The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-11-28
WAS FIELDS MIND UPSETl
Els FIRM FAILS, HIS FATHEK, CYRUS
". FIELD, PRoS1RA1ED "

Els FIRM FAILS HIS FATHER, CYRUS
W. FIEID, PRos1RA1ED.
-
norrovers seramsrpG to RtsA Securities on
which the ESr. IIsA Msss ls.as-Ths
senior Partner sssA - - ssek In BED
Fear. for HIS Fstser-Tse secs Lin In.
,,red for ssee. 100 Ussse Pssise 0aeiais
Try,ns, Not rsr ths Efrst TI.s. 70 &c,
Rack Their Coiiateral-A gale Yesterday
Of Re.ss They TAish May Have Beer
Tneir~-TAe Assignee ssA = Fsrtsev A.
tribute the Trousie of the Y1rH 10 Ysa,s
Mr.. rieid's Mental Csadition.
When the announcement was made on the
Stock and Produce exchanges shortly before
noon yesterday that Field. Mndley. wieciers &
Co. stocl brokers and commission merchants
in the Washington building. had failed. the
news caused only ripple Of surprise. for ru-
mors that the firm, was shaky had been cur
rent tnr months The fact though that Edward
NJ Field. eldest son Of Cyrus W. Field. was at
the heal Of the firm gave an Importance to the
failure that it might not otherwise have had.
The first reports that reached the street did
not pit The firms liabilities higher than $780,
600 This estimate MAS based on the moder-
ate trading which tho firm had done on its
own account on the exchanges. and on the
fact that the grain and stocks bought In and
sold for it by the two exchanges under the
rIio iid not Indicate that the firm was either
very short or very long ri the market.
As tho afternoon wore on. however. and
creditors of the firm began to arrive in con-
siderable numbers at the Office in the WASH
ington building. remarkable state Of affairs
was developed. 1t came out that the firm had
been doing u big business In lending money
on good securities. and when the representa-
tves of several firms and corporations who
owned the securities called to see about these
securities they could get no satisfaction.
There was a very lively scrambling yester-
day between the office OF tho firm and the
once u the assignee By Representatives Of
big corporations in the effort to get on the
traek Of their securities oncs held by the
hank rupt firm. and there were threats last
night of Immediate legal proceedings to re-
cover the missing securities
shortly after the announcement that the
firm hal made an assignment without prefer
ences to Lawyer Charles ". Gould. Sidney
Dillon. the President Of the Union Pacific
Railway: ex-Judge John r. Dillon. and Gen.
q. " Dx!sc called in body at the firms ONCE
10 hook utter large block cf securities. the
lrcl -rty Of the. Union Pacific. Railway COM
Tor a loan. which one repo't undS1btsdly er-
ha hh ii s
President Dillon had become alarmed. He
coull md NO member Of the firm who could
Tnian Pa.iiicss securities. although he waited
in the office for several hours with his two
Treasurer H. ". Ham Of the Union Pacific
tie ttansaetions q bis company viii Nj.
asaa.a large ar
OF which he could not state A. collsteral the
Rstb p sns sns fHs
per cent ponds. Three mosths ago "a 81:
Ersnsensat vas perfected for the fundins 9!
!. this p. sst % 'fs IN upe sss
%fa Ss .1 e. NJ brea.
iesn = the sans Tins: they We're. tod that
es de- IN &.
s ss a.. "a BE-. fs sy sIS
'st I En- tho issns 5n.ens taeE full Hs s had
Sssa Ia ne ee 5ss
y S:s:ss S:Ss rs BIS SSss F.ss
bonds to-day for Field, Lindley. Wiechers &
e. - about r. realizing soHsthinE IKE
niunction, and i VIII b ssrysd 10 ttns 70
prevent the transfer OF these bonds II they
thst q. tnlon Pasido va: ready 70 Ds1 Oh is
y isss. he said. we have been trying to
ties They could not legally be disposed q
tv tive q ns NOT
I've az nst Know positiysly yhethes any 81
or af not Ss2s sed 81
Brothers are ours We won't know until to:
, SsEn Ne sss e. .b Ss1a sSs
to learn Il they had been rehypothecatsd for
ST Sa ass Has VINO s
ssa ~ q seS redeem them
r e Thurbsr was ons Of the anxious callers.
Ses left With the aT@ o. 9 loan py friend Of
building; and when ne hurried ovsr to 2 Wall
da aS IT, S5sss 6oud s1 W esi
bank ofriai vi Who has ssi had an ae.iv. 40.
money! Sta TIA "a fsa ST. ;%
q, other Transaction as remarkable as that with
ths S aISn PH Sais ofssia aL . r. ~. al.
osa ~ s5ee On GOOD .seu Ill.,
~ 4 ws n time loan and II Was lnderstood Ct
we're The original lenders, and were not acting |
lo 9i. aGy one. The securities put up were all |
gin-edged. and there was o very wide margin |
s between the amount Of the loan and their real
p I.s ,, Sp VIII, S these goed ooss e ts:ns
t e. t them . p rsihypSthsSstiol TIL. s.ys
T Isssliy raised on somebody eise'S securities.
IT, ne Hss s e e.
liver liver Up the securities Then the borrower
oHereq TO pay the full interest on the loan to
tmhaturity. and MIR. Fields hrm explained that |
.ney We're acting for another party and could |
not make the settlement themselves. This |
s vos n.Es TO the borrower. yho bad under
SS .2d that Held. Lindley, Wieehers 4 Co, |
hAd made the loan for their own account. |
stsss urs was at once brought 10 bear and the |
ass had been deposited, was finally disclosed.
an INVESTIGATION there showed OF once that the |
securities the borrower was looking TOR had |
been rehypothecsted with . quantity Of poor |
securities owned by MI; Fields iirm. The por-
t tsNer made q sharp demand upon the stock |
brokers for his. securities. threatening legal |
Proceedings. and they were Forthcoming In |
IT, either"
The Arm has been dIlat0ry in giving I'D
securities even on call loans. There have been