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Fall River, Mass., Thursday, Oct. 23, 1975 43 © 1975 The Anchor PRICE 15c Vo I. 19, "'· .~O. $5.00 per 'elf
La Sallette Financial Situation in Jeopardy WINDSOR Canada (NC)-The LaSalette Fathers' Immaculate Heart of Mary province is seek· ing $5 million in interest-free loans from other Catholic Religious orders to help resolve the province's financial difficulties, the provincial superior confirmed here. LaSalette Father Armand Proulx confirmed reports in thz Boston Globe and the National Catholic Reporter, an inde:-en· dent weekly published in Kansas City, Mo., that an appeal has been made to Religious orders to make the loans to help retire debts left outstanding by the collapse of an investment trust. An appeal on behalf of the province, whose headquarters are in Attleboro, Mass., has been made in a confidential letter sent to the heads of all U. S. Catholic Religious orders by Passionist Father Paul Boyle, former presi· dent of the Conference of Major Superiors of Man and now president of Stewardship Services, Inc. (SSn, an organization formed to provide information to Religious orders on financial matters. The appeal was also endorsed by Sister Barbara Thomas of the Sisters of Charity of Nazareth, Ky., president of the Leadership Conference of Women Religious. Father Boyle has begun touring the country to gain support for the LaSalette appeal and for SSJ. The appeal was accompanied by a 51·page report on the La· Salette province's financial problems and a proposed remedy. The report was prepared by SSI with the cooperation of the LaSalette Fathers. The report said that the LaSalette province's finacial problems stem from the collapse in 1970 of the St. Joseph Trust, formed in 1970 by the then La-
Salette treasurer, Father Rene Sauve. Members ot' the St. Joseph Trust, including the LaSalette Fathers, the Diocese of Reno, Nev., and several other Catholic groups, borrowed money, kept a portion of it and turned the rest over to the trust for investment purposes. The trust guaranteed to payoff the entIre interest and principal of the debts. The investments made by Father Sauve, however, most of which were in high-risk ventures in the Boston area, failed. By December 1972, the SSI reTlOrt said,the trust had debts totaling slightly more than $25 million and assets of about $1 million in stocks. The LaSalette Fathers' share of the debt, according to the report, was $10.5 million. In early 1973, the Securities and Exchange Commission (SEC) notified principals in the trust that Father Sauve's operation was in possible violation of se· curities laws. The various complaints could make the principals, including the LaSalette Fathers and the Reno diocese, liable to civil and criminal charges, the S5I report said. "But because ·of the lack of malice, the government was willing to waive prosecution providing the participants re-assumed responsibility for payment of their public debt and were able to file a guarantee to that effect. Failure or inability to comply with this condition would result in goverl1Jlllent action," the report said. . Bishops around the country aided the Reno diocese with gifts and loans of $3.5 million and the diocese has 'paid off all its debt. To pay their, share, the LaSalette Fathers undertook to sell much of their land holdings, which were assessed in 1973 at $11.5 million. Turn to Page Sixtee~
Irish Catholics Near Top In Family Income Ratings Catholic Groups Rqte High in Recent Report Jews and Irish Catholics are the most wealthy religio·ethnic groups in American society, according to an analysis just completed by the Chicago based National Opinion Research Center. Italian Catholics take third place in the, income sweepstakes and Protestant denominations and ethnic groups lag behind. The advantage of Jews and Catholics in annual family income is not a result of their being concentrated in cities in the north where incomes are higher; in these cities the advantages of the more recent arrivals over "old Amer· icans" is even greater. The study, entitled "Ethnicity, Denomination, and Ine'luality," was carried out for the Ford Foundation, under a team of researchers headed by Andrew M. Greeley. It was based on a "composite sample" of almost 18,000 Americans put together from 12 separate representative national surveys. Its purpose was to determine whether and to what extent the immigrant grou~s which have come since the Revolutionary War have been able to succeed economically and educationally through the "equality of opportunity" the American ex· periment provided them. "It is appropriate at a time when the last two hundred years are being reviewed," commented. the authors, "to ask how successful this experiment has been and why it may have succeeded." Annual income for Jews is $13,340 (in 1974 dollars), for Irish Catholics $12,426 and for
Rank Order of Denominations and Ethnic Groups In Family Income - Non Spanish Speaking Whites Only (1974 DOLLARS) Denominations and Ethnic Groups Jews (357) Irish Catholics (926) Italian Catholics (1039) German Catholics (972) Polish Catholics (544) 'Episcopalians (320) Presbyterians (649) Slavic Catholics (549) British Protestants (1867) French Catholics (415) Methodists (1535) German Protestants (972) Lutherans (1105) Scandinavian Protestants (522) "American" Protestants (2479) Irish Protestants (751) Baptists (1825)
Family Income $13,340 12,426 11,748 11,632 11,298 11,032 10,976 10,826 10,354 10,188 10,103 9,758 9,702 9,597 9,274 9,147 8,693
Italian Catholics $11,748. Ger· $125 per year more than Irish man CatooHcs with $11,632 and , Catholics. Methodist, EpiscopaPolish' Catholics with $11,298 lian and Presbyterian families in come next and t'hen in sixth these areas all earn less than the place come the highest income average annual income of Polish' Protestant group-Episcopalians Catholics which is in cities outside the South $11,436. -who el\rn $11,032 per year. The poorest white Americans Jews and Catholics also domi· are Baptists whose annual innate the educational scene with come is $8,693 and Irish Protesthe former averaging 14 years of tants who earn $9,147 per year. education and the latter 12.5 Neither the Episcopalians nor the years. Polish and Italian CathBaptists improve their relative olics have exactly the national position when rural Southern average for whites in educational areas are excluded from the analachievement-1l.1 years, hut are ysis. In metropolitan areas' in the most mobile educationally the North Jews earn an annual when compared to their parents. f.amily income of $12,988-only How6lver, among the generation under 30, both Polish and Italian Catholics have surpassed the national average in the proportion of their young people attending college; the national average is 43 per cent (for whites), for Italians it is 45 per cent, and for Poles it is 49 per cent. The Irish, 59 per cent of whose population under 30 atte'nd college, have ,been higher than the national propor.tion in college attendance since World War I. Of 'the Jewish young people under 30, 88 per cent have gone to college.
OCTOBER IS ROSARY MONTH. Erika Polet of Seattle says her rosary before a small statue of Our Lady of Fatima. October is the month traditionally dedicated to the Queen of the Holy Rosary.
The NORC team found that despite the educational and financial achievement of Catholics, there is some evidence that .they are under-represented a,t the highest levels of professional, busi· ness, and academic life. "Irish Catholics," they write, "have the best education and the best income of any gentile group in the country. StiIl, in cities in the North, British Protestants ha:ve a higher rate of occupatiqnal mobUity than do Irish Catholicst'hey get higher prestige jobs Turn to Page Four
...----1,., This Issue------------------------------------.. . New World and National News Format Page 2
Exclusive Anchor Interview With Frank Sheed Page 3
Bishop Cronin's Letter on the Bicentennial Page 4
Lebanon and the Lebanese Americans are the subjects of the editorials Page 4
TV Programs Worth Watching - A New Feature which will run Bi-Monthly Page 13