The Intermountain Catholic. (Salt Lake City [Utah] ;) 1899-1920, 1905-01-21
Wall Street and the Church.
lCatholic UnionN

Washington. Jan. Am interesting
piece of Catholic news has come from
baltimore during the past week. A
representative of J. Pierpont Morgan
has held several conferences with his
,mfuence, Cardinal Gibbons. with a
view TO coming to some agreement
about uutangling the finances of the
catholic university 1t is understood
that Mr.. Morgan is willing to take m
the Indebtedness of Thomas f. Wap-
camau. so far as it relates to Catho-
institutions and Catholic prelates.
T. further stated that if Mr. Morgan
a.| the cardinal can reach an agree
-uemt New York bankers viii not on
Is lake up the debt but will begin i'm
tire near future TO pay the university
al the rate of three or four per cent
rer annum interest. The bankers
also viii loan money TO the institu-
ZION at the same rate of interest.
This is not so alluring a Drospect
IS Nh Waggaman offered, when he
secured possession of the universities
contingent fund upon promise to nay
per cent indefinitely; but there IS
wide difference between a plan fl
l4uced 10y J. Pierpont Morgan and one
iu which only local celebrities figure.
Whether the cardinal and other pre-
lates involved in the Waggaman fail
DIODO-
sitjou faVOrably is not known The
5r0tfer in all its aspects is now being
uondered by the Metropolitan of Bal
timOre. by the rector of the Catho-
Die university. Msgr O'Connell, and
hy the apostolic delegates, and the
members of his household, all of
whom are heavy losers by the Wag-
2aman failure.
But Mr.. Morgan's suggestion is, in
popular language, only a ''feeler" For
some years past. men with tremen-
dous resources, like Mr. Morgan and
his associates on the street have
been casting envious eyes on the pos
sihlities Of investment in church
property. Catholic church property in
this country is in nearly ever diocese
held in the name of the bishop and
The archbishop and these prelates are
liable to their last cent for debts con-
uacted. it has appeared in near
j. all cases. too, that a high rate of in
terest is asked for money loaned on
church property, which, to all in
tents and purposes, is as safe as gov
eminent bonds. Mr.. Morgan-and |
doubtless there are others of like mind !
would like to control this immense |
fund. They would pay three or four
per cent for endowment funds and |
give absolutely safe security. On the |
other hand they would lend money at |
Two or three per cent; a PROPOSE |
ton which looks tempting, especially /
in this vicinity, where many pastors |
are paying five and six per cent, and |
some of them compound interest, on |
their Indebtedness.
such arrangements as Mr. Morgan
proposes are common in Europe and |
have been found eminently successful.
i would give prelates opportunity TO
make necessary improvements on
their holdings without burdening
themselves with too heavy a debt.
It is needless to say that Mr.. Morgan
scheme without opposition. How
ever willing the bishops and arch
bishops may be, they.-MHl have local
interests 10 consider. The, bankers
and real estate men of the great cities
viii fight Mr.. Morgan's proposed cur
ailment of their prerogatives. Still
{ viii he a tremendous advantage TO
he church authorities to know that
they can get money at low rates of
interest, when local resources fail
hem.
Developments in the Waggaman case
ire slow enough to test the qualities of
lob. One of the most serious aspects
IF the case came to light last week
when Mr.. Waggaman was made the {
defendant in suit brought by the
little Sisters of the Poor in behalf of !
wo pensioners now in the home for the ]
udigent poor. The case is one of the /
most pathetic in connection with the
Naggaman failure and is being dis {
used in connection with rumors that I
,lr Waggaman is liable to be subjected 5
u any time to criminal prosecution.
Another significant episode occurred !
I'D Wednesday Of last week when John !
}idout, the legal adviser of Mr.. Wag- :
4man and his associates in many real :
state deals, was made the defendant :
% bankruptcy proceedings instituted ;
y number of people who are joint
ufferers in the Waggaman failure.
The whole affair promises to drag its
.eaTy length through four or five
ears, unless some man of large re-
ources takes up the entire debt with
lew to holding the property involved /
NTH he can make it pay for his trouble
nd risk. Unless Mr. Morgan is that
cam. he has not yet appeared above
he horizon. |