The Archdiocesan Bank Fails

After operating for approximately 40 years and being run by Father Edward Purcell, the archdiocesan bank fails. This financial devastation affects not only the archdiocese but also the laity who deposited their life savings into the bank. Efforts are made to raise the money needed to return money to the depositors, but the archdiocese is only able to give them a fraction of their money. The seminary closes and does not reopen until 1887. Archbishop Purcell resigns, and Bishop William Elder takes over administrative duties.