Seven months later, on Oct. 29, the stock market crashed. The diocese waited to receive Holy Family’s 1929 financial statement before replying to their April request.
In its Feb. 5, 1930 response, the diocese noted that the parish surplus for 1929 was only $2,000, after making payments to service its current debt. The parish would need to generate surplus revenue of about $15,000 annually to service the two loans. Under the present circumstances – the Great Depression was wrecking havoc – “I think and suggest: you had better wait a few years before completing your church,” the official wrote.
It was timely and prudent advice. As the worldwide economic crisis tightened its grip – creating mass unemployment, food and housing shortages – Holy Family and most other parishes took an economic hit, while doing what it could to alleviate the suffering of their parishioners and neighbours.
For the next decade, the parish surplus – after servicing its first debt – averaged less than $2,000 annually, far below the $8,000 needed to service a second debt.
Providentially, construction of Holy Family School was already underway when the stock market crashed. Fr. Ryan presided at the blessing of the school in April 1930