The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-11-30
RUIN And DISGRACE.
Startling Developments in the
Field Failure.
Loans Raised on Worthless Securities
and Large Sums MiSapprOpriatsd.
Tie Senior Member Gi the Firm Committed
to an Insane SJlum-ReSult Of a
Family Conference
Special to THE MORNING CALI.

NEW YORK, Nov. 3O.-The World this
morning says: Edward NJ. Field was taken
to the Bloomingdale Insane Asylum on
Saturday. The senior member of the firm
of Field, Lindley. Weichers & Co.
withdraws from the world with a
sadly tarnished name, and be leaves
behind him disaster. confusion,
wrecked business firm ruined by his mis-
doings and blot on the 'scutchcon Of an
illustrious family. @The innuendoes and
accusations of Wall street are justified. The
worst suspicious are mild compared with the
black facts. Edward NJ. Field not only
rehypothecated tue railway bonds placed
with him as collateral, but he misappro-
priated large sums of money. He raised
loans on worthless securities foisted by him
on many banks and on private individuals
as we'll
He deceived his partners and betrayed
their implicit faith in him. In his efforts to
make crooked straight he did not spare
any one who reposed confidence in him.
Two thousand dollars in pew rents turned
over TO Field as trustee of the Tarry-
L
was Treasurer of the association which
owns the Washington Building, where his
offices are. He collected $4,000 in rents
and sunk the nancy In his struggle to avert
the impending doom. Field ran a long race
with the fates. 1t is no wonder that his in
tellect could not stand the strain.
The Field fsmily's cup of bitterness surely
oveiflrws. Cyrus W. Field was prostrated
hV he of lie halo
the weight of this affliction still upon him
he had to face the terrible story of his sons
disgrace and financial and mental ruin.
His daughter, wife of Daniel a. Lindey
one of his unhappy sons unhappy
partners, is very i'll of cancer Of the
stomach, and her physicians say that she
cannot live two months. A family confer
tenes enes was held Saturday and YESTERDAY at
the home Of Cyrus w. Field. Those who
took part in il were CYRUS w. Field, his
brothers, David Dudley Field aud Stephen j.
Field, George dc Forest Lord Of the firm of
Lord, Day " Lord, Cyrus W. Fields coun-
sci and a representative of DreXel, Morgan
& Co. j. Pierpont Morgan's firm was called
in because since lie nterpOSei TO save Cy-
rus W. Field in the Manhattan Elevated
road deal he has taken an active interest in
Fields financial affairs.
The situation in brief was found to be
this: Edward NJ. Fields liabilities, arising
from the peculiar conduct of his business,
which is such as to give rise to intimations
OF GefaleatiUn and forgery, amount to mill
ions. To satisfy the claims of his creditors
would require Cyrus W. Fields entire
lortnne and considerably more. The ques-
tion which the conference had to decide
was whether Cyrus w. Field should sacri-
nee his entire fortune for this purpose.
Family honor was at stake. The breath of
scandal has already touched Edward NJ
Fields fair name. Could not all this be
stopped and the last of fortune once great
be pledged for sweet honor's sake. When the
desperate situation had been fully discussed
and viewed from all sides it was finally
decided. In view of the fact that even If
Cyrus w. Field should sacrifice his entire
fortune, he would not be able to meet the
liabilities of his son, that lie should not
make the sacrifice.
From facts ascertained yesterday
that the - failure Of FIELD fipdley tH5dfeS
Weichers & c.. is one Of the biggest fnan-
cial scandals and tangles and muddles in the
history of Wall street. 1t is considered to
nor failure. There are many plain evidences
OF fraud. So plain are they that
only his illness saved Edward NJ. Field
from arrest. A warrant, il is said, has
been issued, and Inspector Byrnes has had a
watch at his fathers house. They will
probably learn through the World this
morning that Edward NJ. Field is not
in his house. The failure of Field & Co. is
directly due to the delay in the arrival
OF an ocean steamer. A big private deal
would have gone through il the vessel had
arrived on time, and enough money wou
have been deposited in the Golfers of Il Q
house to have nsblcd the firm to meet 8
payments for at least little while longer.
Sidney Dillon said last night that lie
hoped all the banks and brokers who hold
any Union Pacific bonds that were re-
hypOthecated by Field & Co., and since de-
clared not good delivery by the Stock TX
change, would turn those bonds directly
into the office of the Union Pacific Company,
as the company was prepared to iiquidate
them.
The condition of Cyrus w. Field last
night according to DR.. Eugene Fuller, his
attending physician, showed no material
change. DIR. Fuller said that Field required
absolute rest and quiet