The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-11-28
LIVES WRECKED
By the Failure of the Son
of Cyrus w. Field.
Father at Deaths Door,.
The Son Deranged.
Ugly Stories Told About
the Concerns Methods.

New YORK, November 27.-Fleld, Lind
lay. Wiescher & Co., brokers. No. / Broad
way. assigned today.
Assignee Gould this afternoon said:
"The assignment was made for this rea-
son. Edward M. Field, the senior member
Of the firm has apparently gone distracted.
His illness resembles incipient paresis and
Is due to overwerk. Mr.. Field having the
sole management of the funds of the firm.
1t at once became necessary to get from
him their condition. We failed however
10 obtain from him any light on the situa-
ti0n as his mind would continually stlay
away from the subject. The assignment
then became imperative in order TO protect
the firm and Its customers. | cannot say
how the firm stands, but 1 am of the opin-
ion that everything win come out ali right
in the end.'
Notwithstanding the statement of the
assignee, rumors were soon In circulation
that large amount OF securities had been
rehypothecated by Field, Lindley q Co.
One statement was that this was done with
over 5000, 900 Of the securities pledged by
the Union Pacific Company Watson
Brothers, who received $100, 900 in Denver
and Gull bonds, sold the securities in the
open market alter the failure was an
nounced. 1t is claimed that these bonds
We're among the securities rehypothecated.
The loan Is not yet due. Drexel, Nor
gan & Co., it is understood, have offered
to take up the bonds, but the firm would
not turn them over. Sidney Dillon, presi-
dent of the Union Pacific Railroad Com
pany, ex-Judge John f. Dillon, counsel
of the company, and Gen. G. NJ. Dodge, a
large stockholders, went to the office of the
failed firm this afternoon to find some one
who could tell them the condition of the
Union Pacific securities held by the firm
NNr lAa.- 4.
been hypothecated. Judge Dillon said the
firm discounted papers for various
houses and, in the main, received the
securities. At 8 p. m. the Union Pacific
people were still waiting for some one
to arrive at the office. AT the Coffee Ex-
change 1T was said the firm was interested
to the extent of 5000 bags. Nothing trans
pired at the Cotton Exchange. The firm
had a very high standing at the CONNER
cial institutions.
At $50 o'clock neither the assignee nor
any OF the firm members had returned to
the office and Judge Dillon said he did not
propose to wait any longer. "We are
ready to pay the firm" he said, "and want
our securities. 1t appears that they have
disposed OF them but they could not legally
do so without the consent of the company.
which was not given. IL the securities are
not accounted for this evening l shall ad-
vertise for them tomorrow"
About O'Clock f. B. Thurber came into
the firms Office in search of securities be-
longing to friend who negotiated a loan
with Field, Lindlay, Wiechers & Co. They
could not be found. Mr.. Thurber went to
Assignee Gould's Office and was told that
he had gone for the day. The Office of the
assigners was left In the hands of the old
employees. Many creditors and borrowers
who called to inquire into the state of af-
fairs turned away no wiser than when
they came. Several men displayed checks
calling for large amounts of money and
wanted to pay the loans, but the money
was not wanted and they carried the
checks away.
1t is rumored the firm has been lending
money on securities at 80 and 40 per cent
discount and then selling the securities at
their par value. This, however, has not
been substantiated. There are rumOrs
a1oat placing the firms Indebtedness all the
way from from 100000 to $1.500.OOO. No
correct statement can be secured. Notwith-
standing Mr.. Gould's statement that Ed
ward Field was at his house under medical
treatment servant at his house insisted
this afternoon that he had left in the MORN
ing saying he was going to the Office. One
of the firms partners denies that corn had
anything special to DO with their difficult
ties. Prominent operators In the corn
trade say they knew the firm had hard time
getting through its transactions in that sta
pie. 1t is also said the firm had some losses
through bond operations in the street. 1t
is not possible TO trace up much of the loss
in grain here. 1t occurred more largely on
Chicago deals. This afternoon, a public
call was held at the Produce Exchange to
give opportunity to close out the contracts
of the failed firm. The total transactions
under the call were 100000 bushels of
wheat and 5000 bushels of corn.
The firm, when reorganized In April last
claimed capital of over $500,000 and to
be worth over $S00,O0O. A Chicago dis
patch says the firms business in Chicago
since since last spring has been rather linn
tied. No losses will be sustained in Chica-
go as far as can be learned.
The head of the suspended firm is the
son of Cyrus W. Field, and that gentlemen
Is now In critical condition. His wife
died yesterday and her loss, his sons fail
ure and lapse of mental faculties, has laid
Mr. Field so low that he may not recover.
The Failures OF a Week.
NEW YORK, November 27.-Bradstreet's
says the failures in the United States this
week number 242, against 233 for this week
last year.
The failures as reported to Dun & Rus.
sell number for the United States 237. In
the corresponding week last year they re-
port 2l1.