Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-11-27
I'd EDITION.
BIG CORNER IN CORN
Others Accomplished What deacon"
White Failed to Do.
THE PRICE GOES UP FROM 81 TO 80.
British Soldiers Revolt Against a
TyrannicaI Officer.
LATE TELEGRAPHIC NEWS.
THE PRICE GOES UP FROM 81 TO 80.
LATE TELEGRAPHIC NEWS
RISING CORN RUINED THEM.

Field, Lindley, weichers & Co., Bankers
| and Brokers, Assign.
NEW YORK, Nov. T.--Edward NJ Field,
Daniel A. Lindley. John Frederick Weichers
and Herman C. Hilmers, composing the firm of
Field. Lindley, Weichers Co., bankers and
brokers at No. Broadway. assigned today to
Chas. W. Gould without preference.
The failure was announced in the produce
exchange at noon. but the grain markets were
only slightly affected. The house WAS an old
ore, but latterly has been somewhat restricted
in its dealings. The failure is attributed to the
advance IN corn here and at Chicago. They
had been protecting some large lines Of corn
from the S. V. White deal and had been on the
short side of the November market and
Jew days ago had to cover 500 900 bushels
Their operations were mainly in Chicago, but
TO some extent here. Other articles have gone
against them. it is said, especially coffee, while
they had some dealings as well In Wall street.
just how much OF an amount the firm finds it.
self unable TO pay Is not as yet clear. The
grain markets were only slightly affected by
the failure. The head of the firm is a son of
Cyrus W. Field.
WHAT THE ASSIGNEE SAYS.
Assignee Gould, when seen at the firms office
this afternoon. said: The assignment was made
for this reason: Edward NJ. Field, the senior
member of the firm. has apparently gone dis
tracted. His illness resembles incipient pare
sis. and is due to oyerwork and the
great responsibility resting upon him
of the firm. His mother died last Monday and
this event seemed to bring to a climax his men,
tai trouble which some of his friends had de-
tected two years ago. physician told me
few days ago that Mr. Field was not right i'll
mind.
Mr.. Field having the sole management Of the
funds of the firm itat once became necessary to
get from him their condition. So went in COM
pauy with other members OF the firm to his resi-
dence and tried to md out how things stood.
We failed. however, to obtain from him any
light on the situation. as his mind would con-
tinualiy stray away from the subject We had
undertaken hopeless task
The assignment then became imperative in
order to protect the firm and its customers
Il cannot say how the firm stands. have
directed the clerks to submit to me all bal
ances rs quickly as obtained, but the
work is necessarily slow. hope that the
assets will exceed the liabilities, but Just now
cannot say.
EXPECTED On THE STOCK EXCHANGE
Before the formal announcement of the
suspension was made the traders of the floor
OF the stock exchange knew that it was coming
and they sold stocks freely in expectation
that the failure of the firm would be
followed by break in prices. When the
announcement was made from the rostrum a
decline of about per cent occurred, but it WAS
soon seen that the firm was short of more stocks
than it was long, and large amounts of stock
had to be bought in for il under the rule to
cover the short contracts. The firm Is generally
believed to have been hurt by the corner in
November corn of which their principal Gus
toners are SAID to have been short and what
wasfcalied the Washington building bear clique.
This clique was for some time active on the
near side of the market and Is believed to
have lost large sums in endeavoring to
break Burlington, Lackawanna and other
stocks. On August ] the credit of the firm
was rated at S750, 900 to 100000 For some
time after the suspension was announced the
stock market was stagnant, all business being
practically neglected on the floor the brokers
being too interested in the closing out of the
first contracts to make any new deals.
WHO FORCED UP THE PRICE.
CHICAGO, Nov. 2.-The corner in November
is still on but it attracts very little atten-
ton in comparison with what the wide fuctua-
tions in that future would indicate. There is
scarcely transaction per hour. and, in the
meantime the market is liable to huctuat.
several cents. This morning, for instance
some outside short was badly ratified and at
the opening caused his deal to be covered at so
cents, al advance of &c. over the closing of
Wednesday. That was the only sale at that
figure, and the price was straightway Of
fered down to Is, without any fur
ther business resulting. The corner is
a natural one, owing to the shortness of the
stock of contract, new and old. s. V. Whites
corner of last September drained the country
of its reserves. and in failing just at the time
he did narrowly missed being able to carry the
corner through the rest OF the year. His at
tempts. however. las enabled others to COM
plete the job which he begun.
Who Deacon Whites heirs in the deal are
is not known. but the trade connect the names
of Patten Bros. Bartlett & Frazier. Ed An
a Arm.
with the bull clique which has sue
| cecded in advancing the price Of November
corn from 81 week ago to so cents today No
| one would be surprised to see the price put to
II. Who the shorts are and how much that
interest amounts to is also unknown, butt must
be considerable. and the clique is likely to net
very neat and tidy sum by the transaction; it is
| estimated in some quarters at $500, 600.
May corn firm. Opened unchanged at
43, sold 70 49, at IL O'Clock.