New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-20
FAILURE OF VIM. II. GUION.
EXTENT OF HIS LIABILITIES UNCERTAIN.

of his creditors to A. L. Brown, a lawyer, OF No.
60 Wall-st. Tho firm, of which he had been o
member for thirty years, was dissolved on Friday,
in consequence, it is understood of Mr.. Guions
personal embarrassment, which, however, does not
affect the affairs of tho irm. The announcement
of the failure was a SURPRISE although many of
Mr.. Guion's friends have known for some
time that he was crippled by the many
Improbable ventures in which he has long been
engaged. The OK tent of his liabilities is not known
but it was rumored that they would amount to
So, 600, 900. His friends say that the amount is
greatly exaggerated and that the direct liabilities
will probably not exceed 5000, 900; the contingent
liabilities no one attempts to estimate. IL is sup
posed that the bulk of the indebtedness is in the
shape of notes and Inducements but it is not
known what amount of the paper Is held in New
York. The National Bank of the Republic of
which Mr.. GuiOn was one Of the founders and is
still director, has loan of about $40, 900. which
is partly secured. It was said at the bank that Its
loss by the failure would bs insignificant. Other
bank officers said that Mr. GuiOns paper had not
been offered to any large extent in the last yeas,
but that great deal of 1t had been negotiated by
out of-tOwn banks.
ENGAGING IL UNFORTUNATE ENTERPRISES.
Mr. Guion has been interested in an almost in
number OfcnterprSe5 of all kinds. Some
of these have been unfortunate and by the collapse
of the American Steam Heating and Power Com
pany, in which he was a large stakeholder,
he suffered a heavy loss. 1t is understood
that recently he has lost largely also in
speculation in grain. 1t was rumored yesterday
that no owed a large sum to Henry Clews & Co.,
through whom in part he had conducted this specu-
laton. Mr.. Clews said that Mr. Onion had lost some
money by tho recent decline in the price of wheat
. 10 +ba firm hon NJ
Clews attributed the failure to Mr.. Guion's embar-
rassment in 1873. from which he had never fully
recovered. Some of his intimate friends declared
that the failure was due primarily to Mr. GuiOns
great kndheartedncss to his business associates
and friends, and to his personal obligations
on account Of the many schemes in
which be became interested. He freely
lent the use of his name both to the compa-
MES in which he interested and to persons as
money by this kindly action. Great regret but
little surprise the result expressed by friends
who were acquainted with some OF his transac-
tons.
WHAT THE ASSIGNEE SAYS.
Mr. Brown, the assignee. was seen at his Office by
a TRIBUNE reporter "All | can say about the fail
ure," he said. is that Mr. GuIon made assign
ment to-day without preferences. 1t square,
straight-out failure. 1t is impossible for me to
innate the liabilities or tho assets, as the sChed-
glGs have not been made i TG Wfa 90 or o0o
900 the labitiesH II is grossly exaggerated.
! should say, without knowing the particulars 1t
is always safe to put down the liabilities IN any
failure al % per cent of the general estimates. !
imagine that Mr.. Onions embarrassment comes from
his helping his friends. lie is most generous and
warm-hearted man, and he has probably found 1t
difficult to refuse to help his friends when they APP
peaed to him. His assets may comprise securities
but don't think he has been in Wall Street for
some time No, Mr. Guion has not expressed to
IN any idea of what he owes"
A prominent stock broker, we acquainted with
Mr. Gulou, stated that he believed the magnitude OF
the failure had been unduy exaggerated. Il cam
not say that Mr. Guions failure caused no surprise
to those who knew something of his business mat
ters he added but nevertheless it was not mex
pected. lie a very enterprslng man and en-
gagged in numerous mining, railroad and other
schemes as among the promoters of them In the
last ten years he has been Interested IN from ten to
twenty enterprises. Most of them have been unprof.
table Mr. Guion did not speculate in the sense OF
conducting daily operations In Wall Street but he
speculated in the sense OF making large invest.
ments IN new enterprises which have been brought
out i'm the last ten years. | do not think he was
large holder of real esta his house IN fortX-hLtA-
been largely interested in mining companies es-
pecially."
AMOUNT or THE LIABILITIES.
Frederick X. COudert. No. 6S Willlam-st, said:
" have acted rs the counsel of the steamship com
pany and have known William II. Guion as
friend for a number of years. Though | have for
some time been aware that he was embarrassed,
was rather taken By surprise by to-days conclu,
sion. for had thought he might have weatne,ed
the storm Tho amount of his Liabilities has
%Ge greatly at have Pe n4sG
multiplication sum with 10 as factor; l can pos
tivcy state that his liabilities will not exceed
$500, 900 and | am inclined 10 place them a
nearer $500 The causes of Mr. Gmon's fail
IRE are obvious, and lie entirely outside the steam
ship company. lie has entered into many schemes.
He is IA warm-hearted man, generous to fault, and
bns hppD in the habit of assisting OflprS-a
which has contributed doubtless to his downfall.
His retirement from the trim was the only course
open him. for he could not have arranged his al
fairs satisfactorily had he remained partner. The
GuiOn Limo is in no wise affected by his failure, Tor
the affairs of the company are almost entirely IN
the hands of stephen Is GulOn, whose name Is
good for any amount Williams X GuiOn acted
merely the agents in this country, though
William of course had an interest IN the concern;
The steamers built of late years are the individual
property of stephen Is. Guion, while the older sllps
are owned by company OF which the stock Is
controlled by hm."
John j. Crane tie vice-presdent of the Bank OF
the Republic was seen at his house III West Forty
seventh-st. Though Mr. Guon was at one time
fellow director OF the Bank of the Republic with
me-" he said land at that time knew good deal
about his schemes, am entirely ignorant or the
present state of his affairs. have knOwnot his m
bauaSSInentS for some tlme but as have been
confined TO the house for some days was Ignorant
OF tO-days assignment. Mr.. Gui0n was involved III
many schemes among Others the American steam
Heating Company. and has lost much money IN
most of them on account of the general shrnkage
in values. Others again were complete failures.
Much of his embarra SSment, however, proceeds
from his unfortunate habit of helping others at eX
pense to himself and his own credit"
THE GUIoN LINE NOT AFFECTED.
Notice was sent by mail on Friday announcing
the dissolution of the old firm who have been the
agents of the Guon Line as follows:
The firm OF Williams & Guion ia dissolved from this
date The business will be continued by stephen u.
Guon aud william H. Guion, r under the firm name oi
GuOn Co.
The junior member Of the firm said yesterday
" Mr. Guion's failure does not affect the steamship
line or Its business in any way. The firm is imam
cially intact. Mr.. Will m II. has simply withdrawn
from it and made an assignment in his own private
affairs"
Mr. Underhl who is connected with the line,
said he knew nothing of Mr. Guions affairs, but he
believed that the failure would fall far below the