, 1876-04-10
PATRICK DONAIfOES FALL.


prIctor---Cnreicss business Tanblts
mud thu tsoston Flrcn DO the Work.
coYrtsp onaenes Htr yesk 7tn1es.
Dosros. April IA few weolis ago modest !
paragraph appeared In Tho dailr papers annoupc-
iog that Patrick Donal1Io, proprietor and pub /
lsl,er OF tho 1.oaton Pilot, was somewhat c.nbar-
RAISED, and found 1t necessary to 50 into volun-
larry bankruptcy. The u.moAt sympathy was
extended, and tho hope expressed that his
affairs would soon bo adjusted na.iefactoriiy.
Ono or two mcetlpga Of hia creditors woso held,
nont. and beyond this the public know nothing.
Fire gears ago there was not o mao tn this
c.y wt,oae credit or condition was better than
patr,ck Donahoo's. lie vas then tho owner Ut
magnificent granite block OH ffantlin street g.;
ho uas tho proprietor Of paper wloso Income
trade from which he derived psotlts not much
bolow that figure. Ifo was the a5snt, for tho
IrIsh people, Of two or three lihes Of steam
era. aud negotiated foreign exchange, ,a1aftss
which swcled tho profits Of his bnsl.less to
nearly 100000 i year. Ae established
the Em!grani Savings Bank became i.s rfest.
dens and gave Il wastssss o. o , POI
tho poor of his race. Through his influence aud
e1crtion magnificent Orphan AK,lu1n waa
built md thoro the destitute children Of The
| Catholic people OF Boston were cared for and
| educated. III word, Patrick Donatoe vas the
| apoatle Of tho 1rHh people OF America. To-day
| hia creditors nra offered 20 contn on the dollar
for their money, and Patrick Donahoo is almost
bankrupt iu fame as he IL in name. Ills dotts
amount to over s39O, 900, and his business il su
pertnteuded BY ShoriIf.
Tie causes aro mauy. but thoy all centre in
| onc-carelosHnoss aud want Of method ln admin
istratlon. Wlito prosperity lavialcd l.ar tayorB
on Patrick Donahoo ho had little clio to do tlIRn
! tit In his oflco md count bis money. II cnmo
in from all parts Of tho world and from all im-
aRinablo SOURCES but when advcrftty put In al
appearance whom shrewd aud careful liuaneiot-
ing was demanded, then he WAS found wanting.
Tho fret blow ho received from tho great fro Of
| 1872. His elegant business establishment was laid
IN ruins. hR preeses. plaios. and othor mach!r'
cry wero melted into shapecaa masses, aud Ills
stock OF publications. fed the tla1neB until not
dollars worth OF rnrer remained whole. A few
wceks later he WAS burned out again, lo having
in tho block Of Hand. Ayerv 4 Co., printers;
| and tho third time In Washington street, 1n tho
fro Of May. 1873. But, after Ill these teEeznes,
| tho Catholic people Of tho country came to hla
reBcuo; they subscribed for tho Pilot for five,
ton and fifteen years, and moncy came In more
freely than before, lie built a handsome block
On Doslston etscet, and there Tho people bo-
| loved lle wns again firmly established.
These nre tho causes na theY appear to tho
world. bnt there are other and moro serious rca-
sonB for bs fall Boon nfteg tho establishment
AZ tho height Of its prosperity, 9hcre was
|
who hnd cngineored tho charter through the
Legislature. md who was rewarded witt, tue
caro- Of ita Treasury, resigned, aud tho nsma
Of It's President also disappeared from tho
list. No QUO outade Of thu management
was enlightened as 10 the calAn nf tho
change. aud fcw cared to inquire. Cliarlcs /:
Donnelly. q prominent 1r!ah lawyor, succeeded
Patrick kDonahoe mud the institution iiotriabed 81
as OF old. and !s oow ono OF tho Houndcht banks
In Boston. Following this came tho announce
ment that 9l70,000 Of paper tndorsed by Mr:
Donalioo for Capt. Finottl. formerly connected
nos nho Sas Iese1 aad ess lad
epent big tlmo and money IN experimenting ana
speculation and could not pay' ana 70
tho burden fell on tue ot!er inuossor. IoF thls
debt an estate In 1rooktho vas tfanierfed 70
The I,1ot. under tue skilsful nnnsgomcht o.
john Doylo Uheiliv. was maaing money. aha 1t
WAS believed inns tho estao'!sh'nent Wanlu "ht-
stand tho ahock. III ORDER 10 meet h's hun1et-
gus enEagenaents, 90 ,ie1t ho'd hla land ou
Franklin stteet Tor <s6.5d per foot. when it was
hliown thas estates around it had brought al
high as s4a: =, ~. ..
Now come to Peculiar pl,nh. o. t!'e chFc'
which. bellove, has 20 parable! IN l1iator3'
About two. years ngo Ms lonahoo called
meeting Ct hts largest creditors u end sskoa fos o.
oponcd private banking.houso in opposition;
10 tho EmiErant GavihGs Bank, Which he !lats
founded. 80 Tar as can find on strlet inquiry,
he had no 1iconHe and 10 legal authority loF
LUIS PFocst'hGh' Luz l'upne Al'e" uo.nIE ~
tho new banEtug-llouse; thcrc was no ndEcr-
tiscmcnt, but tho business was quietly t1hn4"
acted. I cannot f1nd ont what the ratio Of ILL.,
tercst was, or whether there Was hny, tr
slieshor tho Institution Was TO DO Of tho nature
Of q bank or a deposit vault. But tho money cafno
IN. It camo from tho poor Irish people OF the
country ia sums ranging from rs 10 81 l,oA'
! It WAS left With him for eafe'kcep1uE, md. his
integrity being OF such high onler, tl1cle
was no fear. To-day the total amonlt
Of such depossta appears on the pub
liBhod list at tho enormous figure Of s730o0 );
aud on this \ dividend or compromise
Is offered At tho ratio of 90 pcr cent. Among
tons, convonta, lsborers, soryapts, waahut-
women, mechanics, aud all grades Of the hard
working unfortunate Irish immigrants. This
money WAS Invested ~ Hoon a. received, not for
the benett Of the denonitofa. but for tho honol
ot the custodian. It was tired 10 pay tho enor-
! luous interest account which bad accumulated
Oh loaus, mortgages, aud securities Of various