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Here are excerpts from the 1912 Catholic Encyclopedia analysis of the question:
The prevailing view at the present among Protestant scholars and not a few Catholics, in America and England as well as in Germany, is that St. Mark’s Gospel is prior to St. Matthew’s, and used in it as well as in St. Luke’s. Thus Gigot writes: “The Gospel according to Mark was written first and utilized by the other two Synoptics” (“The New York Review”, Sept.-Dec., 1907). So too Bacon, Yale Divinity School: “It appears that the narrative material of Matthew is simply that of Mark transferred to form a framework for the masses of discourse” . . . “We find here positive proof of dependence by our Matthew on our Mark” (Introd. to the N.T., 1905, 186-89). Allen, art. “Matthew” in “The International Critical Commentary”, speaks of the priority of the Second to the other two Synoptic Gospels as “the one solid result of literary criticism”; and Burkitt in “The Gospel History” (1907), 37, writes: “We are bound to conclude that Mark contains the whole of a document which Matthew and Luke have independently used, and, further, that Mark contains very little else beside. This conclusion is extremely important; it is the one solid contribution made by the scholarship of the nineteenth century towards the solution of the Synoptic Problem”.
It may possibly be that the solution of the peculiar relations between Matthew and Mark is to be found neither in the dependence of both upon oral tradition nor in the dependence of either upon the other, but in the use by one or both of previous documents. If we may suppose, and Luke 1:1, gives ground for the supposition, that Matthew had access to a document written probably in Aramaic, embodying the Petrine tradition, he may have combined with it one or more other documents, containing chiefly Christ’s discourses, to form his Aramaic Gospel. But the same Petrine tradition, perhaps in a Greek form, might have been known to Mark also; for the early authorities hardly oblige us to hold that he made no use of pre-existing documents. Papias (apud Eus., Church History III.39) speaks of him as writing down some things as he remembered them, and if Clement of Alexandria (ap. Eus., Church History VI.14) represents the Romans as thinking that he could write everything from memory, it does not at all follow that he did. Let us suppose, then, that Matthew embodied the Petrine tradition in his Aramaic Gospel, and that Mark afterwards used it or rather a Greek form of it somewhat different, combining with it reminiscences of Peter’s discourses. If, in addition to this, we suppose the Greek translator of Matthew to have made use of our present Mark for his phraseology, we have quite a possible means of accounting for the similarities and dissimilarities of our first two Gospels, and we are free at the same time to accept the traditional view in regard to the priority of Matthew. Luke might then be held to have used our present Mark or perhaps an earlier form of the Petrine tradition, combining with it a source or sources which it does not belong to the present article to consider.
Of course the existence of early documents, such as are here supposed, cannot be directly proved, unless the spade should chance to disclose them; but it is not at all improbable. It is reasonable to think that not many years elapsed after Christ’s death before attempts were made to put into written form some account of His words and works. Luke tells us that many such attempts had been made before he wrote; and it needs no effort to believe that the Petrine form of the Gospel had been committed to writing before the Apostles separated; that it disappeared afterwards would not be wonderful, seeing that it was embodied in the Gospels. It is hardly necessary to add that the use of earlier documents by an inspired writer is quite intelligible. Grace does not dispense with nature nor, as a rule, inspiration with ordinary, natural means.
There is no reason, therefore, why Catholics should be timid about admitting, if necessary, the dependence of the inspired evangelists upon earlier documents, and, in view of the difficulties against the other theories, it is well to bear this possibility in mind in attempting to account for the puzzling relations of Mark to the other two synoptists.
The prevailing view at the present among Protestant scholars and not a few Catholics, in America and England as well as in Germany, is that St. Mark’s Gospel is prior to St. Matthew’s, and used in it as well as in St. Luke’s. Thus Gigot writes: “The Gospel according to Mark was written first and utilized by the other two Synoptics” (“The New York Review”, Sept.-Dec., 1907). So too Bacon, Yale Divinity School: “It appears that the narrative material of Matthew is simply that of Mark transferred to form a framework for the masses of discourse” . . . “We find here positive proof of dependence by our Matthew on our Mark” (Introd. to the N.T., 1905, 186-89). Allen, art. “Matthew” in “The International Critical Commentary”, speaks of the priority of the Second to the other two Synoptic Gospels as “the one solid result of literary criticism”; and Burkitt in “The Gospel History” (1907), 37, writes: “We are bound to conclude that Mark contains the whole of a document which Matthew and Luke have independently used, and, further, that Mark contains very little else beside. This conclusion is extremely important; it is the one solid contribution made by the scholarship of the nineteenth century towards the solution of the Synoptic Problem”.
It may possibly be that the solution of the peculiar relations between Matthew and Mark is to be found neither in the dependence of both upon oral tradition nor in the dependence of either upon the other, but in the use by one or both of previous documents. If we may suppose, and Luke 1:1, gives ground for the supposition, that Matthew had access to a document written probably in Aramaic, embodying the Petrine tradition, he may have combined with it one or more other documents, containing chiefly Christ’s discourses, to form his Aramaic Gospel. But the same Petrine tradition, perhaps in a Greek form, might have been known to Mark also; for the early authorities hardly oblige us to hold that he made no use of pre-existing documents. Papias (apud Eus., Church History III.39) speaks of him as writing down some things as he remembered them, and if Clement of Alexandria (ap. Eus., Church History VI.14) represents the Romans as thinking that he could write everything from memory, it does not at all follow that he did. Let us suppose, then, that Matthew embodied the Petrine tradition in his Aramaic Gospel, and that Mark afterwards used it or rather a Greek form of it somewhat different, combining with it reminiscences of Peter’s discourses. If, in addition to this, we suppose the Greek translator of Matthew to have made use of our present Mark for his phraseology, we have quite a possible means of accounting for the similarities and dissimilarities of our first two Gospels, and we are free at the same time to accept the traditional view in regard to the priority of Matthew. Luke might then be held to have used our present Mark or perhaps an earlier form of the Petrine tradition, combining with it a source or sources which it does not belong to the present article to consider.
Of course the existence of early documents, such as are here supposed, cannot be directly proved, unless the spade should chance to disclose them; but it is not at all improbable. It is reasonable to think that not many years elapsed after Christ’s death before attempts were made to put into written form some account of His words and works. Luke tells us that many such attempts had been made before he wrote; and it needs no effort to believe that the Petrine form of the Gospel had been committed to writing before the Apostles separated; that it disappeared afterwards would not be wonderful, seeing that it was embodied in the Gospels. It is hardly necessary to add that the use of earlier documents by an inspired writer is quite intelligible. Grace does not dispense with nature nor, as a rule, inspiration with ordinary, natural means.
There is no reason, therefore, why Catholics should be timid about admitting, if necessary, the dependence of the inspired evangelists upon earlier documents, and, in view of the difficulties against the other theories, it is well to bear this possibility in mind in attempting to account for the puzzling relations of Mark to the other two synoptists.