New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-12-02
GOES TO THE WALL.
A Leading Firm Of New York Brokers
Embarrassed and Compelled
to Assign. #
The Uns0und Mental Condition of the
Senior Partner Chiefly Rcspon-
sible Therefor.

New YoRK, Nov.2s.-Edwa Field, Daniel
Lindley, Frederick Weichers and Herman
Z. Halmuth. composing the firm of Field
Lindley. Weichers & Co., bankers and
brokers at No. Broadway, assigned to-day
to Charles W. Gould without preferences.
The failure was announced on the prod.
uce exchange at noon, but the grain mar,
kets were only slightly affected. The house
is an old one, but lattery has beeh some
what restricted in its dealings. The failure
is attributed to the advance in corn here
and at Chicago. 1t 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 few days
ago had to cover 50o,O0O bushels Their
operations We're mainly in Chicago but to
some extent here. Other articles have gone
against them, it is said, especially cot:
fee. while they had some dealings as we'll
i'll Wall street. Just how much of the
amount the firm is unable to pay is not yet
clear. The grain markets were only slight
ly affected by the failure The head of the
firm is a son of Cyrus w. Field. Assignee
Gould, when seen at the firms Office this
afternoon, said
The assignment was made for this reason: Ed
ward NJ. Field. the senior member of the firm,
has apparently gone distracted. His illness
sembes incipient paresis. and is due to over
WORK and the great responsibility resting upon
MIN as the manager OF the finances of the firm.
His mother died last Monday. and this event
seemed to bring to climax his mental trouble,
which someo his friends had detected two
years ago. physician told me a few days ago
That Mr.. Field was not right III his mind.
Mr.. Field. having the sole management OF the
funds of the firm it at once became necessary to
get from him their condition. So I went in
company with other members OF the firm, to his
residence and tried to find out how things stood
We failed. however. to obtain from him any
light on the situation. as his mind would con-
tlnunlv stray away from the subject: We had
then hecame imperative in order to protect the
firm and its customers.
cannot $ ny, how the firm stands. have d.
rected the clerks to submit to me all balances
as quickly as obtained. but the work is necessa-
rlly SOW. hope the assets will exceed the liab-
tiles. but just now cannot say. The fact that
Mr.: Field had the sole management of the fnan-
Clal department. renders settlement necessa-
rily tedious The other members of the firm
know no more than do at present. but all hope
for the best
Much OF the firms money has been used for
the promotion OF an enterprise in which they
were interested and which promised great re-
suits. This money. am confiden1. is secured
beyond peradventure. Many of their customers
also mold the securities OF this enterprise, and
they may rest assured that they all right
l must decline to say at present whether this en-
terprise is a financial or commercial one
The firm did general banking and brokerage
stock. produce and coffee exchanges. This
signme,lt is due wholly to the causes which I
have designated. and is not in any way the re.
suit OF losses caused by speculation. 1 am OF
the opinion that everything will come out all
right in the end.
Be ore the formal announcement OF the
supension was made the traders on the floor
Of the stock exchange had warning and
they sold stocks freely on the expectation
that the failure Of the firm would be fol-
lowed by break in prices. When the an
nouncement was made from the RESTRAIN,
a decline Of about one point 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 it.
under tt rule to cover these short con-
tracts.
The firm is generally believed to have
been hurt by the corner in November corn,
Of which their principal customers are said
to have been short, and what was called the
Washington building bear Clique had its
accounts there. This clique was for some
time active on the bear side OF the market
and is believed to have lost large sums in
endeavorng to break Burlington. Lacla-
wanna and other stocks. On Aug. 1 the
credit Of the firm was rated at $3.50 600 to
81, 600 coo. For some time after the suspen-
sion was announced the stock market was
stagnant. all business being practically neg
lected on the floor the brokers being too
interested in the closing of the firms con-
HOW ARE THE SECURITIES?
Sidney Dillon. president of the Union Pa
cific Railway company: ex-Judge John F.
Dillon. counsel Of the company, and Gen.
G. NJ. Dodge. large Stockholders are at the
office OF Field, Lindley, Weicher & Co.
waiting Tor some one to show up and tell
the condition O. certain Union Pacific Sc
curities that are held by the firm for loans.
These gentlemen have no idea as TO what
condition the securities are in, and fear
that they have been hypothetical. Judge
Dillon spoke freely about the affairs Of the
firm. He said that the creditors are tumer-
ous and that the firm discounted paper for
various houses and in the main received
securities. The all important question is
as TO the condition Of their securities. At
3p, m. the Union Pacific people were still
waiting or some one to arrive at the Of
fee.
Dragged to Death.
BARABoo, Wis, Nov. 2S.-News has just
heen received of the horrible death OfJames