Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1891-12-02
WATERFOWL, WIS.
FRAUD CREEPING OUT.
Sensation in the Field, LindIey 81 c
Failure-BOnds Missing.

Sensation in the Field, LindIey & Co.
Failure-BOnds Missing.
New YoRK, Nov. 2S.-A suspicion that
the firm of Field, Wiechers, Lindley &
Co., which failed yesterday, had re-
hypothecated the securities held by
them on a loan of $500, 900, and amount
ing to 100000, developed into a
certainty this morning. At the Stock
Exchange $4,000 of Union Pacific. Den
yer & Gulf consolidated first mortgage
5s were sold out under the rule on ac-
count of the firm.
Upon hearing of this fact Judge Dill
lon sent for Assistant Secretary Burn
ham, of the Stock Exchange, and had q
conference with him at his office. Sid
ney Dillon was present. Mr.. Burn
ham was notified that the
entire list of securities is not
a good delivery, and was re-
quested to post the notice. A meet
ing OF the committee on securities was
hurriedly called by Secretary Ely, and
they came to the decision that the Sc
curlties would not be a good delivery.
and posted notice to that effect and
sent word to the various banks.
The securities named in the protest
sent to members of the exchange in
cludes: One thousand shares of Texas
Pacific Railway stock certificates, 100
shares of Oregon & Short Line, 100 shares
of Utah & Northern, first mortgage
bonds of Union Pacific & Gulf, Oregon
Railway y Navigation, Union Pacific,
Denver q Gulf Con per cent. first
mortgage bonds-in all amounting to
about 81 100000
Didney Dillon was met on Broad
Street hurrying to his Office He spoke
about the notice and said: ''Their re-
hypothecation of these securities is
what | term criminal borrowing.
don't think there can be
any milder view taken of their action.
We have been endeavoring to get the
matter settled before, and have offered
several times to pay the loan, as we
have had the money deposited at Drex-
ell, Morgan & Co., tor some time. 1t
is only drawing 2 per cent. interest
there and we wanted to get it out. [
called at their office this morning and
found them all SO illustrated that they
could give me no information what
ever"
a. Vic O1lC0 VI E10Iu, l0CDerS,
Lindley & Co., the assignee, Charles
w. Gould, was seen. In reply to ques-
tons, he said: 81 really don't know in
what condition things stand. l have
bedn preparing to make an inventory
of the securities and other assets. AS
to the reported re-hypothecation of the
Union Pacific securities, [ really don't
know anything about it, but l hardly
can believe that such thing has been
DONE"
In regard to the condition of Edward
NJ. Field, the senior member of the firm.
Mr.. Gould said: Il called at Mr..
Fields house this morning, but did not
see him. l saw his physician,
however. and learned from him
that Mr.. Fields condition is
very serious. Arrangements are
being made to send him to a private in
sane asylum. Cyrus w. Field is also
very III of nervous prostration. | tried
yesterday to talk with Mr.. Field, but
found his mind wandering and he was
totally incapable of talking intelligently.
His symptoms are not those of an acute
maniac, but he cannot keep his mind on
anything"
A conference between the counsel for
the Union Pacific, Mr.. Could and mem
bers of the firm will be held this after