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Show -1 . ; ; ; FINANCIAL CONDITION OF CATHOLIC UNIVERSITY ' Washington, Xov. 20. In accordance with an understanding reached at the recent meeting of the board of trustees of the Catholic university. Cardinal Car-dinal Gibbons today gave to the pres the following oflicial letter addressed to the Catholic clergy: ''Cardinal's Kesidonee, Baltimore, Xov. IT. Kight Kev. Dear Sir: The board of trustees of the Catholic university of America, at their meeting April 14. .T.IOI, unanimously adopted the following resolution : "'Resolved, That his eminence the chancellor of the Catholic university of America, be required to write and to send to the hierarchy of the United Slates one month before the first Sunday of Advent, 1WH, a letter of thanks for the interest taken in the collection of the university in 1903, and asking them to kindly keep up their generous solicitude for this worthy object by recommending it to the reverend clergy and the 'laity of their respective jurisdictions jurisdic-tions $105,051 Contributed. "In pursuance of this action of the trustees I desire to state that, the contributions received from seventy-six dioceses amounted to $U,a,0.'"1. This generous response of our clergy and people to the express wish of the sovereign pontiff Is an evidence both of cheerful obedience to the holy see and of generous devotion to their past orders. "It is gratifying and encouraging to the trustees trus-tees that so widespread an interest in the United States should be manifested in the welfare of the university which embodies the highest form of Catholic learning ami is the most important undertaking under-taking of the hierarchy in view of the general good. 'Tn tho name of the trustees as in my own. I tender you, your clergy and your people grateful acknowledgment for the share you have taken in 1 he furtherance of this great work. "With the collection and with donations from various sources, the receipts of the university for last year, apart from its regular income, amounted to $1. ".(.( i!. Of these funds, fttiS.T-b". was employed in the payment of debts, $50,00 was invested, and ihe remainder was u-ed to meet current expenses. As a result there was no deficit, last year, nor is there at present any floating debt. ' Investment of $100,000. '' "The amount donated by the Knights of Columbus Colum-bus and not included in the receipts mentioned above was $."0.000. This was also invested, making a total investment of $100,000. The funds were placed for investment in the hands of the finance committee appointed last year (1J)U:) and composed of gentlemen who enjoy the highest re putation for .integrity and business ability. ' The" en tire amount, therefore, resulting from the collection, is absolutely abso-lutely 'free from the complications and risks to which, as you doubtless have learned through the press, the general endowment of the university has recently been exposed. 1 ''Regarding the . actual situation 1 . deem it my duty to inform you that the funds hitherto handled by the treasurer of the university aggregate $881.-000. $881.-000. The disposal of these funds. In no way involves in-volves ihe property of ihe university, its lands., buildings or equipment. Tho funds themselves arc prelected by securities which it is confidently believed be-lieved will, in any equitable settlement; insure the university against serious losses. Revenues Not .Sufficient. "On the other hand, pending the final adjustment adjust-ment of all claims now in litigation, the university is in a large measure deprived of the revenues which have heretofore been available for its work. This is the more regrettable at the present time when the university should be so strengthened and developed as to attract our Catholic young men and withdraw them from non-Catholic institutions. With the utmost ut-most economy as now practiced in every department, depart-ment, the income is not sufficient for the necessary expenses. "The foregoing statement will naturally suggest a variety of reflections ; but what is really needed , just now is practical sympathy and generous cooperation. co-operation. This, I am happy to say, has been shown by the trustees and by friends of the university. uni-versity. "The amounts which they have guaranteed, together to-gether with the next annual collection, which, it is hoped, will equal if not exceed that of last year, will enable us to invest a considerable amount after all our current expenses are paid. Moreover, a system sys-tem of financial administration has already been adopted that for the future will render the management. manage-ment. of the fundsabs;olutely secure. .With the as-' sistancc of the hierarchy in the manner indicated by the holy father we feel confident that the university uni-versity will be placed on a sound financial basis. . i'J Should Aid Liberally. "In justice to those who. as individuals or as associations, have endowed the university, we should see that its work is continued. Our Catholic Cath-olic people. I sincerely believe, will aid liberally in supporting an institution founded by the American episcopate for ihe common good of the clergy and laity in all our dioceses. "To our non-Catholic fellow citizens, our united efforts in behalf of the university under any circumstances cir-cumstances will plainly show that wo have at heart, the best interests of education and that wc are not to be thwartfjt'by difficulties. "As I am prepared to do all in my power to build up the university and determined to guarantee guaran-tee it againsall loss, even at the sacrifice of all 1 possess, I feel assured that, you and your clergy will aid this "sacred cause by an earnest appeal to he generosity of the people under your charge, and by personal sympathy for the work to which this collection is applied. "The holy father, in his letter on the subject last vear, directed that this annual colli t ion be, taken up on first Sunday of Advent or on the first convenient Sunday thereafter. "JAMF.S CARD. GIBROXS, "Chancellor of the Catholic University of America." |