Waterbury evening Democrat. [volume] (Waterbury, Conn.) 1887-1895, 1891-11-28
YOUNG FIELD INSANE
That is Why His Firm Made
an Assignment.
ASSIGNEE GoULD's STATEMENT,
The Collapse Not Due to Speculation OF
to Deacon Whites Failure A.

Liabilities at From Ono to Three Mil
lions Cyrus w. Field Nearly Pros
trated Over This Latest AfhictiOn-
Affairs or the Company in = Chaotic
CondItlon-The Crash Was Predicted.
NEW York, Nov. 9.-The illustrious
Field family is experiencing the truth of
the old saying that misfortunes never
come singly. Cyrus w. Field has been
Frustrated by the death of his wife and
is on a sick bed. The life of his daughter
Mary Grace, wife of Daniel Allen Lind
ley, is despaired of. His son, Edward
Field, is said to be suffering from men
tai arrangement And the suspension
of the firm of Field, Lindley, Wiechers
& Co. makes matters worse.
The "Field" and the 'Lindley" of
the firm are Cyrus w. Fields son and
son-in-law. This latest misfortune is
intensified by the evil speaking, the ugly
rumors, the charges and insinuations
which accompany it.
Wiechers & Co. was made to Charles
w. Gould, of No. 3 Wall street, without
preferences. Mr.. Gould was the as
signee of Deacon Whites firm. When
S. " White & Co. failed it was reported
that three firms had done business for
the Deacon" Field, Lindley, Wiech
ers & Co., was one of the tire
1t was said that Field -Lindley would
suspend, but the suggestion that they
| were seriously embarrassed was met
| with earnest denia1s.
| 1t is impossible to state the amount
of the liabilities or of the assets.
Guesses at the liabilities range from
81, 900, 900 to 50. 900, 900.
When Wall street heard of the failure
| ha mi hot oI
suited from the legacy of corn contracts
from Mr.. Whites unfortunate corner,
especially when it was learned that they
had selected the same assignee.
But this is not not the reason given by
Assignee Gould, who makes the follow
ing statement:
For somel time after the suspense on
was announced the stock market was
stagnant, all business being practically
neglected, the brokers being too much
interested in the closing out of the con-
tracts to make any new deals.
81 was Mr. Fields friend as we'll as
his counsel, and when it was seen that
he was acting queerly and that the
books needed strengthening out, I went
with the other nom bers of the firm to
Mr.. Fields house to talk with him. But
we found him unable to speak coher-
emily and his mind continually wan
dered away from the subject. There
was no alternative bnt to make an as =
signment and investigate the condition
of the firm.
THE assignment was made because
Edward NJ. Field, tho senior member of
the firm, is ill and suffering from men
tai arrangement. His disease reese mbl es
incipient paresis. and results from
trouble and overwork as the f1nanc ial
manager of the firm. The death of his
mother last Monday seemed to be The
last straw. 1t was only recently that l
saw that his mind was affected, and it
was not until a few days ago that his
physician told me about it, although
some of Mr.. Fields friends saw it Ions
ago.
81 know nothing as yet as to tn,
financial condition of the firm. have
instructed the clerks to make up tn
balances on all the accounts as quickly
as possibly. Everything is in grea
j confusion, as you can understand,
9 you will remember that the entire finan
cial management of the firm was in the
hands of a man who was insane.
81 hope that the assets will be NOR
than the liabilities, but 1 cannot tell
Much of the FIRMS capital was locke
up in certain enterprise which will
ultimately be profitable, but which !
not Immediately available. The failur
is due entirely TO the causes have men
g toned, and not by speculation or b
. Mr.. Whites failure"