The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-05-03
"ComMoDoRE" GARRISON.

COMMODORE" GARRISON.
Commodore Garrison who died In New
York last Friday. was worth from 5, 100000
to &, ZOO, coo. The Commodores title was
given him in st. Louis, whittier he removed
from Canada, and become largely interested
In matters connected with the navigation OF
the Mississippi River. His position as Cap.
tain on boat led to his being called Com
modoTe."
From o sketch of his life found in the
Courier-J Journal we gather many interesting
points. The finding of gold in California
led to his removal to Panama. where he did
large business as banker. Being offered
the agency Of the Nicaragua Steamship Line
he accepted it. and removed to San Fran
cisco. From the year 1853 to 1860 he dis
played astonishing business ability. His in
come from the steamship line was $50 900
year, and he is reported to have made
s25. 900 additional In the insurance agency
business. As one OF the first Mayors of San
Francisco, elected only six months after his
arrival In the city, he did excellent work in
the cause Of civil order and greatly increased
his popularity on the Pacific slope. He after
soon became a millionaire. For long time
he kept his wealth in ships and real estate.
Then afterward he became largely interested
in gas companies at New York, Chicago, Bal
timore, st. Louis and New Orleans. He was
the largest owner OF gas property in the
world. He bought the Missouri Pacific Rail-
road and sold 1t to Jay Gould. Apropos OF
this good story is related of him. When
Mr.. Gould found that 1t was absolutely nec.
esssry for him to secure the Missouri Pacific
to complete his Southwestern system, he
approached Mr.. Garrison and asked him how
much he would take for his interest. Mr..
Garrison named price, which Mr.. Gould
said was too high. Mr.. Garrison re-
fused to come down q dollar, and
Mr.. Gould went away IN huff. The next
day, however, Mr.. Gould called on the Com
modore and said lie had concluded to take
the property. bot won't sell 1t to you at
the price / named yesterdsy," said Garrison.
why not?" said Mr.. Gould. Because it is
worth $500, 900 more day" "Pooh, pooh"
said Mr.. Gould, and again went away. The
next day he returned and said he would pay
the increased price. "Well the property is
worth 100000 more to day than 1t was yes
terday," raid Garrison. II won't pay it,"
said Mr.. Gould angrily. "All right was
the reply. "The price will advance $500, 600
q day while You are making up your mind."
Mr.. Gould bought the road then and there.
This was in 1876. The price paid was s. OOO,-
coo, and the other stockholders were to get
pro rata of the purchase money. This they
did not receive, and then Mr.. Peter Marie
and others brought the famous FIVE million
suit against Garrison. which is still pending.
The Supreme Court declared that "the
Commodore was liable to the stockholders
for their proportion of the purchase money.
Among the other enterprises In which Com
modore Garrison became heavily involved
was the Wheeling and Lake Erie Railroad,
which was started to afford an outlet from
the coal fields of Western Virginia and
Northeastern Ohio to the Northwest. He
locked mp in this enterprise very nearly
5000, OC0, which became entirely unpro.
ductiye. In 1884 New York was startled by
the announcement that Garrison, one Of the
richest men in the country, had made an as
signment. In a short time this was being
talked about and the subject of news.
paper comment all over this continent
and in the financial centers of Europe.
particularly in London. Mr.. CARR
cons assignment was made 10 John T.
Terry, the second partner IN the firm OF E.
M. Morgan 6 Co. The preferences in his
assignment amounted 10 more than $780,
COO. His assets greatly exceeded his liabili-
ties. He owned q house on Park avenue,
New York. and q cottage at Long Branch.
Much OF his time during the latter years OF
his life he spent at his cottage. He never
fuller recovered from psrslytic stroke he
received few years ego and from grief at
the death OF his son. Garrison was born
about the year 1900. on the Hudson River.
At an early age his father failed and the boy
was thrown upon his resources. At sixteen
be went to New York aud then to Cansds.
Success began soon to attend his efforts, as
indicated in the foregoing.