The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-03-02
THE LAWRENCE FAILURE.
Statement of the Liabilities and As
sets Of the Augustinian Society.
"A HISTORY OF ITS FINANCIAL CA
REER.

LAWRENCE, Mass, March 1.-The Angus
tinian Fathers made to-day the following finan-
cial statement of the Catholic churches in
Lawrence:
The undersigned pastors, members of the
Augustinian churches OF Lawrence, Mass,
after careful examination of the accounts find
the following to be the financial standing OF
SAID churches:-Liabilities, viz, personal ac-
counts, $405. 5.406.32; interest outstanding to
January l. 1888, $31 ,946; mortgages, $130, 600;
total, $567 .352.32. Assets-St. Mary's church
and grounds, $300,000; paroehial residence,
S33,0O0; convent and grounds, $4,000; st.
Mary's school and grounds, $65 goo; Immacu-
late Conception church, SCI, 600; Immaculate
church, $4,000; st. Augustine's chapel, $s090;
cemeteries, $4,000; total, $569C00. This
leaves apparently surplus Of $1647.6S; but as
the market value of the assets is much less
tnan the cost, there is a deficiency rather than
surplus. The causes of this deficiency OK.
TEND over many years, and are as follows:-Rev.
James O'Donnell came to Lawrence in 1S48.
he bought lot of land, built a church, and in
order to pay therefor received on deposit mon
ey of his parishioners. subsequently, as these
deposits accumulated on his hands, he invested
$30,O00 OF them in railroad bones under the
advice of Boston business men. These bonds
deprecated in value and were sold in 1868
for $11, ,085. In 1856, as appears from
Father O'Donnell's diary, his debt was $780,
900. The enlarging of the church further in
creased this. After his death, in 1861, an ex-
animation OF his accounts by an expert
showed debt of $146,55615, of which $780,
900 was due upon mortgages, the rest to de-
positors. The Bishop then transferred St.
Mary's Church with its debt to the Augustin-
ian Sccisty. Rev. Ambrose Mullen came as
pastor and remained until 1866. There were
no funds when he came. During his pastorate
he, too, received deposits. Rev. Louis NJ.
Edge succeeded him. He projected the
building of a new church, through collecting
what he could. He also received deposits
with which to pay for it. His plans were sud-
was completed by his successor, Rev. Thomas
Gallery. This grand edifice gave rise to much
of the present debt. Only $S4,0 900 in all were
collected to pay for it, leaving balance oi
$216,000, almost doubled by interest thereon
for the last twelve years. In 1872 Rev. j.
p. Gilmore came. The priests Of st. Mary's
had now charge of the submissions, and the
vestry of the old church could no longer afford
them dwelling. The present residence was
thereupon built at cost of $4,000. Then
dated Dy upward of thirty years ssuse ,wretched-
ly insufficient for the 1900 pupils To accom-
modaie them Rev. Father Gilmore converted
the old church building into schools. This en-.
tailed an expense of 40,000, OF which about
one-half was raised by fairs. Upon the retire
ment of Father Orr and Father Fitzpatrick
the Bishop requested the Augustinian Society
to take charge of the Immaculate Conception
and st. Lawrence churches, Their kindebted-
ness amounted, according to the figures of an
expert, to $197, 900.
Such are the chief causes OF the present in
debtedness. The Father O'Donnell debt,
$146,506 10; the Immaculate Conception, St
Lawrence's debt, $170,C00; new church, $780,
0c9; the priests residence, $4,000; the sup
port of the Sisters and expenses. Most of the
income during these years has been absorbed
by the expense of maintaining clergy, build
ings, schools, etc., whichsamount to S12, 500 an
nually, and above all the large sums paid as
interest upon deposits and mortgages. which,
beginning with 1854, are as follows: Total
amount Of interest paid and added, 1868 ,623 .01
discount on notes, $25, ,0c0; total, 1924, ,623.01.
Such is the present financial condition of the
churcLes such the facts that led to it. The
greater part of the indebtedness was incurred
by those who neither are nor have been men,
bers of the Augustinian Society, but that scci-
ETY. desires to pay off the entire amount, and
that as soon as possible. With its compare
lively small income, and its large expenses,
it cannot liquidate the debt at once, but pro-
poses to pay annually at least $25, 900 of the
deposits, and as much more as the endeavors
of IT'S members here and elsewhere can obtain.
Ip return it asks that depositors, confidiDg in
its members, forbear for a time enforcing their
claims, that the congregations of st. Mary's,
Immaculate Conception, st. Lawrence and
st. Augustine churches cooperate with their
pastors in the worthy object of liquidating
every claim.
c. A. McEvoy, st. Mary's, J. H Devir, I'M
maculate Conception' j. j. Ryan, St. Law
renee.
Five additional attachments were placed
upon piopersy of the Augustinian Society to-
dav