The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-11-28
A GREAT FIRM FAILS.
Field, Lindley & Co., New York
Brokers, Assign.
LIABILITIES A MILLION, MAYBE.
Cyrus W. Field, Father Of the Senior
Member of the Firm, I'm Critical
Condition as . Result.

Heimus composing the firm of Field, Lindiey,
Weichers d Co, bankers and brokers, assigned
today without preference.
The failure was announced on the produce
exchange at noon, but the grain market was
only slightly affected. The house is al old one,
but lately had been somewhat restricted IN ITS
dealings The failure is attributed TO the rise
in corn IN New York and Chicago 1t had been
protecting some large lines of corn from the
S. V. White deal, had been on the short side OF
the November market, and a few days ago nad
to cover 10000 bushels. Their operations were
mainly in Chicago, but to some extent mere
Other articles have gone against them, IL Is SAID,
especially coffee. White had some dealings as
well in Wall street. Just how much OF the
amount the firm finds itself unable to pay Is
not yet clear. The grain market was only
slightly affected by the failure. The head OF
the firm is q son Of Cyrus W. Field.
Assignee Gould, when seen at the nrms ONES
this afternoon, said:
The assignment is made for this reason: Ed
win W. Field the senior member OF the nrI,
has evidently gone distracted. His illness re-
sembles incipient paralysis, ana Is Que 10 over
work and the great responsibility resting upon
him as manager of the finances OF the firm. HIS
mother died last Monday, and this event seemed
to bring 10 a climax his mental trouble, "nicn
his friends detected two years ago. physician
told me few days ago that Field was not right
in his mind. Field having had the sole man
agement OF the funds OF the firm, II at once pc
condition, / went, in company win
other members of the firm, to his res
idence and tried 20 find out how things $1,000.
We failed, however, TO obtain from MIN any
light on the situation, as MS mind wouid con,
tinually stray from the subject. We had
undertaken hopeless task. ne asslgni . en-
then became i'm operative, in order to protect the
firm and its customers / cannot say now tne
firm stands | hope the assets will exceed the
Liabilities, but just now cannot say, Mmo oIn OF
ton of enterprises in which they were inter
ested, and which promised great results. This
money, / am confident, is secured beyond per-
adventure The firm did general banking and
brokerage business. and is represented on the
floors OF the stock produce and coffee exchanges.
This assignment is due wholly to the causes
which have stated. and not in any way to the
result of losses caused by speculation. am OF
the opinion that everything Will come out all
right in the end.
The firm is generally believed to have been
hurt by the corner in November corn, oil which
their principal customers are said to have been
short. On August the credit OF the firm Is
rated at $4,000 to 81 100000. For some time
after the suspension had been announced the
stock market was stagnant, all business having
been practically neglected, the floor brokers
being too interested in closing the firms con-
tracts to make any new deals
Sydney Dillon, president of the Union Pacific
Railway Company, and ex-Judge John f. Dill
Ion, counsel for company or general large
stockholders, were at the Office of Field, Lind
ley, Weiehers & Company today, waiting for
some one to show up and tell the condition OF
certain Union Pacific securities held by the
firm for loans. These gentlemen have no
knowledge as to what is the condition of the
securities, and fear they have been hypothe-
Gated. Judge Dillon spoke freely about the az
fairs of Field. He said the creditors were
numerous; that the firm discounted paper for
various houses. and in the main received securi-
ties. The all-important question was as to the
condition of their securities
Judge Dillon was unable to learn tonight of
the disposition made of the Union Pacific secur-
tiles 1t is believed the paper amounts to about
$4,000. Later 1t was reported that the securi-
ties were sold today on the stock exchange and
that the road would get out an injunction to
prevent their delivery. Numerous rumors are
afoat placing the firms indebtedness all the
way from 100000 to 81, 100000. but no correct
statement could be secured through the Office of
the firm.
One OF the partners denies that corn had any
thing special to do with the difficulty, and says
their matters are disarranged and they do not
know how they stand, considering which the
firm thought best to send out a notice OF their
inability to meet their obligations. On the
other hand prominent operators in the corn
trade say they know the firm had hard time
getting through transactions in staples and that
they sold cash corn to some extent as left over
by the White failure, and were unable to
1t is also reported that the firm had some losses
through bond operations in the street At the
Coffee Exchange ii was said the firm was inter-
ested to the extent of 5000 to 1900 bags. The
firm was composed OF Edwin NJ. Field, son of
Cyrus W. Field, Daniel A. Lindley, John +.
Weiehers aud Herman Chalmers Lindley is q
son-in-law of Cyrus W. Field. Assignee Gould
visited Edwin NJ. and Cyrus ". Field this
evening. Neither of the Fields could be seen by
the reporter.
Cyrus W. Field is in very critical condition.
The loss of his wife and his sons failure, and a
lapse of mental faculties has laid him so low
that nc may not recover.
CHICAGO, Nov. 27.-Field, Lindley Il Co, of
New York, whose failure was announced today,
dealt here exclusively through commission
house. News of the failure did not seriously
affect the prices in this market Corn went up
about n cent though il did not appear that
there were any sales for their account Wheat
declined - momentarily but soon recovered
loss and more The firms business in Chicago
since last spring has been limited, and of late
commission houses have been calling ON them
sharply Tor margins. In fact, some houses re-
Gently declined commissions from the firm As
far as can be learned there will DO no losses
here.
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