The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-11-29


d Co.. tho stock brokers. was announced or
Friday. nearly all Of those who have spoken on
behalf OF the firm have attributed to the al.
Legged mental dernngemept Of Edward N. Field
NIL the damaging irrag uffntues In the firms
business methods which have como - light
Tho statement that Mr.. Field 10 insane and
has been for some time was reiterated ycstet.
day with great deal OF circumstaptallty. and
was denied also. 90 - ''r ''--.-'~ :
Charles W. Gould. the assignee q the firm.
said yesterday that tho btsizxAIeeho firm
was divided into three hhmfht. Mr..
1indley spent his timo on Exchange. Mt.
wiechers attended to thu eyaAkrdtse ac-
count. while Mr.. Field had {tfusiSe charge Of
tho financial or banking uDpartm0pt. This
statement OF Mr.. Gould's xskSS MI. Field
responsible for tho Union Pacific securities
and their rehypothecation. rs we'll as for all
similar transactions OF the hrm. In fact MIR.
Gould explained that tho ignorance Of tho
other members OF the firm regarding tho col
lateral put up with them was due to the fact
TINT Mr.. Field was tho only member OF the firm
familiar with tho transactions involving the
securities.
President Sidney Dillon OF the Union Pacific
Railroad Company felt a great deal easier about
his odd million Of bonds and stock yesterday
than no did on Friday. In tho morning ho
served notice on Secretary Ely OF tho Stock
Exchange that the Union Pacific had an inter-
est in d large number OF securities. tho num-
bers and characters OF which were specified in
the notice. The Committee on Securities was
called together at once. aud decided that the
bonds and stock referred to in the Union Pa
cinc notice were not n good delivery. A mott.
hcation 10 this effect. giving the numbers OF
the bonds an stock was at 9f fSs
securities il as fOlUWs:
Union Pacific. Denver and Guls Railway -
Linz S T.. "a
oregon K 4 S collateral trust 6s............. $4,000
/. r. d. 4. Is. mtg. consois 5000
Total 81. $4,000
All these were placed in the hands Of Field.
IG?,hey Wiesheps Co. BY the Union lon fa asns
Their market value is estimated at about one
million, Upon these securities President pL;
iSap sd'a about sG1oo taa' " f'0' N m
lin the matter II these securities" said
can only be made up TO to-day: that is to say.
the people who have the bonds in their pos,
them. Tho bonds must stay where they are
until their ownership shall have been deter
-" il those were our bonds sold Yesterday. by
Watson Brothers" said a Union Pacific official:
las we have every reason to believe. this Stock
cancelled. for the bonds would not be delivered
until Monday in the ordinary course: We do
one I person. and then rehypothecated to third
to the amount advanced by him. Tut he can be
served with notice by the owner OF the Sc.
cid i INV. WV '
Union Pacific was given out in the afternoon:
which we're he'd by Field LindIey. Wiseherss
tho stock Exchange has made ruling that
they mot s9SSa aTgs p5
Nov. 10. a. and IS. and the Saaace u the Sc
g IN, H Company has repeatedly offered 10 nay
these loans since the ,x fInd ding: sche n wa was
has stood ready. to do So; but payment, was
refused Since the three loans matured the
has se mea ac seK e es to 9s sfks h
Gus excuses for not being ready to deliver the
N delivery Of ths collateral Or to meet any q
It's otiigatnss therein provided the collateral
Ishyp9'hb;c,sason Of these securities"
null borrowing don't think any milder term
H. said that the money to pay Of the loan
Tor some time. There it Is drawing only two
per cent interest and the, company was
s and soa oa St hE
yesterday eighty Z. T.. Denver and Gulf live
ss tpHS a fer GS 81 s%S sSSsy
ier'e firm said that the bonds were bought on
Mr. Fields order r and that the crash prevented
G CT ,ss ipl al ffeasAsn
believed. however: e the street that Nj; Field
hid purposs In getting hold OF these bonds.
aes are so sa9 IL Which e had got out q tpe
Trims control. number Of brokers In the |
rIfica Ignorance of tl0 rehyDOtheeatiOnA-
Said Sne OF them: oc,s wers hard IN for
iindioy, 'Wieche / Co. because that ,frm was
into the ' arms hands with the naerstanalns
rsSs $
ut a margin Of nbont twenty points. Field. |
Eindley & Co. must have loaned to the Union |
MSn mafsa fS TO L %
SsS nsSps M paid for
1t can be stated authoritatiyely. however. as |
learned last night. that the Union Pacific di::
FeG L a ny weehers CO "f bad ns rgSt
Whatever to rehypothecate the securities in
ness q selling drafts on Earopesn houses
hrm had never done q business in sterling s ex-
change they found 1t bard work to vet houses
drafts at n big discount to such houses as
Ladenburg. Thalman & Co. and attached to
variety.
The securities which went with the drafts
offered to Ladrnbnrg,,s firm were European.
and 1t is said that when tho firm cabled to
Europe, and learned what the securities wore
worth they refused to touch the drafts. At the
the firm y ou!d affirm or deny the rspoTts. To
some Of the drafts offered by Mr.. Fields firm
cation.
day In regard to the firm was that tho notes
nut up by the, Union Ihcitic to accompany
their securities had been discounted anew BY
Field. Lindley q Go. and money thus raised on
them independent ofthc securities. There WAS
nothing on tho face of tho notes to show that
they bad been given "a back up securities fur
'Hishadtor the same loans
Another curious feature In the FIRMS bust
ness was the rapidity with which their hank
account has been changed lately They