Peter McCarthy

Peter McCarthy (24 November 1845 – 29 May 1919) was an American manufacturer, businessman and philanthropist from Troy, New York.

Biography

Early life

Peter McCarthy was born in Troy, New York, on November 24, 1845, to Catholic Irish immigrants Florence McCarthy and Mary Crowley. McCarthy grew up poor. When he returned to Troy, New York, Peter and his brother Charles McCarthy founded C. & P. McCarthy and began trading in waste, rags, wool and cotton. C. & P. McCarthy was located on Riverstreet.

Marriage and personal life

On April 22, 1879, McCarthy married Julia F. Haley of Troy. They had ten children. McCarthy was also a member of the Catholic Club of New York The company obtained scraps from the local mills and processed them into new materials It was incorporated in February 1883. He served as president of the Troy Waste Manufacturing Company He was treasurer of the Troy Knitting Company. In addition to dealing paper, wool, and cotton waste, Troy Waste Co. began manufacturing shoddies and cotton batting.

Railroads and other business ventures

After his success with the Troy Waste Manufacturing Company, he began to branch out into the Railroad industry. He served as director for the Hudson Valley Railroad, Troy and Cohoes Railroad Company, Columbus, Marion and Bucyrus Railroad Company, and the Lansingburgh and Cohoes Railroad. By 1900 he was director for the Troy Gas Light Company, National State Bank of Troy, International Pulp Company, Troy and West Troy Bridge Company, and Federal Signal Company. He was vice-president of the Troy Trust Company.

The McCarthy Building

In 1883 he built the McCarthy Building. It was destroyed by a fire in 1903, and he rebuilt the current McCarthy Building in the Central Troy Historic District in 1904.

Philanthropy and the McCarthy Charities Inc.

McCarthy was a philanthropist and contributor to many charities in Troy, particularly to organizations focused on orphans and the poor. He built the Seton Day Home run by the Sisters of Charity and the McCarthy Memorial Chapel. He was a notable benefactor of Saint Peter's Parish of Troy. In 1917, two years before his death, he founded and endowed the McCarthy Charities, Incorporated to be a lasting fund.

Legacy

The McCarthy Charities, Incorporated is a family foundation focused on improving the quality of life in Rensselaer County, especially in education, social services and housing. It is operated today by a Board of Directors composed of Peter McCarthy's direct descendants.