The times. (Owosso, Mich.) 1882-1897, 1891-12-04
FIELDS VILLAINY.
Wrecked in Business and in
Good Name.
AN UNWORTHY SON OF HIS FATHER,

His Criminal Financiering May Yet
Prove the Death of His Begetter-
Charges Made Against Edward M.
Field In Connection with the Failure
OF His Firm-A Family Conference
Which Concluded Not to Make sac-
rifice for Regulations Sake
NEW YORK, Dec. 1.-The World says
that Edward NJ. Field. son of Cyrus w.
Field, and senior member of the firm OF
Field, Lindley, Weichers 81 Co., which
failed last week, was taken to the Bloom
ingdale insane asylum on Saturday. He
leaves behind him disaster, confusion, the
wreck of business firm ruined by his
misdoir gs, and a blot ON the 'scutcheon
of an illustrious family. The inuendoes
and accusations of Wall street are justi-
fed. The worst suspicious are mild COM
pared with the black facts. Edward M.
Field not only re-hypothecated railroad
bonds placed with him as collateral, but
he Incorporated large sums of money.
Seems to Have Been Grand Rascal.
He raised loans on worthless securities,
deceived his partners and betrayed their
implicit faith In him. The desperation
which followed his wild speculations and
methods of conducting his affairs, seems
to have Invested Field of the last shred of
honor. In his effort to make the crooked
straight he did not spare any one who re-
posed confidence in him. Two thousand
dollars in pew rents turned over to him
as trustee of the Tarrytown Presbyterian
church is missing. He was treasurer of
the association which owns the Washing
ton building, collected $35, 900 in rents and
sank the money In his struggle to avert
impending doom. Field ran long race
with the fates. 1t is no wonder that his
intellect could not stand the strain.
Trying to Save the Family Name.
A family conference was held Saturday
and Sunday at the house of Cyrus w.
Field. Those who took part in it were
Cyrus w. Field his brothers, David Dud-
ley Field and Stephen j. Field; George
De Forest Lord, Cyrus w. Fields coun-
sci, and q representative of Drexel, Nor
gan & Co. The conference was held to
decide what course should be taken by
Cyrus w. Field regarding Edward M.
Field. The situation in brief was found
to be this: Edward M. Fields liabilities.
arising from the peculiar conduct of his
business, which is such as to give rise to
intimations of defalcations and forgery,
amount to millions.
Would Require the Whole Fortune.
To satisfy the claims of his creditors
would require Cyrus w. Fields entire
fortune and considerably more. The
question which the conference had to de-
eide was whether Cyrus w. Field should
sacrifice his entire fortune for this pur-
pose. The family honor was at stake.
Family pride shrank from the prospect of
the public disgrace of Field 1t was
urged that an untarnished name should
be saved from blemish. The breath of
scandal had already touched Edward M.
Fields fair name. Could not all this be
stopped and the last of fortune once
great be pledged for sweet honor's sakef
tcI Will Not Make the Sacrifice.
When the desperate situation had been
fully discussed and viewed from all sides
II was finally decided, in view of the fact
that even If Cyrus Field should sacrifice
his entire fortune he would not be able to
meet the liabilities of his son, that he
should not make the sacrifice. From
facts ascertained it is evident that the
failure of Field, Lindley, Weichers g. Co.,
Is one of the biggest financial scandals and
tangles and muddes in the history of
Wall street. There are many plain evil
denoes OF fraud. So plain are these that
only his illness saved Edward M. Field
from arrest. A warrant, it is said, has
been issued, and Inspector Byrnes has
had men watching the house, 125 East
Twenty-frst street.