The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-06-21
TELEGRAP1H:..IC.
FIVE MILLIONS MORE.
Commodore Garrison Finds Himself
Short That Amount.
His Assets Said To Re $15,000,OO0
Toe Much Poor Railway
Paper the Cause of
the Trouble.


neiius X. Garrison has assigned to John I. |
Perry, with preferences of 1861, 900.
Commodore Garrison is well known as for |
merly deeply interested in Pacific Mail and
New Orleans & West India steamship lines.
He is the largest stockholder in profitable gas
companies in this city, st. Louis, New
Orleans, and other large cities. He was the
principal owner of the Missouri Pacific rail-
road, but sold out few years ago to Jay
Gould. He has been interested. latterly, IN
numerous railway schemes. He was formerly
a resident of St Louis, and made the bulk OF
his fortune prior to the rebellion.
News Of the assignment brought out large
blocks of Wall street stocks, causing de-
cline of Il to 5 per cent. led by the Wander
bilts aud Western Union. Garrison's prefer
ences are stated at 1861, 400 as follows: Bank
of California, SS0000 Bank of New York
and National Banking association S3OO,0 ,0oO;
United States Trust company, $lOO,000; 5.
W. Pearsoli q Co, S50, 200; notes, Eames 81
Moore $50, 600; Michigan Car company,
$4,000; Mason Manufacturing company,
SIS AS; Mason Machine works, Sl4, $50; Car
negie Bros, $50, OH; Danwood State Iron
company, 81 TAI; Danworth company, 81
$50; Alfred Billings, 1900; sundries, S7l,
900
The first notice of the difficulty was a
report sent over kiernan's news, tape as
follows: I've are advised that owing to the
physical condition of Garrison his friends
have advised him to make an assignment, so
as to protect all his interests. He has liabii-
ties of about s., 900, 600, and assets OF about
SIS, 600, ,000 He has no interests in Wall
street His liabilities will be liquidated, and
he will then retire from active business"
The commodore is so old and SO shattered
in health that he probably knows very little
as to how he stands. 1t is pretty certain that
| he has a vastly greater amount Of assest
| than liabilities; but because these former are
| largely made up of bonds of embarrassed
roads, which it would be folly to throw on
| the market, and because of the commo-
| dore's great age and shattered condition
| the assignment is made
| It's effect on the street has been disastrous.
| Garrison has been always considered a man
| of great wealth, not speculator, and his as
| signment was shock, especially after the
| denals of Thursday. 1t is also disturbing
| element in this failure that while the com
| modore declares he is worth SIG, 000, 900, ant
owes but 81, 900 900, the market is in such {
| condition that money enough cannot be re
| allied out of such vast assets to pay sucl
petty liabilities
| LArER-Mr Garrison's embarrassment il
| much more serious than was at first sup
| posed Assignee Terry says he has no idef
as to how matters stand. Melville c. Day
one of Garrison's attorneys, thinks it will re
auire careful management to liquidate al
claims 1t is thought the street ramor O
st, 600 900 liabilities is exaggerated. III
| nominal assets are likely to be $4,000, 0OG
Garrison is a heavy indorser of railroad pa
per. His physical condition is feeble, OWN
to his advanced age
| I.ATEsT.-Some of the schedules of Com
modore Garrison's inde btedness have two c
Pearsoll & Co. among the preferred cred
tors for $50, 900 The firm states that Carr
son docs not owe them anything. They lei
him S50,0 600 Tor other parties, who hav
ample collateral up to secure the loan.
Melville c. Day, counsel for Garrison
SAYS The assignment is made because O
financial embarrassment. 1t was force
upon Garrison by the protest of notes unde
! his Endorsement lately. He Is a heav
| holder of securities, and SO much of b
wealth is tied up in those which are almo
unmarketable at present that he could III
meet his liabilities. He has large numb
Of ONO rail- DAD securities which hay
= | shrunk but are not now on the market, Il
value of which can not be estimated. II
sienlnent is simply for the benefit of
creditors"
The amount involvei by the failure
Garrison is supposed to be nearly S. o00, OF
Assignee Perry said it was impossible yet
state figures,
A prominent banker said: "The effect
the failure, coming as it does now, will ns
uraily unsettle things, and in fact stocks ca
not go any lower without hitting and hui
ing some one l think the failure rather
good thing than otherwise, for it will
tribute large amount of money amo
many different people, Men like Vanderb
and Garrison do not stop at an accumulati
, Of two, three or five millions of dollars,
they run it up to ten and twenty milliol
l. This is wrong, and the distribution of su
large amounts will benefit the people"