for some years to come be held in allegiance.
For years before the incarceration Of this as
posits from their parlshioners,, issued books.
paid interest. and performed all tho fnnctons,
Of savings banks; the custom having originated
complaint was made by depositors against
the association until 1881. when the Rev. John
tho head Of the Augustine order. left suddenly.
ostsnsIbIy b .Sa Of IL health He vas sue:
when in sas Thc
received and paid out being entered in
IRREGULAR memoranda without date. and
d r D IL
snS 9 e has $3.50 $3.50
mortgngc on tho new st. Mary's Church. tho
Earoehial r.si den and adiolning property
90 ssSsh.a
he fssSilis Sin: ssss.sipS s dax1 IN Ss!ss "a
tinct classes among tho depositors. One is
composed mainly Of business mer. who have
a "rsS sums 1SS''e ano the h"!"s
another. a butcher in Methucn. 1850.
ss1nS eH peopa naaans Of m hH
girls and house servants. who have lost their
ALL One Gaze 5enorted is that Of servant h girl
dsposii, until they had reached the sum q
to .ass 4 in Prenarns her bridal oatint Snd
told that she could not draw q dollar.
saD s'~lnssAe ssAGsssya By,
management the result Of business in;
M ann 6a
organization. but Withdrew soon nfterward.
voices this sentiment lin pretty fairly. He says
experience e and descendan,s Of married fami.
Hes who we'll understood the management Of
The priests who have been aiyanssd
se @y % With an FG% ase Psr%nD
sl;5 day has g bright boy with Literary and
| n cOpV0 few md he iS n r.
youth never earned a dollar in his liiSs and 4
Mr. linn. What can YOU expect will be- the re-.
suit when such person is taken to manage
fhS na anaIs CHAIRS OF property worth half
The criticism Is freely made that there have
standing ofthS society That the relisioas train
Of the rssSS them f9
. whatever the outcome Of tho present Difficult
+. StS sss SoS hs ss a
aaa 70 at s oase s the pSrochiai sshces
: day on the Eroperty Of the society. making
fourteen IN n!l 1t is claimed that The property
not disposal Of in good faith. ;ke corporntioi
being ,insolyent at the time OF the sale II /,
na oy
MechanicsyS y u, and IL fhilad ,I AM
GsposS4s have asdy Suits
!. those States and are causing attachments I,
be made. The society will probably be- force,
I into insolvency. Many depositors wish q re
ceiver appointed to control the income Of tn
society from pastorates. which averages t35. OO
yearly. 1t il expected that the priests vii
allude in their churches to- morrow to the legu
Y proceedings instituted by the parishioners.
d Experts at Work at the Bridge Accounts
The experts. William T. Shearman and Gee
R. Turnbun who have been examining the accounts
], Brlge aRaipted Aeskre kObbe Moor
Bell closing up their work and preparing the