The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1877-01-21
Il NOBLE EXAMPLE.
THE BOSTON Pilots PRoPRIEToRs PAYING
PATRICK DONAHoE's DEBTS.


! PATRICK DoNAHoE's DEBTS.
Patrick Donahoe." says New York paper.
1.-THE Boston publisher. who failed about year
ago, owed nearly 500 600 to depositors in the
savings bank which was one of his business
enterprises. Donshoe's paper. this Pilot, was
bought by it's editor, Mr.. John Boyle O'Reilly,
in connection with Archbishop Williams.
Although in way legally or morally respon
sible for the Losses suffered by MIR. Donahoe's
depositors, the new proprietors of the Pilot
assumed the debt. Mr.. O'Reilly has so man
aged the finances of the paper that he is now
able to declare first dividend Of ten per
cent to the depositois. The course of the new
owners off the Pilot is SO honorable, and, un-
fortunately, 80 unusual, that We notice it here"
The statement in the last number of the
Pilot is as follows:
Seven months ago. when the present
pJoprietoIs of the Pilot purchased the pa
per from the creditors of Mr.. Patrick Dom
ahOe, they announced their intention to
pay, if possible, the poor Gep0sitors who
had lost their savings through the failure
of Mr.. Donahoe's bank. The amount of
the depositor's lOss was large-some S74.
O00-and the suffering of those who were
deprived of their whole savings was little
short of a calamity. 10 view of these facts.
and Trusting to the continued success of
the Pilot, the new prOprietors made their
voluntary and conditional promise.
We are glad to announce to day, thank 8
to the splendid support and sympathy of
our readers, that the first instalment for
the depositors will coon be ready.
Next week we will announce the day
dividend of ten per cent. on the amount
lost, to all the depositOrs.
sum of ten per cent. has already been
paid to the depositors from the remnants
of the bankrupt estate and in a few weeks
a final dividend from the same soal CO, of
about six per cent, will be paid by the as
signees. So that, when the Pilot pays this
first instalment of ten per cent, the de-
pOstoIs, in little more than half year
from the crash, will have received back
twenty six per cent. of their entire loss.
The estate of Mr.. Donahoe having now
been completely disposed of, there still re-
mains a total loss to the depositors of
fifty six thousand doilars-a terrible loss
to hardworking men and women and friend
less girls, especially in the face of the
stagnation of business and general hard
times.
This amount the proprietors of the Pilot
propose to pay, if the success of the paper
warrants the onerous undertaking. 1t must
voluntary one, which they may withdraw
at will, and which must depend entirely on
the success of the paper. They bought the
Pilot under no restrictions or conditions
whatever, paying for it to its owners-the
creditors of Mr. DoDahoe-the highest
price offered. To relieve the suffering of
the unfortunate people who lost their all,
and to save from reproach the name of Mr..
Patrick Donahoe, a man who deserved
we'll of his people-were and shall continue
to be, until circumstances change, the mo-
tives of the proprietors of the Pilot. Their
work speaks for itself, spite ofSdoubt or
misrepresentation.
We tender our sincere gratitude to our
subscribers and readers throughout the
United States and CasaGa for their IN
equelled support. In the years before us
we hope to make the Pilot ali that u paper
should be to represent the important Irish
and Catholic element on this continent.
We ask those of our readers who may at
any time differ with US, to have confidence
in our purpose, and to state their views of
the question in our columns. This is how
a paper and a people grow in unity and
fair miG dedness; this ia how the good
will and intelligence of the few may be
spread for the Improvement of the many.
The Pilot will never refuee attention or
publication TO any sincere expression of it's
readers opinion. IL will never be wifnlly
at fault in anything touching the good name
and fame of it's people and while we
mean to give our readers the full worth OF
their money in a good weekly newspaper,
Pilot to know that they are co operating
with us in a work that, If, successfully
carried out, will never bring the blush OF
shame to the cheek of an lrishman or Ca
;hohc in America.