Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-11-28
UGLY RUMORS
Adolt Concerning Field, Llndlsy
1 Co, Of NtV York.
fhs Uaiun Pacific Railroad Company
Looking Aitsr S5O0,OO0 Of Securities.
The House Had High Standing Among
All Commercial Institutions.

NEW YoRK. Nov. 81 -Rumors sre
sfoa. that q large amount Of securities
have been e-hypothscs,ed by Field, Lind
ley & Co, whose failure is reported, one
sfstemen. ss.e-'ing that this was done
xith over $500 600 of securities pledged
by the Union Pacific c,mrany Watson
Brothers, who received Sli0 900 in Denver
ard Gulf bonds, sold the secari,ies in open
market after the failure vas announced.
Il is clsimsd thst these bonds are amorg
the securities re-hypathecated-
The loan is not yet due, but Drsxsl Nor
gan & Co are understood TO hsve offered
10 take up the bonds, bnt 'he firm would
aot turn them ever. Sidaey Dillon, psesi-
dent of The Uaion Pscifla Railroad Company,
ex Judge John F Dillon. coussal Of the
company, srd General G. NJ, Dl3gs, a
large stocsholder, vent 10 the cffia re of the
fEilsd h-m this afternoon to fl nd some one
~ho could tell them the soniisien OF the
Union Pacific securities held by the firm
for losrs. They feared The securities had
been hypotbecatsd
Judge Dillon said the firm discounted
pspsrs for various houses and in The main
received securities. A. . Z. NJ the Union
Pacific people are stil! waiting for come nns
to arrive st the flee. At tue Cedse Ex-
change soma efflei IL noticed from the
failure. II was said the Arm was iuterts'ed
to the extent of 5000 bsgs (s0nle say $1,000
bsgs). Notring sIanspired at the cotton
exchange The firm hal ysry high stand
iigst commercial st institutions.
At half past 3 O'Clock neither assisnte
nor any Of the firm members had returned
to the oflice. Judge Dillon sad he did not
propose TO wait any longer. "We are
ready 70 psy the fIm," he said, and want
our 5, cgrities. 1t appears that they DIE
p,sed of thin. but they could not legally
DO so without The consent of the company,
which wss not given. II the securities are
not accounted fer this evening l shsl! st-
vsrtise for them tomorrow"
Abou, 1 o'clot k r. B Thurber came into
the firms flee in sesrth Of some sacuf.-
ties belonging 10 friead. Who nesotisted a
iaan with Field, LindleF, Weichefs & Go.
They could not be fould Mr.. TOurber
went to Assignee Gaud's ctiice aud WAS
told that he had gone for ehe day.
The flee Of assigaers is left in the fasds
Of old employees Many creditors ANA Dor
rowers v no called 10 irquire into the state
Of sffsiys, were turned away no wiser thsn
when they came. Several men displayed
checks calling for large amounts OF money
sud wanted to pay loans, but the money
was no, needed and they carried The checks
away. Rumor ssys thai the firm has bsea
losuiug money on securities az 20 and 40
per cent. discount. thea Sc ling the fecuri-
ties at par value, but II has not been suo-
,t.n,isted. Kumors are 81 st placing the
n Inns indebtedness all the way from $780,
600 to ST., 500 coo, but no correc. state ement
can be secured
No withssaudirg Mr., Goulds ststemt mt
thar EiwaId Field was al his house under
medical treatment, the servant at the house
ir sisted this afternoon thst hs left in ths
m lrning saying lie was going &c the office.
One CT the firms partners denies that corn
bad any,bing special TO Go with their dlfii-
Guilty. Prominent operators in The cora
trsde ssy theg know the firm had hard
time getting through traT sactions ia staple,
Ii is slso bsii thst the firm had some losses
thrt ugh bond operations in the street.
Il Is rot possible to trace up much OF he
loss in grain here, it occurring m,re largely
on Chicsgo deals. This afternoon pubic
call was held at the produce exchange to
give an opportunity TO close out contracts
Of the failed fl IN. The total transactions
under the call were 100000 bushels OF
wheat. aad 76 600 bushels of corn.
Cyrus W. Field is in 2 very critical con-
ditiou. The loss Of his wife and his sons
failure, and & lagso Of mental faculties has
laid him 80 lev that he nav rot recover.