The times. [volume] (Richmond, Va.) 1890-1903, 1891-11-28
RISING CORN RUINED THEM.
Field, Lindley, WeicherS & Co., Bankers
and Brokers, Assign.
GRAIN MARKETS SLIGHTLY AFFECTED.
The Assignee Says the Failure ia Due Priuci-
pally 10 the Fact That Mr.. Field
Has Lost His Reason.

NEw YORK, Nov. 27.-Edward NJ Field.
Daniel A. Lindley. John Frederick Weichers
and Herman G. Hilmers. composing the firm
Of Field. Lindley, Weichers Il Co., bankers
and brokers at No. Broadway. assigned to-
day to Charles w. Gould without preference.
The failure was announced in the produce
exchange OF noon. but the grain markets were
only slightly affected The house was an old
one, but latterlY has been somewhat restricted
in its dealings. The failure is attributed to
tho advance in corn here and at Chicago.
They had been protecting some large lines Of
corn from the S. v. White deal and had been
on the short side OF the November market and
few days agO had TO cover 100 coo bushels.
Their operations were mainly IN Chicago, but
to sOme extent here Other articles have gone
against them. II is said, especially coffee.
while they had some dealings as well in Wall
street. Just how much Of an amount ths
firms finds itself unable 70 pay is not as yet
clear. The grain markets were only slightly
sHected by the failure. The head OF the firm
ls son Of Cyrus ". Field.
WHAT THE AssIGNEE SAYS.
Assignee Gould, when seen at the firms
Office this afternoon said. The assignment
was made for this reason: Edward NJ. Field.
gone distracted. His illness resemble incip-
ent paresis. and is due 10 oyerwork and
the great responsibility resting upon him
as the manager of the finances of the firm.
His mother died last Monday, and this event
seemed % bring 20 a climax his mental
trouble which some OF his friends had de-
tected two years ago. physician told me a
few days ago that Mr.. Field was not right in
his mind.
Mr.. Field having the sole management OF
the funds OF the firm 10 at once became ne
cessery TO get from HIM their condition. SO
went IN company with other members Of
the firm. TO his residence and tried % find out
how things stood We failed. however. to
obtain from him any light on the situation,
as his mind would continually stray away
from the subject We had undertaken q
hopeless task
The assignment then became imperative
in order 10 protect the firm and It's customers.
II cannot say how the firm stands. | have
directed the clerks 20 submit TO me all bal
ances rs quickly as obtained, but the work is
necessarily slow. | hope that the assets will
exceed the liabilities, but Just now | cannot
say.
EXPECTED oN THE STOCK EXCHANGE.
Before the formal announcement of the
suspension was made the traders Of the floor
of the Stock Exchange knew that It was COM
ing and they sold stocks freely in exnecta-
followed 10y break IN prices. When the an
nOuncement was made from the rostrum a
decline Of about per cent occurred, but II
was soon seen that the firm was short of m re
stocks than It was long. and large amounts Of
stock had to be bought in for 1t under the
rule 10 cover the short contracts. The firm
is generally believed 10 have been hurt by the
corner IN November corn OF which their
principal customers arc SAID 10 have
been short and what was called the Wash
ington building bear clique. This clique
was for some time active on the near
side of the market. and is believed 10
have lost large sums in endeavoring to break |
iackawanns and other stocks |
On August 1st the credit of the firm was rated /
at $50, 900 to 81 900 900. For some time after
the suspension was announced the stock /
market was stagnant. all business being rrac-
tically neglected on the floor. the brokers
being too interested in the closing out OF the
first contracts 20 make any new deals.