The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-28
GRAIN BROKERS ASSIGN.
A CHARGE THAT THEY HAVE SOLD
SECURITIES LEFT FOR LOANS.

a Son Of Cyrus W. Field the Head of
the Firm-His Partners Claim That
His Mind is Unbalsnced-No State
ment of the Assets and Liabilities
Obtainable-Rumor Puts the Debts
at Anywhere From 100000 to
$1.5oo,ooo.
New York, Nov. 27.-Edward NJ. Field,
Daniel A. Lindley, John Frederick, W.
Weickers. aud Herman C. Hilmers, COM
posing the firm of Field. Lindley, Weickers
& Co., bankers and brokers, at No.1 Broad
way, assigned to-day to Charles w. Gould,
without preference. The failure was an
nonnced in the produce exchange at noon,
but the grain markets were only slightly
affected. The house is an old one, but lat
terly 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. Y.
White deal and had been on the short side Of
the November market, and few days ago
had 20 cover 500 900 bushels. Their opera
tions were mainly In Chicago, but to some
extent here. Other articles have gone
against them, 10 is said, especially coffee.
while they had scme dealing as well In Wall
bbtccb. OuSb uOW uuuCA Va buO aLnNuut bHd
firm finds itself unable to pay is not yet
clear. The grain markets were only slightly
affected by the failure. The head Of the
firm is son of Cyrus w. Field.
THE HEAD OF THE FIRM DISTRACTED.
Assignee Gould this afternoon said: "The
assignment was made for this reason: Ed
ward II. Field, senior member of the firm,
has apparently gone distracted. His illness
resembles incipient paresis. aud Is due to
overwork, and the great responsibility rest
ing upon him as manager OF the
finances Of the firm. His mother
died last Monday. and this event
seemed to bring to a climax his mental
trouble which some of his friends had de-
tected two years ago. A physian told me a
few days ago that Mr.. Field was not right
In his mind. Mr.. Field having the sole
management of the funds OF the firm 1t at
once became necessary to get from him
their condition. So went in company
with the other members OF the firm to his
residence and tried to find out how things
stood. We failed, however, to obtain from
mis- mind would continually stray away
from the subject. We had undertaken q
hopeless task. An assignment then became
imperative in order to protect the firm and
its customers" Neither the assignee nor
any member of the firm so far heard from
could give any statement OK the firms con-
dition. The firm was the successor TO the
old houseIof Field, Lindley & Co. and was
formed when Cyrus W. Field retired last
April.
SECURITIES RE-HYPoTHECArED.
There were rumors afioat that large
amount Of securities had been re>hYpothe-
Gated by the firm, one statement asserting
that this had been done with over 5000, 900
of securities, pledged by the Union Pacific
company. Watson Bros, who re-
ceived $4,000 in Denver aud Gulf
bonds, sold securities in the open
market after the failure was
announced which are claimed to have been
securities re-hypothecated and an injunc-
tion was prepared tonight which will prob
ably be served tomorrow en- Joining the de-
livery of the bonds. The loan is not yet
due, but Drexel, Morgan & Co.. are under
stood to have offered to make up the bonds,
but the firm would not turn them over.
REPORTED SOLD ON THE EXCHANGE.
It was later reported that the Union Pa
citic securities were sold to-day on the stock
exchange and that the road would get out
an injunction to prevent their delivery.
Rumor has it that the firm has been lending
money on securities at 30 and 40 per cent.
discount and then selling the securities at
their par value. Further than the fact that
several DOfIOW6fS nave 6Skeu lOE buelr
securities and they have not been produced,
the rumor has not been substantiated.
Rumors were ahoat placing the firms in-
debtedness all the way from 100000 to
81 SOC, 900, but no correct statement could be
secured, though the office of the firm was
thronged during the entire afternoon by
people clamoring for information.
Cyrus w. Field is In a very critical con-
dition. The loss Of his wife and his sous
failure and lapse Of mental faculties have
laid hun SO low that he may not recover.