Evening star. [volume] (Washington, D.C.) 1854-1972, 1884-06-21
G0MIGDOEsE GAE,RIsoS'S FAILURE
"A >hrinknGe Of yaiues-ProscstedN etes
Forces .in 4s.ignsneat.


IS stated in yesterdays STAR. Commodore C. K.
Garrison. The wel:-khown New York capitalist,
made an assignment on account OF financial EN-
barrassnIeEts arising from tie prOtes: OF notes
under his endorsement The preferences amount
to $751; ,Gol Tie assignee. MI Terry, said yestef-
day that IL Impossible Yet FOR him 10 state tiie
figures. The effect on Wall street was
to still more uEsettle things, but Eot
To 81 great an extent a. Was reared
The assets are estimated at S15tt1Ct1 ADout Two
years ago Commodore Garrison became Interested
In building tine NhsC'lE- aid Lake hfle rdIirodd
which extends from Wheeling. West Va, TO %
ledo. Ohlo. di,taEce cf 80 h:li'S. anu Ms lEc3l-
Inent In this enterprise alhchseu 20 over soooooOG
In order to get connection WITH ittSDurg be tCOh
quarter interest in tie fitt>bHry. Cleveland and
Toledo railroad now building an! or the SSUJeGCD
In notes of that cO!nvany Row outstanding lie Is
said to be the principal endcrser. II was the pro-
test of two OF these notes. for an aggregate CT
s2uO,GG, that gave rise on thursday to reports OF
the coalInodors Insolvency lie is also interC ed
In the Wheeling and Lake Erie bridge across tie
Maumee liver at Toledo, which Is capitalized at
S6oO.CG0.
several prominent bankers and railroad men say
that the commodore has made freer use OF his
credit than he would have done when he was
younger. and that he is Incapable physically OF
tendlng To his business, and IL was advisable
that his affairs be entrusted to younger and more
capable person. It was decided at conference on
Thursday that Mr.. Terry Should assume the re-
spOnsib.lity.
Ii is reported that within very short time Mr..
Garrison endeavoreG 10 borrow several hundred
thousand dollars cash from Mr.. Gould, Judge Hill
ton and W. H. Vanderbilt. The OF his
pension was SuTFriS. 10 Wall street. and while IL
did not appear to affect any particular stock it was
evidently an Influence in the market. I'm that conf
dence received a shock III the embarrassment OF so
wealthy capitalist. So far as can be learned the
Commodore has net had an active interest in the
market for a long time, having devoted what re-
mained 10 hin OF time and energy to his railroad
schemes The principal suits against the Commo-
dOre are those OF Peter Morie ard Others 10 recover
the value OF several millions OF Missouri Pacific
railroad stock and the suit OF a contractor, who
built part Of the Wheeling and Lake Erie road, TO
recover something over 81 100000 Of the securities OF
the company, which he claims were 10 be given
him in payment for bis work. 1t was ntimated In
Wall street to-day that Mr.. GarriSOn's assignment
might not be disconnected with the possible results
OF these suits and the claims that might be brought
against him Oh account OF his Endorsements.
COMMODORE GARKIsoN's CAREER
Commodore Garrison IS about the last of that
famous generation OF business men who laid the
foundation Of New Yorks greatness. He was con-
tempOranPcus with Commodore Vanderbilt. the
Grinnells, Moses Taylor and Marshall o. Roberts.
He was born near West Point, on the Hudson,
March I. 1909 lie had the ordinary limited facili-
ties for education until he was 10, when he began
10 get work on the boats that piled on the Hudson
His mother wanted him to be architect. and
when 10 years osd he came TO New York TO study
for that profession. He studied three years and
then went To Canada and became q builder. Five
years later he went to New Orleans and engaged in
bOatbuilding, growing wealthy at it, The first
boat that he built was the Convoy, and Ralston, the
famous California banker was her first clerk. Then
Came the discovery OF gold In California, and Gar
rison at once went to Panama and opened bank
Ing house In 1852 he was offered u.s. eco year to
go 10 San Francisco and manage the affairs of the
Nicaragua steamship company and in 1853 he went
10 san Francisco He managed the company with
rare talent, and In six months mayor OF the
city. He Was good mayor, put the city's finances
day theaters organized the pubic school s. stem
founded the first school for cOiered children ever
established and divided his salary between Pro-
teStant and Catholic charities
In $780, at the age OF 81, the Commodore returned
TO New York millionaire and became one of the
foremost capitalists OF the city. When the war
broke out he put his ships at the service OF the
government and gave literally to the raising and
equipment Of troops General Buffers Ship island
expedition was almost wholly fitted out by Com
mOdOre Garrison. After the war he identified him
self largely In steamship lines and railroads and
other public schemes He was one OF the founders
OF the Peoples Gas Light company, of Chicago. He
bought real estate literally uptown in New York
anu the Use IN values added TO his great wealth.
In 1873 he married for his second wife Miss Ietita
Randall, an accomplished young lady OF st. Louis.
She was twenty-five. the Commodore sixty -nine.
His only son was W. X. Garrison. who died In 1882
from Injuries received In the accident the Long
Beach railroad at Parker'S Greek. This was terri
bic blow to the Old man. The COmmOdOre's only
daughter Is Mrs Van Auken, of New York. Com
modOre Garrison some years ago had a stroke OF
paralysis, frcin the effects OF which he has never
entirely recovered.
HIS MIND AFFECTED
The New York Herald to-day says: \ Wall street
banker who has known Commodore Garrison for
years said that notwithstanding his recent losses
In Wall street the commodore Is undoubtedly
very rich nan. "He is worth S2GONUO0O as he
Boosted yesterday, and his fortune viii not be
much depicted after paying every body. If he does
pay. think 1t hot unlikely that he will want his
creditors to accept the bonds OF that Pfttsburg
Cleveland and Peoria railroad whose misfort uneS
preclpit;;ted the cOmmodOre'S troubles. 1t will be
found that the great bulk OF the commOdOre'S for
tune has been put where creditors will not get at
IT, The poor Old commodore has been so seriously
wrecked by paralysis that even his brain rs
slightly affected. lie speaks with difficulty
Sometimes his lips move and lie cannot be under
stood TO say anything Ineligible and often he
peats over what he has said before. He Is utterly
unable 10 attend 10 business and to protect his eS-
tate. think the assignment is good idea"
The nepsRepafic