The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-08-18
$11,624,122 ESTATE
SINKS TO $S,OOO,OOO
Referees Report to Court on
Garner l. Co. Properties
Explains Drop.
DWINDLED MILLION A YEAR
Settling Of Litigation Recalls
Sinking Of Mohawk and
Owners Death.
DWINDLED MILLION A YEAR

How an estate OF 3l1 624.12c could
dwindle to less than $3.0O0.OOo In seven
years, or more than 100000 year. 10
shown In the accounting OF Garner Co.
the cotton goods firm at West Broad
way and Worth street. az executor under
the will OF its founder. William T. Garner.
The figures were submitted to Abraham
Stern, appointed referee TO pass ON the
accounting. and the facts set forth be-
fore Referee Stern make his report an
interesting and surprising document. The
report was approved by Supreme Court
Justice Greenbaum on Saturday.
William T. Garner established himself
as a cotton goods merchant more than
sixty years ago. and In his day his nrm
was reckoned on, of the largest ana
w-alth!.st operators ami convert"rs In
cotton fabrics. tn. house doing is own
spinning. weaving. bleaching. dyeng and
printing MIR Garner was ore OF the
founders of tn. New York Yacht Club.
and later became its commodore. On
July 20. 1876. Commodore Garner and
his wife were drowned when his yacht.
the Mohawk, capsized ON staten lsianu'
He was then only 80 years old
Five Go Down with Mohawk.
ON the afternoon of July 20. 1875. the
schooner yacht Mohawk. the largest ana
most luxuriousIy furnished yacht Of that
day capsized opposite Staplc'on' STATEN
Island. and Commodore William Y. Gar
n.r Of the New York Yacht Club. his wife
Miss Adele Hunter. daughter Of Desboss-s
Hunter. and the second steward ana COOK
were drowned. Others in the party, wh>
were saved. were Col. schuyler crosby.
Louis r. Montaut and Gardiner q. How
land. For months the sinking OF the
Mohawk and it's attending loss OF life
was the topic Of conversation IN the
hotels and clubs in Europe and this coun-
try.
The Mohawk WAS anchored about Coo
yards from the New York Yacht club
and Mr.. Garner and his party went
aboard in steam launch The yacht
carried $1,000 sauar. feet Of sail and
was getting under way To 20 down the
bay when she was struck by viol' mt
sauall that threw her ON her Beam ends.
sinking her Immediately. Mr., and Mrs.
Garner. with Miss Hunter. had hurried to
tn. saloon below deck az the storm ap-
proa ched and were caught there when
thu boat sank. Their bodies were found
ne>t day when divers were put To work,
Mr. and Mrs. Garner had three daugh
tiers. Marceliite. Florence and Edith. The
effect of the death of both parents upon
the three daughters WAS such that they
were sent abroad. where they were edu-
Gated. Under their fathers will his
entire estate was left in trust, with the
provision that the business of Garner
4 GO. was to be continued until after the
death Of his wife and his daughter
Florence. When the latter disSi the busi-
ness was to be wound up and the estate
distributed.
Daughter. Have Large Income.
The three daughters who had "a large
income in the years after their parents
death, all married titled foreigners. Mar
cellite married the Marquis de Breteul.
Florence became the wife of Sir william
Gordon Cumming. IA hero Of many British
wars. who now owns $4,000 acres Of
land in New Brunswick and Edith be-
came the Countess de Moltke Huitfeldt.
whose husband is wealthy.
Mr. Garners firm. which later became
~
OF the estate In 1909 after the three exec
utors appointed In the win had died or
resigned. The accounting, which has been
approved by Justice GreenbaShm, covers
the period from February Is. 1905. when
the last accounting was made. to May
81. 1912, during which period the char
acter of the estate was changed COM
pletely,
when the accounts were iudicialiy
settled In 1905 and the valuation fixed
NJ $ll,GH,Ia2 it consisted Of cotton mills
and the business Of selling the goods of
Garner 4 Co. Justice Greenbaum fixed
the value OF the estate on May 81. 1912.
at 3?.s0s.S7S. comprising cash. securities
and mortgages exclusively. There is no
other case on record IN the courts IN
which the character OF an estate has bsen
changed entirely within the period Of an
accounting,
What promised tn he n hong extended