The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-11-29
ONE WAY OF RAISING MONEY
81, 100000 Worth of Securities Rely
pothecated by New York Brokers.
Sensational Developments in the Affairs of
Field & C~o.-Denounced as Criminals by
Sidney DillOn-Senior Partner Insane.

NEW YORK, Nov. 2S.-The suspicion that
the firm of Field, Wiechers. Lindley Il Co.,
which failed yesterday. had rehypothecated
the securities held by them on q loan of
$500. 600, and amounting to 100000 deyel-
oped into a certainty this morning. At the
Stock Exchange $4,000 of Union Pacific,
Denver & Gulf consolidated first mortgage
tives were sold out under the rule on the
account Of the firm. Upon hearing Of this
fact Judge Dillon sent for Assistant Secre-
tary Burnham. of the Stock Exchange, and
had q conference with him at his Office.
Sidney Dillon was present. Mr.. Burnham
was notified that the entire list of securi-
ties are not q good delivery, and was re-
quested to post the notice. A meeting
of the committee on securities was hur-
riediy called by Secretary Ely. and it came
to the decision that the securities would
not be q good delivery, and posted q notice
to that effect, and sent word to the various
banks. The securities named IN the pro-
test sent to members OF the Exchange
amount to about 81, 00O. 0C0.
Mr.. Sidney Dillon was met on Broad
street, hurrying to his office. He spoke
about the notice and said: The by pothe-
cation OF these securities is what l term
criminal borrowing. do not think there
can be any milder view of the action taken.
We have been endeavOring to get the mat
ter settled before. and have offered several
times to pay the loan as we have had the
money deposited at Drexel, Morgan & Co.'s
for some time. 1t is only drawing 2 per
cent. interest there, and we wanted to get
it out. called at their Office this morning
and found them all so frustrated that they
could give me no information whatever
At the office of Field, Wiechers, Lindley
& Co.. the assignee. Mr.. Charles w. Gould.
was seem. In reply to questions be said:
81 really do not know in what condition
things stand. l have been preparing to
take an inventory of the securities and
other assets. AS to the reported rehypothe-
cation of the Union Pacific securities, /
really don't know anything about it, but
hardly can believe that such a thing has
been DONE"
In regard to the condition of Mr.. Edward
NJ. Field, the senior member of the firm,
Mr.. Gould said: Il called at Mr.. Fields
house this morning. but did not see him. l
saw his physician, however, and learned
that Mr.. Fields condition is very serious.
Arrangements are being made to send him
to a private insane asylum. Mr.. Cyrus w.
Field is also very i'll of nervous prostra-
ton. | tried yesterday to talk with Mr..
he was incapable of talking intelligentiy.
His symptoms are not those of an acute
maniac. but he cannot keep his MIND on
anything"
lUIS HlttTuOOn MI. Wlllldu i ltlu lOlU d
reporter that his father was not as i'll as
was generally thought. My father IS
somewhat Frustrated" he said, but at
present We have no fear of the outcome.
He Is not in bed, but lies down upon a sofa,
occasionally rising and sitting In q chair.
In my opinion father will be all right
again in a few days"
After the close of the Stock Exchange to-
day the exchange officially announced that
the Union Pacific railroad had notified it
Tho 4 aAouritiaa of The fooa volna nf CT r1n QN0
had been misapproprlated. and these secu-
rites were accordingly declared to be not
a good delivery on account OF sales made
In the exchange. The following statement
is made by officers OF the Union Pacific In
regard to the notice given to the Stock Ex-
change: . the securities of its SYSTEM,
which were held by Field, Lindley
Wiechers Il Co., in relation to which the
they are not a good delivery. a large part
were delivered to that firm as collateral
security for three loans which maturcd
Nov. 1S. "a and %. and the balance of the
next. The company has repeatedly offered
to pay Off these loans since the funding
scheme was contaminated, and has
stood ready to do so. but pre-,
three loans matured the company
has made every effort to take up the loans.
but the lenders delayed. making various
excuses for not being ready to deliver up
the collateral on receipt OF payment. The
company stands ready at any time to pay
the loans on delivery of collateral. or to
meet any of its obligations provided cOllat-
erals are returned"
Several of the brokers of the suspended
firm have sold the bonds and must make
delivery on Monday to the buyers. As
they are not a good delivery. the sellers are
endeavoring to have the buyers cancel the
Transaction.
Edward NJ. Field has left his home at No.
125 West Twenty-third street with his
wife, but where he has gone is not known.
The carpets in the house nave been taken
up. trunks line the Railways. and the gen.
eral appearance of the hOnse would indicate
that the house is to be closed. This after
noon six large trunks were driven away
in o wagon. A servant of the house said
they were empty trunks being carried to
the country to be filled. This statement
cannot be true, as it took two men to lit
each trunk. The same servant. during the
afternoon, having his attention called to
the inconsistency of his statement. adj
united that Mrs. Field had left the house
last night and had not returned. The
servant said that ne believed that they had
not left the city. but denied all knowledge
of their whereabouts.