, 1884-06-21
GARRISON GOES UP.
The Commodore Gives Up the
Sinking Ship.
Half a Million is the Amount
Involved.
Protested Notes are the Cause
Of the Collapse.
Commodore Garrison Assigns.

New YoRK, June 20.-Cernelius X.
Garrison to-day filed an assignment in the
County Clerks Office to John |. Terry;
preferences S31 900. The details of the
assignment provides for the payment of
a certain sum to .Letitia w. Garrison and
sums to his lawyers; also to pay George
X. Forest his indebtedness for the man
agement of the affairs, The remainder
is due on notes secured by stock, bonds
and reality.
Melville @. Day, counsel for Garrison,
says; The assignment is made because
of financial embarrassment. 1t was forced
upon Garrison by a protest of notes under
his endorsement, yesterday. He is a
heavy holder of securities and so much of
his wealth is tied up in these which are al.
most unmarketable at present, that he
could not meet his liabilities. He has a
large number of Ohio railroad securities
which have shrunk but are now on market
the value of which cannot be estimated.
The assignment is simply for the benefit
of creditors.
The amount involved by the failure of
Garrison is supposed to be nearly $780,
900. The preferences mount to $63l 900.
Assignee Terry said it is impossible yet to
state the figures.
The effect on Wall street was to still
more unsettle thinge, though not to SO
great an extent as was feared. 1t is said
Garrison is not very largely interested in
stocks, his fancy being for gas stocks and
outside specialties. Stocks fell off one to
three points, but no failures are reported.
A prominent broker said: The effect of
the failure, coming as it does now, will
naturally unsettle things, and, in fact,
stocks cannot go any lower without hitting
and hurting some one; | think the failure
rather a good thing, than otherwise, for
it distributes a large mount of money
among many different people, men like
Vanderbilt and Garrison do not stop at an
accumulation of two, three or five millions,
but they run it up to ten and twenty mil
lions. This is wrong, and a distribution
Of such large amounts will benefit the
people,
Commodore c.. K. Garrison, who made
an assignment to-day, is well known as
formerly deeply interested in Pacific Mail,
New Orleans and West India Steamship
lines. He is the largest stakeholder in
profitable gas companies in this city, St.
Louis, New Orleans and other large cities.
He was the principal owner of the Mis-
souri, Pacific railroad, but sold out a few
years ago to Jay Gould. He has been in
terested lately in numerous railway
schemes. He was formerly a resident of
St. Louis and made the bulk of his for
tune prior to the rebellion.
The failure OF Garrison had not much
effect upon Stock Exchange dealings, as
he was not largely interested in the stock
market. OF course, there was some slight
furry upon the first announcement of his
assignment, but no failures followed or
any anticipated in consequence thereof,
The decline in stocks cannot be said to be
entirely due to the embarrassment of Gar
rison, for there were large sales of Rock
Island, supposed to have come from Van
derbilt, which weakened the entire list.
There was no panic, and no signs thereof.