The morning call., 1891-11-28
4 RISE IN CORN.
It Brings Disaster to a New
York Banking Firm.
Th9 Senior Member Of The Company Has
Gone Insane.
Their Indebtedness fariOuSly Estimated at
From St,OOO,OOO 10 S1,5OO,OOO-Hurt
by The Corner In November.
Epecial TO THE MORNING CALI.

Epecial TO THE MORNING CALI
NEW YORK, Nov. 27.-Edwin NJ. Field,
Daniel l.. Lindley, John Frederick WEIGH
ers and Herman C. Helmus, composing the
trm of Field, Lindley. Weichers & Co.,
bankers and brokers, made an assignment
to-day, without preferences. The failure
was announced ON the Produce Exchange
at noon, but the grain market was only
slightly affected. The house is an old one,
but latterly has been somewhat restricted in
its dealings. The failure is attributed to
the rise in corn at New York and Chicago.
1t had been protecting some large lines of
corn from the B. V. White deal, and had
been on the short side of the November mar
ket, and few days ago had to cover 50O,O
bushels. Their operations were mainly in
Chicago, but to some extent here. Other
articles have gone against them, it is said,
and especially coffee. while they had some
dealings as well in Wall street Just how
much of the amount the firm finds itself un-
able to pay is not yet clear. The head of
the firm is a son of Cyrus W. Field.
OF UNsOUND MIND.
Assignee Gould, when seen at the firms
Office this afternoon. said: "The assign
ment is made for this reason: Edward NJ
Field, the senior member Of the fun, has
apparently gone distracted. His illness re-
sembles incipient paresis and is due to over
work and the great responsibility resting
upon him as the manager of the finances of
the firm. His mother died last Monday, and
the event SpnmaI hriup n plimay his
mental troubles, which some of his friends
detected TWO years ago. The physicians told
me few days ago thar Field was not right
in his mind Field having the sole manage
mcnt of the funds Of the firm it at once be-
came necessary to get from him their, cond-
tou. 81 l went IN company with other
members Of the firm to his residence and
tried 10 bud out how things stood. We
failed however, to obtain from him any
light on the situation, as his mind would
continually stray away from the subject.
We had undertaken n hopeless task. An as
sIgnmeRt then became imperative, in order
10 protect the firm and its customers. l can
not say how the firm stands.
MUCH MONEY INVESTED.
II hope the assets will exceed The liabili-
ties, but just now l cannot say Much of
the firms money has been used Tor the pro-
motion of enterprises in which they were
interes ed and which promised great re-
suits. This money / ain confident, is Sc
general banking and brokerage business,
ana is represented on the floors oil the Stock,
Produce and Coffee exchanges. This assign
ment is que wholly to tie causes which
have designated, and is Lot in any way the
-sys1tt OF sses caused sv sne"Ufstior ]
am OF the opinion that everything wfii come
out all right in the end. The firm is gener-
ally believed TO have been hurt by the cor
ner in November corn, Of which their priIl-
clpal customers are said to have been short
On tItp AnUuSf credit the firm rar ted at S-Sn
000 to 81 0 00j0"
UNION PACIFIC SECURITIES.
For some time after the suspension was
announced the stock market was stagnant
all business being practically neglected on
the floor, the brokers' being too interested
in closing the firms contracts to make any
new deals. Sidney Dillon, President of the
Union Pacific Company; eX-Judge John F.
Dillon, counsel Of the company, and General
Dodge, a large stOckholder, are at the Office
Of Field, Lindley, Weichers & Co., waiting
for some one 10 show up aud tell the condi-
tion of certain Union Pacific securities held
by the firm for loans. These gentlemen
have no idea as to what condition the Sc
cnIities are in, and fear they have been
hypothecated. Judge Dillon spoke freely
about the affairs of the firm. lie said the
creditors were numerous and that the firm
discounted paper for various houses. and in
the main received securities. The all-im-
portant question is as to the condition of
lHelT securities.
RUMoRED INDEBTEDNESS.
Judge Dillon is unable to learn tonight
the disposition made of the Union Paci6c
securities. 1t is believed the paper amounts
to about 100000. Later it was reported
that the securities were sold to-day on the
Stock Exchange and that The road would
get out an Injunction to prevent their deliv-
cry. Numerous IumorS are afioat placing
the firms Indebtedness at all the way from
s., COG, coo to 81 500 600, but no correct state
ment could be secured through the office of
the firm. One of the partners denies that
corn had anything special to do with the
difficulty, and says that their matters are
disarranged, and they do not know how
they stand, considering which the firm
thought it best to send out notice of their
inability to meet obligations. On the other
hand prominent operators in the corn trade
say they know the firm had a hard time get
ting through their transactions in that staple,
that they sold cash corn TO some little ex-
tent as left over by the White failure, aud
were unable TO buy it back for deliveries
this month. 1t is also reported that the firm
had some losses through bond operations in
the street At the Coffee Exchange it was
said the firm was interested to the extent of
from 5000 to 1900 bags. Assignee Gould
visited Edward NJ. and Cyrus w. Field this
evening Neither Of the Fields could be
very critical condition. The loss of his wife,
and his sons failure, and the lapse of his
mental faculties, has made him so low he
may not recover.
THE CORN DEAL
CHICAGO, Nov. 27.-The corner in Novem-
Der corn is still on, but it attracts very little
attention in comparison with what the wide
fluctuations in that future would Indicate
There is scarcely transaction per hour, ana
in the meantime the market is liable to fuc-
tuate several cents. At the opening one
sale was made at soc, an advance of &c over
the closing price of Wednesday. That was
the only sale at that figure, and prices
straghtway were offered down to 76c with
out any further business resulting. The
corner is natural one, owing to the short
ness OF stock contracts in corn, new and old
No one would be surprised to see the price
go up to 81. Field, Lindley, Weichers .S
Co. dealt here exclusively through commits
sion houses. The news of the failure Nd
not seriously affect prices in this market
Corn went down about u cent. though it did
not appear there were any sales for their ac-
count. Wheat declined 3s of cent, mumen-
tarlly, but soon recovered the loss and more
Their business in Chicago since last spring
has been limited, and of late commission
houses called them SHARPLY for margins In
fact, some houses recently declined commits
sion from the firm. As far as learned. there