The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1876-02-13
MR.. DONAHOES BUSINESS DIFFICCL-
TIES
, Boston Eliot |

Boston Pilot
1t will bring heartfelt regret to thou
sands and hundreds Of thousands in this
and other countries to hear that Mr.. Pat.
rick Donahoe, proprietor of the Pilot, lie
in the midst of grave financial difiicpiries
For years past-since the great IRE of Boa
ton, in lS72-Mr. Dopahoe has been carry
ing mountain Of debt and trouble. Since
that time, nearly every circumstance has
been full of misfortune. Blow after blow
has fallen upon his head. Still he hoped
and struggled 20 preserve from stain, as be
deemed it, of failure, the honorable name
he had ear cd by along life of earnest en-
deavor.
But accumulated misfortunes grew too
heavy. Within one month, in 1872. hls
burned out three times. The collapse OF
insurance. companies after the first great
fire left him partially unprotected against
the two following. In the day of his pros
perity, just before the fire, he endorsed
heavily for man whom he trusted as a
friend. While trying to recover from the
flames, the friend failed, and those en-
dorsed potes were presented for payment,
amounting with accrued interest, to the
disastrous sum of $l7O, 900.
At that time MIR. Donahoe should, per-
haps, have called meeting of his creditors
and arranged settlement. The whole
country knew Of his continued losses, and
" tssA btS CuOi 70 "a 40
cover. But, lac thought, the clouds must
soon pass. He had the full confidence of
all who knew him. He determined that he
would not fail He collected his creditors
about two years ago, and laid his affairs
before them. His business was fourishing
in every department. His paper-the
Pilot standing on it's forty ears of hon
est record, was more prosperous and influ
entail than ever. He asked his creditors
for Tune, which they willingly granted,
aud he promised to pay them, at stated in
intervals, every dollar he owed.
Again he set his face to the work. He
Left the large house in which he had lived
ty to a small residence. He cut down
his personal and family expenses to the
last penny. HIS house in Boston he leased
to strangers. He tried 20 put his entire
real estate-which four years before would
have covered all his indebtedness-into the
market, but found that business depression
had just begun, and that he would have to
sell at great loss. Hoping for better
times, he held on to the property. In his
business, he devoted every dollar received
to one object-the payment of his debte-
including the terrible burden of the en-
dOrsed notes.
During the past year there has been no
relief. Business depression became gen.
eral. The strongest names in the couRtry
felt it's weight. Every month decreased
the value of his real property, until the
shrinkage at last reached the mortgage.
Such is the state of the case at present.
Mr.. Douahoe is now in debt to the extent
of $500, 900, part of which is due to people
who deposited money at interest in his
hande.>
In other years such debt would not be
ruinous. But his creditors think he will
not be able to carry the load. At a meeting
last week, they concluded that his affairs
must pass through bankruptcy. This may
or may not eventuate.