St. Paul daily globe., 1893-04-19
Reasons for the Remarka-
bic Self Destruction Of
Horace O'Donoghue.
He Left Behind a Large
Amount OF AccommOda- :
tion Paper.
Chicago Publishing Houses
Wrecked by His Finan-
cial Operations.
Two Corporations and a Bank
at Lansing, Mich, in
Trouble.

CHICAGO, April. 1S.-The remarkable
suicide of wealthy Horace O'DonogEue,
supposed to be due solely to q sudden
insane impulse on hearing his wife
read an account of the death of Elliott
f. Shepard, was revealed today as prob
ably the result of large financial embar-
easements, involving number OF Chi
cago publishing houses. ODonoghue
was standing before a mirror, and,
while his wife was intently reading,
picked up a razor and practically be-
headed himself. The general impress
sion at the time of O'DonOghue'S death
was that he was in easy circumstances.
The failures last week of ii. j. Smith
& Co., subscription book publishers;
of the Melbourne Publishing COM
pany, whose specially was in re-
prints, and the Nile Smith Publishing
company, who were giving their atten-
tion to getting out translatlons from the
French. have. it is said, put different
face on O'Donoghue's affair. Both the
Chicago and Philadelphia houses of H..
j. Smith q Co. confessed Judgment.
The firms of Charles ii. Sergel Il Co.,
F. j. Schultz & Co. and the Nile Pub
fishing company are also involved. but
are making arrangements for financial
assistance which will enable them to
continue. 1t is also the intention of IL.
J. Smith to organize new company, Of
which he will be manager, and i'll
which, it is said, w. B. COnkey will
figure.
The relations of these firms to O'Don-
Oghue is explained as follows: ODOn-
oghue printed and bound their books.
He did tirst-class work, was
A Very Amiable Man
to do business with. and when it came
TO settlements, was found to be most ac-
commodating. Cash was no OBJECT to
him, his customers notes were just as
acceptable, and in fact just as useful,
since the banks were willing to carry a
large amount of paper with his indorSe-
ment. This fact was the cause of the
complications; for time came when
O'Donoghue needed quite sum OF
money, and how easy it was to ask these
customers of his, whom he had repeat
edly assisted, for accommodation
notes." He got them, as a matter of
course, and in amounts twice aud thrice
the size of their indebtedness to him.
One of them is reported to have said
that he would have trusted O'Don-
oghue for more than he would the First
National bank" There was friendship
between him and his customers, and
there was confidence in his financial
responsibility which nothing could shake
nothing except what did happen.
The total amount of these accOmmOda-
tion notes is said to be from $4,000 to
100000, but even with this heavy load
upon him, others in the same line of
business say he could have pulled
through, and might have done so but
for the worry incident to this large in
debtedness. secured on personal rela-
tionships, and the temporary mental
arrangement caused thereby. These
notes were coming due. lie could not
pay them. Neither could he face his
friends and tell them of his failure. 1t
is believed that O'Donogbue'S estate
will be found sufficient to take care of
all of the Indebtedness i'll time, but the
demands of the banks upon these in
dorSers of accommodation notes"
which he flOated, is making the best of
them Squirm. He had real estate valued
at about 100000. on which there is
about 100000 incumbrance. His mother
has dover right in one-third of this,
and his widow in one-third of the re-
mainder. His printing and binding
plant is worth about Sl5O,0O0.