The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-06-21
GARRISON GROUNDS
On Reefs or Recklessness aud Shoals
or Speculation.
A NOT UNEXPECTED EVENT
The "Commoiore" Forced to strike His
Pennant-Too Much Endorsement
Wall street hut Little Dis-
turbed-faiiurcs.


NEW NoRk, June ~. Cornelius X
Garrison has assigned 10 John T. Perry
preferences, s,gil,O
rRErEREScEs.
New YoRR, June &C. X. Garrison's
prcfcnccs are: Bank of California, $50,
OD; Bank of New York and National
Bankers Association, t2D0,0O; United
Stales Trust Company, $lOO.uOO.
FURTHER PARTICULARS.
NEW NoRK, Juno 3,.--commodore &.
X. Garrison, who made AN assignment
to-day, is well known, nv he was form
Orleans and West India ship lines, and
IN the largest stakeholder In the profit
able gas companies Of this city, st. Louis,
New Orleans and other large cities. lie
was principal owner of the Missouri Pa
ciic railway, but sold out few years ago
toJay Gould. Hehas been interested with
the latter In numerous railroad schemes.
He was formerly u resident of St. Louis
and made the bulk of his fortune prio-
tn the rebellion.
THE iNwARDNEss or THE ASSIGNMENT.
NEW YORK, June ~ Some of the
schedules of Commodore Garrison's In
debtcdness have Pcarsall Il Co.
among the preferred creditors for $4,000.
The firm states Garrison does not owe
tncih HiNlnlile. llcN IcIt MN Sp'WN
for other parties, who have ample col
lateral upon which to secure the loan.
Melville e. Day, counsel for Garrison,
says: "rhc assignment il made because
of financial embarrassment. IL was
forced upon Garrison, by the protest of
notes under his endorsement, Yesterday.
He Is Il heavy holder of securities and
so much of his wealth Is tied up In these,
which are almost unmarkctable at pres
A a.
lie has u large number of Ohio railway
securities which have shrunk, but
which are not now on market aud the
value of which cannot he estimated.
This assignment is simply for the benefit
of creditors
IN WALL STREET.
NEW YoRK, June 9O.-Thc amount in
volved i'm the failure of Garrison, il sup
posed To be probably $5,OD,OOO. The
preferences amount 10 SG3l 200. Assignee
Terry said IL was impossible yet To state
the figures The effect on Wall street
was To still more unsettlc things, though
not to so great extent as was feared. IL
is said Garrison Is not very largely in
tcrestcd In stocks, his fancy being for
gas stocks and outside specialties.
Stocks fell of TO . per cent, but no
failures are reported. A prominent
banker said: "fhe effect of the failure,
coming as II does now, will naturally
unsettlc things, and in fact, stocks
cannot go one lower without hitting or
hurting some one and think the failure
rather good thing than otherwise, for
il distributes large amount of money
among many different people. Men like
Vanderbilt and Garrison do not stop at
an accumulation of two, three or live
millions, but they run il up to ten and
twenty millions. This Is wrong, and the
distribution of such large amounts will
benefit the people. IL is limited in Wall
street that should decision in the Maria
Garrison ease bc adverse To Mr.. Garrison,
the assignment made Just nj this time
might save him considerable future
loss.
THE NEWS Ar sr. LOUIS.
Sr. LouIs, June ~ Special. The
failure of Commodore Garrison. an
nounced in the New York dispatches,
will have no.eilect on business here. lie
had no large interests here, though 1T.
Louis Is the home of many of his rcla-
tons.