The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-12-04
THE FIELD SCANDAL.
HOW YOUNG FIELD ROBBED Ills Gus
TONER'S.
While Struggling to Avert Bankruptcy he
used Anybo,iy's Money i.e C"nld lay his
Huuds on.-Is Now crazy.

=
r, used Anybody's Money '.e C"nid lay al
i EIunds on.-Is Now crazy.
New YORK Dec, 3-Thc World Monda..
J morning SAYS that Edward ". Field, SCI
of Cyrus W. Field and senior. member 0
the hrm of Field, Lindiey, Wiechers Il Co.
which failed last week, WIS taken to th'
! Bloomingdale Insane Asylum on Saturday
He leaves behind him disaster, confusion
the wreck of business firm ruined by
his nisdoings, and blot on the escutch-
con OF an ilustrious family.
The innucn1oes and accusations OF Wal
street are justified. The worst suspicious
are mild compared with the hard. facts
Edward Nj. Field not only rehypothccated
railroad bonds placed with him as coilat-
eral. but he misappropriated large sums
o money He raised loans on worthless
securities, deceived his partners ard be-
traycd their implicit faith in him. The
desperation which followed lis Wild spec
ulations and methods Of conducting bis
affairs seems to have Invested Field OF
the last shred Of honor. In his efforts 10
make the crooked straight, lie did net
spare any one who renosed confidence in
| him.
Two thousand dollars iii pew rents, Turn
ed over to him as trustee of the iarryto"n
PRESBYTERIAN Church. is missing. lie was
treasurer Of the Association which owns
the Washington building, collected 49,
600 in rent and sunk the money to avert
| impending doom. 1t is now SAID that his
| intellect conld not stand Il strain.
a family conference was held Saturday
aud Yesterday at the home ot Cyrus ".
Field regarding Edward NJ. Field. Those
| who took part in it were Cyrus W Field.
mis- brothers, David Du;l!c; Field and Ste
phen J Field. George DeForcst Lord, Cy-
rus ". Fields counsel and representative
Of Drexel, Morgan & Co. The conference
| was held to decide what course should BE
tanen by Cyrus W. Field regarding Ed
ward NJ. Field. The situation in brieI
was found to be this Edward NJ. Field
| labilatcs, arising from tie pecuiHi con
duct Of his business whcii is such az TO
give rise to ntimations OF dcialcations
and forgcries, amount to millions. 10
satisfy the claims Of his creditors would
require Cyrus " Fields entire fortune
and considerably more. The question
which the conference had 90 decide was
whether Cyrus ". Field should sacrifice
his entire fortune for this purpose. Tic
family honor was as stake Family pride
ehrunk from the prospect OF the public
disgrace Of Field 1t WAS urged ;hat ali
untarnshcd name should lie saved rom
blcnlish. The breath of scandal had al!
ready touched Edwards Nj. Fields fair
name Could net ali this be stopped and
the last 81 a fortune once great be pi"dS
ed fer sweet honOrs sake?
Whan the desperate situation had been
fully discussed and viewed ftom ali sides
it was hnsliy decided, in view OF tho fact
chat even if Cyrus v Field should sacri
flee his entire fortune he would not be
able to meet the liabilities Of his son,
that he should not make Tie sacrifice.
From facts ascertaiHed Yesterday b the
" Grid it is evident that the failure oi
Field, Lindey, Wiechcrs &. Co., is one OF
the biggest financial scandals and tan
giles and mnddlcs in the history Of Wall
street. Il is considered TO be 2 parallel
case to the famous Ives :;taynor failure.
They are many plain evidences OF fraud.
SO plain are they chat only bis illness say
cd Edward n. Field from arrest. war
rant it is said, has been issued, and IN
spcctor Byrncs has had !Hcii watching the
house, Ia EAST Twenty first street.
Regarding She transaction between the
Union Pacific people and the fem, the lat
ter !oaned the Union Pacific $500, $40 orig
inally, taking as collateral bonds worlI
at par valX 1000 eco These bonds to-
day arc worth $l,!O0,190. The Union Pa
ciiic people haye taken up so lar i2o3,eOo
of this loan, ana to-day owc fhe firm some
$7G0,901. The bonds are scattered every
where, having been re!!ypcthocatcd By the
firm to suit their convenience. The
amount thus posed ct aggregates $300.-
0G0. By this method the firm made an
average gain OF 20 per cent.
The more the affairs Of Field, I.indey,
Wiechcrs s, Co. are investigated the more
widespread seems to be the injury result
ing from the failure. 1t is now we'll known
that several banks and good man" indi-
viduals will suffer TO greater or less eX-
tent By reason Of their holding securities
hypothccated By Field Co.. which are al
most worthless. The condition Of Cyrus
w. Field last night, according to his ply
sician, showed no materia! change. Tire
doctor said his patient required absolute
rest and quiet. Another affection has
come TO the aged fnaucier. His daughter,
Mary Grace, wife of Daniel a. Lindle;, Il
partner in the firm of Field, Lindley, Vie
cheers & Co., is very i'll OF cancer of the
stomach, and the physicians say she can
not live two months.
| Growth OF Cotton and WOODEN ,sanu.H4-
lures in Ten Years.