Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-12-03
sroUn1rIps nnnrrornEcArED.
Field, wiechers, Lindley ~ Co.'s Faiiur
Brings Crooked Transactions to Light

Brings Crooked Trnnsectfohs u biB""
New YoRK, Nov. 28-The suspicion that
the firm of Field, Wiechers, Lindley
Co, had rehypothecated the securities held
BY them on a loan of 100000 and amount-
ing to s., 900, 600 developed into certainty
this morning.
Al the stock exchange $4,000 of Union
Pacific Denver n Gulf consolidated frst
mortgage were sold out under rule on the
account of the firm.
meeting of the Stock Exchange com,
mittee on securities was hurriedly called
by Secretary Ely, and they came to the de-
cision that the securities would not be
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 include l,OOu
shares of Texas Pacific Railway stock GER
titcates, 1000 shares Of Oregon
Short Line 100 shares of Utah
Il Northern, first mortgage bonds on
Union Pacific and Gulf Oregon Railway
and Navigation, Denver and Gulf CONSOLE
dated per cent first mortgage bonds in
all amounting to about 81 100000.
Mr.. Sidney Dillon in speaking OF the
matter said Their disqualification OF
these securities in is what term criminal
borrowing don't think there can be any
milder view of their crime taken"
Assignee Gould says that he has found
OILY CtVlU uSSttS. anu lntIt illuy Dt r-tNVu
available, which will be used in paying
the clerks their salary. He denied having
had a conference with Cyrus w. Field
with reference to helping his son. but
thought that he would naturally come to
his aid.
This afternoon il was said that a careful
estimate of the net loss which will prob
ably result from the failure of Field, Lind
ley, Weichers n Co., is about SS00,0 of
,-l,tal, ,,,slI ,.rrl,nl.lp rall on hn
Union Pacific Railroad Company and the
balance scattering. AS an offset to this
loss there is an investment which the firm
had made in the Cuban sugar rellneries
which is estimated at 100000.
NEW York, Nov. 30.-There was no
material change in the aspect Of affairs
at the office of the suspended firm of
Field, Lindley, Weichers & Company,
this morning, Assignee Gould did not
reach the Office until 1890 o'clock, but
the clerks had been at work on the books
for an hour before. Mr.. Gould said that
personally he knew nothing Of the truth
Of falsity of the published reports of the
alleged "crooked" transactions of Mr..
Field.
The statement, however, that he had
given any such information TO re-
porter, as was stated, was untrue. He
was trying TO get al the facts, but as yet
had learned little. He had sought In
vain for assets, but was unable to get
even enough TO pay the clerks. There
was no bank account whatever, and
only faint hope remained with him
that there might be some call loans
belonging to the firm upon which he
might be able to realize something to de-
fray necessary expenses.
There was report published that
a warrant for tine arrest of Il. NJ Field
had been placed in the hands of lnspec-
tor Byrnes and that he had detectives
searching for Mr.. Fields. The inspector
to-day positively denied that there was
any truth in either of these statements.
NEW York, Dec. l.-Cyrus W. Field,
who is now dying in the house on
tiramercy Park which was his so long
has been absolutely stripped of his pos
sessions by his mad son, ii mad the SOIL Is.
The following story came from the lips
of the impoverished man himself on his
sick bed and is repeated By the friend who
heard II toillnstrate at the same time Mr.
Fields integrity and the strange conduct
of his son Edward This friend attended
the funeral Of Mrs. Field.
At that time Cyrus W. Field had an idea
that the firm of which his sou Edward
was the senior partner was in trouble. lie
had no clear idea of the extent Of the
trouble. but he felt that disaster was i'm
pending. Edward had not given his father
his confidence
But three days after the funeral Edward
entered his fathers sick room and told his
father some of his difficulties. AS the
friend relates it
Cyrus Field tolc me that his son,
Edward, came TO him and said he must
have money to save him from ruin and
disgrace. He must have money immedi-
atcly, he said. He did not tell his father
the extent Of his troubles. He said he
must have money to tide him over for II
short time.
Cyrus Field directed that'the key to his
private box, continued the friend, should
be handed TO Edward, and he told his
son:
= 'IIere is the key TO the bov containing
my securities. Take enough ol them my
son, to help you through your troubles
Edward Field took the key and he
turtherlnoretook every security in the box,
and Cyrus Field told me that he was now
rs puoras on the day he entered the world.
The mystery is, where has all the money
gone tor
The amount of securities taken on this
occasion by Edward from bis father was
in the neghborhood of S3uO,uOU.
Assignee Gould heard the story of the
sknning of Cyrus w Fields strong box
ny his son and expressed his amazement.
still he was almost prepared to believe
anything now,
Mr. Gould had no other news except
that the clerk, who had told him the day
before Of an asset amounting to SOON,
had corraled il, and that it was III the
bank. This makes the total visible assets
500. The loan of $1,000 had been made
to a firm dealing in oakum.
John i. WIechers has apparently lost
every dollar he lad through Edward Field.
The loss Of Mr.. Wiechers is put at S5U0,0uO
and that Of his father and uncle al about
S5O0,0O0 more. Where did all the money
gpP is the question agitating the keenest
minds in Wall street. Mr., Gould said
that two banks would lose trille BY the
failure,
The Union Pacific people, through their
representative, Artcmns H. Holmes, YES
ter,lay redeemed s3o0O0O of the secnri-
ties rehypothecated by Edward Field, and
S2j9,dOO more were declared good dc.
livery.