Morning journal and courier., 1883-02-26
NEW ENGLAND.
Massachusetts.

Failure of a Religious Savings Society.
 LAWRENCE, Feb. 25.-News of the sudden collapse of the savings institution called the Augustinian society, connected with St. Mary's Roman Catholic church in this city, has startled this community. By it nearly $500, GOO has been plotted out and hundreds of people have lost their little savings. The matter became public on Friday, when suits were instituted by depositors to recover their deposits The actual debt of the society is in round numbers, $54O, ,OO0. Deducting mortgages to the amount of $11O,O0O. there remains due the depositors $43o,ooo.
 The cause of this disaster dates back many years When the city was first formed the Catholics began to deposit their savings with Rev. Father O'Donnell, man who to this day is spoken of with reverence by Catholics and Protestants alike. His death occurred in 1861, and deficit of $150, coo is said to have existed then. The interest paid has always been large, equalling or exceeding six per cent, and, as the deposits have not been gen orally well invested, the result has been that a considerable portion of deposits have been paid for interest. But by far the greatest cause of the disaster is the fact that in 1872 the society, then having 8 debt of S16O, 900, began new church, adding to the debt $500, ,000, and using the money of the depositors to meet the obligation, with the exception of $S4, ,0CO, which was raised by subscription. In addition to the burdens enumerated there is another of large magni- tude. For twenty-five years the society has maintained parochial schools at an estimated expense of $170,000 including $4O, 1000 ex pended in remodelling the old church for school purposes. To add to their already staggering load the society five or six years ago accepted charge of the St. Lawrence church and the Church of the Immaculate Conception, both of which were then oonsid- erably in debk.
 The depositors and the public generally are entirely convinced that this result has come about through bad management only, and is in no sense the result of roguery Tn @ clergymen now in charge make full exhibit of the condition of the institution, and, while they admit that the money of the de- positors is gone, they claim that by reducing the expenses and strengthening the revenues of the church they can eventually pay of the debt in full. The question of interest, how ever, for some years to come, must be held in abeyance.
 The Augustinian society was chartered in 1870, and consisted then of Thomas Gal berry, John P. Gilmore, Timothy Donovan. William Hartnett. Hector Flynn, John Killey, Hugh Raferty and their successors, and they were authorized to hold property not to ex- ceed $200, ,O00 for religious purposes. Some of the deposits in the institution had reached quite large amounts, many being as high as $5,OOo, a few reaching $14. 900 and $16, GOO, but the great bulk consisted of $500 and under.
 Yesterday five additional attachments were placed on the property of the Augustinian society by the depositors to the amount of $1 500. making the total amount of attach ments $27, 900, and several other suits will probably be entered tomorrow. Among the Catholic population much feeling is mani fested concerning the course taken by DOT tion of the creditors, who have taken course that it is feared will oblige the society to seek relief through insolvency. Many of the depositors express themselves confident that in short time the present difficulty will be bridged and eventually every depositor receive his money in full. A meeting of sew eral prominent vestrymen was held to night and the matter fully discussed. 4 committee was appointed on all matters of importance