New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-01
THE FIELD COMPLICATIONS.
ORDERS OF ARREST FOR THE MEMBERS OF
THE SUSPENDED FIRM.

OhDEho VI AhhESI fOh lHE MEhDEiNo or
THE SUSPENDED FIRM
SERIOUS CHARGES MADE BY PRESIDENT DILLON.
OF THr UNION PACIFIC-THE ASSIGNEE
BEwILDERED BY TIE INTRICATE CON.
DITIoN OF AFFAIRS.
The complications surrounding the failure Of
Field, Lindley, Wiechers & Co., grow more intri-
cate as investigation proceeds. Perhaps it is
more accurate to say that the lack Of investiga-
tion due to the utter confusion in which the entire
matter has been plunged, and the family troubles
which have poured so rapidly in upon the house.
hold Of Cyrus w. Field, has prevented anything
like a thorough knowledge Of the case There
were some sensational developments yesterday but
in great measure, the failure stands it did
on Saturday, with no trustworthy estimate of the
liabilities and assets, and with no means of tell
ing how far the complicated dealings of the sus-
pended firm may have extended.
In the meantime uncertainty exists as TO
Edward NJ Fields actual condition, to his
legal responsibility for the Irregularities that have
been made apparent by the suspension of the
firm, or indeed as to where he now is. Those
competent to speak continue to assert that Mr..
Field is insane As to the form of manifestations
of insanity, and the part which it may have
played in the peculiar business transactions now
being laid bare, there is distressing lack Of
definiteness.
Suit was begun in the Supreme Court in Kings
County yesterday by R. L. Deitz against the
firm of Field, Lindley, Wiechers & Co. to re-
cover $4,000 for securities lost through the
failure Of the firm. Immediately after the service
of summons and complaint on the application of
Frederick A. Ward, Justice Pratt issued an at
tachment and an order Of arrest for the mem
bers Of the firm, and placed the bail at $1,000
each The attachments and orders were at once
sent to the Sheriff of the county of New-York
to be served.
Frederick A. Ward, when seen by a Tribune
reporter last night, absolutely refused to give any
information about the complaint or the orders Of
arrest Justice Pratt could not give any account
of the details of the allegations on which the
orders were granted.
One important development yesterday was
the statement of the Union Pacific Railroad
officials that the securities placed with Field.
Lindley Wechers & Co. had been put there
as collateral only, and that they had been re-
hypothecated at a higher rate than that at which
the loans had been made to the Union Pacific.
This is the first direct statement as to the con-
ditions under which these securities had been
placed with the firm. The charge Of rehypotheca-
ton at increased rate is criminal charge, and
was the first such to he fatty and openly made.
An astonishing element is the apparent lack of
assets The assignee yesterday deposited $500
in the bank, and said lie hai been told of place
where 81, 900 was due These are the only assets
of which he has as yet definite knowledge, and
any others that may exist he thinks to be only
amounts due small jobbing transactions. 1t
has bccn asserted that the firm had 100000, or
more, invested 10 the project for the consolida-
ton of all the large sugar plantations in Cuba
into one corporation. This was the private en-
terprse" 10 which reference was made last week
in connection with the failure The sugar plant
crs were represented by Senor j. de Mier, who
has arrived in this city since the failure of the
firm. The project was about ready for compile
ton. Charles w. Gould, the assignee of the firm.
| admitted yesterday the firms connection with
the project, but could not say what interest
they had in it, 1t was asserted, however, that
the project would still be put into execution. If
so, it is possible that large asset for the sus-
pended firm may exist there.
1t was estimated on the Street yesterday that
the net loss which would probably result from
the failure of the firm would be about $500, OOO
portion, at least, of which will fall upon the
Union Pacific Railroad Company. The larger por-
Union Pacifcs loss will arise from the difference
between the rate Of rehypothecation and the rate
at which the Union Paciic's securities were re-
ceived by the firm. 1t was stated yesterday that
1,467 of these securities out of 1,574 had been
located.
A TALK WITH THE ASSIGNEE.
Charles w, Gould, the assignee of the firm, said
Yesterday that he was utterly unable to confirm
tha Of
wrongdoing made against Mr.. Field in a morning
paper lie declared that in so far as the source
of these statements attributed to him, the
papcr was in error as he had made no assertions
that could justify such charges.
Il know almost nothing about this case, gen.
tlemen," said Mr.. Gould to group of reporters
in his office yesterday evening. Il have had no
opportunity to look at the books of the firm, and
it is impossible to get information elsewhere.
in fact, most of my knowledge up to this point
Of the affairs Of the company has been derived
from the newspapers Az TO this man, Field, |
never could get anything out of him."
Did you consider Mr.. Field insane ?" was asked.
He always seemed to me to act in peculiar
manner Since these things have come out con-
cerning Mr.. Field, have heard classmates and
others who knew him we'll say that they always
thought he was queer. What seems suggestive
to me is that his own physician declares that he
is insane"
You may think | am the stupidest assignee
that ever stepped added Mr.. Gould after re-
iterating his entire ignorance Of the true state
of affairs. But the fact is | have often asked
this man Ed. Field how he stood One day he
said he was solvent and the next day that lie
was deeply involved. No one apparently was con-
versant with all the dealings of the firm except
ing himself Hence the difficulty in getting In
formation want to say this much for Mr. LIND
ley. lie is, as you know, Mr.. Fields brother-
in-law. He married Mr.. Fields sister
and Mr.. Field married his sister. lie lmplcl'iy