The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-06-26
THE AMOUNT FOR WHICH C0MM0-
DORE O. K. GARRISON. OF NEW
YORK, FAILED YESTERDAY.
Causes of tho Disaster Which
Has Again Unsettled Wall
Street.
How Garrison, Companion of
Gould, Made His Fortune
and His Anticedents.
Another Heavy Failure at St
Louis, and a Cotton March
out in Mobile.

New YORK, June 20.-Cornelius K
Garrison has assigned to John 7
Terry; preferences 1851 600. Commo
dore q. X Garrison, who made assign
ment, is well known as formerl,
deeply interested in the Pacific mail
New Orleans and West India shil
lines. He is the largest stakeholder il
the profitable gas companies in thi.
city, st. Louis, New Orleans and othel
large cities. He was principal owner
in the Missouri Pacific railway, but
sold out few years ago to Jay Gould
lie has been interested with the latter
IN numerous railroad schemes, anC
was formerly resident of st. Louis
lie made the bulk of his fortune prior
to the rebellion.
q. K. Garrison's preferences are
Bank of California, $4,000; Bank OF
New York and National Bankers as
ISOLATION, 100000; United States
Trust Co., 100000.
T. w. Pearsan & Co., $4,000 In
notes; E. Ames 81 Moore, $4,000;
Michigan Car Co., $4,000; Mason
Manufacturing Co., $4,000; Mason
Machine Works, $14,850; Carengan
Bros. $4,000; Danwood State Iron
Co, 81, 744; Danworth Co., 81, $50; sun
dries, $4,000. The assignment was
made to Jne. T.. Terry, of Ed. Morgan
q Co.
Some of the schedules of Commo-
!. dore Garrison's indebtedness have
Pearsau u Co. among preferred credi
tors for $4,000. The firm states that
Garrison does not owe them anything.
They lent him $4,000 for other par
ties, who have ample collateral up to
secure the loan.
Melville G. Day, counsel for CARR
son, says: The assignment is made
because of financial embarrassment.
1t was forced upon Garrison by pro-
test of notes, under his endorsement,
yesterday. He is heavy holder of
securities, and so much of his wealth
tied up in those which are almost I'M
marketable at present, that he could
not meet his liabilities at present.
He has large number of Ohio rail-
way securities, which have shrunk,
but which are not now on the market,
and the value of which cannot be es-
timated. The assignment is simply
for the benefit of the creditors.
The amount involved by the failure
of Garrison, it is supposed, will be
probably $5,OOOOOO. Preferences
amount to 1851, 900. Assignee Terry
said it was impossible yet to state the
figures. The effect on Wall street
was still more to unsettle things,
though not to so great an extent as
was feared.
1t Is said Garrison was not very
largely interested in stocks, his fam
cy being for gas stocks and outside
specialties.
Stocks fell off 1 to 2 points but no
failures are reported. A prominent
banker said: "The effect of the failure,
coming as it does now, will naturally
unsettle things, and, in fact, stocks can
not go any lower without hitting
and hurting 6pme one. think the
failure good thing rather than
otherwise, for it distributes a large
amount OF money among many differ
ent people. Men like Vanderbilt and
Garrison do not stop at the accumula-
ton of two, three or five millions, but
they run it up to 100000 and
$20O00,O00. and the distribution of
su h large amounts will benefit the
people. 1t is limited in Wall Street
that should a decision in the Maria
Garrison case be adverse to Mr.. Gar
rison, the assignment made just at
this time, might save him considerable
future loss.