The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1884-06-26

4 NOT UNEXPECTED EVENT
the 90 oniundnfr" FORCED a. -trikr IA
prnunm tuu Muth iudDr-tui'nt
Wnii street but iiiiir Ut
tuThrdH iHiiurts,
rnmmndnre nnrrl.nn A..In..

NEw NuuK, Jane ~, rorncliu, H..
Harrison has assigned tn John r, Perry {
preferences, SGil,UI,
PREFERENCES,
NEw YnER, June ~, q. II, Garrison's
prcfenrcs are; Bank of California, SSo.-
.I; Hank Of New York aud National
Bankers Association, sSO,u1i United
SIalcs Trust Company, sla,un,
FURTHER PARTICULARS,
NEW NoHH, June 5l.-tOmmodOro 4,
/ X, Garrison, who made an assignment
to-day, i well known, rs he was form
cTly Interested In Pacific Mail, New
Orleans and West India ship lines, and
IL the largest stakeholder I'M the profit
able gss companies of this city,St, Louis,
New Orleans and other large cities. lie
was principal owner of the Missouri Pa
ellie railway, hut sold out u few years ago
today Gould. lie has been interested with
the latter in numerous railroad schemes.
lie was formerly "a resident of ~. Louis
and made the bulk of his fortune prior
Ia the rebellion,
TIIE INwARpNESS oF THE ASSIGNMENT.
NEW YORK, June 3I,-Some of the
schedules of Commodore Garrison's in
dcbtcdncSs have Pcarsall * 60.
a. mig the preferred creditors for $4,000.
The firm states Garrison does not owe
them anything, They lent him $4,000
for other parties, who have ample col
lateral upon which 10 secure the loan.
Melville &, Day, counsel for Garrison,
says: "rhc assignment Il made because
al financial embarrassment. IL was
forced upon Garrison, by the protest of
notes under his endorsement, yesterday,
lie is II heavy holder of securities and
81 much of his wealth Is tied up in these,
which are almost unmarkctablc at pres
cnt, that he could not meet Liabilities.
lie has n large number of Ohio railway
securities which have Shrunk, hut
which are not now ON market and the
value of which cannot be estimated.
Tho assignment II simply for the benefit
of creditors"
IN WALL STREET.
NEW YORK, June 2O.--Thc amount in
NolNcd in the failure of Garrison, il sup
posed to be probably S5,O0O,O0O. The
preferences amount 10 SG3l 900. Assignee
Terry said il was impossible yet TO state
the figures. Tho effect on Wall street
was to still more unScttle things, though
not 10 so great extent ms was feared. IL
Is said Garrison is not very largely in
tcrcStod in stocks, his fancy being for
gas stocks and outside spccialties.
Stocks fell OH To , per cent, but no
failures are reported. a prominent
banker said: "Thc effect of the failure,
coming as it does now, will naturally
unStttlt tnlIlpS, anu III lU'l, SlDtlNS
cannot 20 ono lower without hitting or
hurting some one and think the failure
rather good thing than otherwise, for
il distributes u largo amount of money
among many different people. Men like
Vanderbilt and Garrison do not stop ut
an accumulation of two, three or live
millions, but they run it up TO ten and
twenty millions. This Is wrong, and the
distribution of such large amounts will
benefit the people. 1t is limited in Wall
street that should II decision i'm the Maria
Garrison ease be adverse to Mr.. Garrison,
the assignment made Just ut this time
might save him considerable future
OSS.
THE NEWS At ST. LOUIS.
Sr. LOUIS, June 20 Special. The
failure of Commodore Garrison, an
nounccd in the New York dispatches,
will have no'ctlcct on business here. He
had no large interests here, though st.
Louis is the home of many of his rcla-
tons.