The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-11-28
THE CORNER In CORN DID 1T
Failure of the Firm of Bankers of,Which
Cyrus w. Fields Son Is the Head.
Misfortunes Coping So Rapidly on the Family
May Prove a Death Blow TO the Old Men
-YouDg Field Stricken with Psresis.

NEW YORK.. Nov. NJ. Field,
Daniel A. Lindley. John Frederick
WIechers and Herman c. Helmus. compos
ing the firm of Field, Lindley, Wiechers q
Co., bankers and brokers at No. l Broad
way. assigned to-day to Charles W. Gould
without preferences, The head of the firm
is q son of Cyrus w. Field. The failure
was announced on the Produce Exchange
at noon. hut the markets were only slightly
affected. The house is an old one. but lat
terly has been somewhat restricted In it's
dealings. The failure is attributed to the
advance in corn here and at Chicago. The
firm had been protecting some large lines
of corn from the s. V. White deal and had
been on the short side of the November
market and a few days ago had TO cover
500. 900 bushels. It's operations were mainly
in Chicago. but to some extent here.
Other articles have gone against the firm.
it Is said. n especially coffee. while 1t
had some dealings as well in Wall street.
Assignee Gould, when seen at the hrms
Office this afternoon. said: The assign
ment was made for this reason: Edward NJ.
Field. the senior member of the hrm, has
apparently gone distracted. His illness re-
sembles incipient paresis. His mother died
last Monday, and this event seemed to
bring TO a climax his mental trouble, which
some of his friends had detected two years
ago. A physician told me a few days ago
that Mr.. Field was not right in his mind.
MI. Field, having the sole management of
the funds of the firm. 1T at once became
necessary to learn from him their cOndi-
ton. So L went. In company with other
members OF the firm. TO his residence and
found it a hopeless task. / cannot say how
the firm stands. / hope that the assets will
exceed the liabilities, but Just o | cannot
say. Much of the firms money has been used
for the promotion of an enterprise in which
they were interested and which promised
great results. This money L am confident
is secured beyond perad venture. Many OF
their customers also hold the securities OF
this enterprise, and they may rest assured
that they are all right. 1 must decline to
say at present whether this enterprise is a
financial or commercial one. The firm did
a general banking and brokerage business.
and Is represented on the floors of the stock
and produce exchanges This assignment
10 due to the causes which L have desIg-
mated. / am of the opinion that every
thing Will come out right In the end"
Aug. l the credit of the firm was rated at
$3.50. 900 to 81 ZOO. 0Q0.
One of the partners denies that corn had
anything special to do with their difficulty,
and says that their matters are dIsarranged
and that they do not know how they stand.
considering which, be said, the firm thought
best TO send out a notice of in
ability to meet its obligations. On
tat okA@tA Atto
in the corn trade say that they know the
firm has had a hard time getting through
it's transactions IN the Btaple; that they
sold the cash corn TO some little extent.
as left over by the White failure. and that
they were unable to buy it back for de-
hverIes this month.
1t is believed that tho paper of the Union
Pacific held by the firm Mount to about
S6O0.OoO. lt was later reported that the
Union Pacific securities were sold to-day
OH the Stock Exchange. that the roadiwould
get out an Injunction to prevent their de-
livery.
Numerous reports were afioat placing
the firms Indebtedness all the
but no correct statement could be secured
through the office of the firm, which was
thrOnged the entire afternoon by people
clamoring for Information Notwithstand-
ing the statement of Mr.. Gould that Mr..
Edward Field was at his honso under med
zeal treatment the servant ut his house in
sisted In the afternoon that he left in the
morning, saying that he was going to the
office.
Ii IS also currently reported that the firm
hashad some losses through bond operations
in tho street. Ii is not possible to trace
much OF q loss in grain here. it Occarring,
as stated. more largely in Chicago deals
At the Coffee Exchange there was some
effect from the failure, where il was said
that the firm was interested TO the extent
of at least 5000 bags tsOme say 5000 bags
Charles II. Gould. the assignee OF Field.
Lindiey. Weichers & CO., visited Melward
Field and Cyrus w. Field this evening.
Neither of the two latter could be seen.
Cyrus w. Field Is in n very critical condI-
tion. The loss of his wife, and his sons
failure and LAPSE of mental faculties has
laid him so low that he may not recover.
Suits Against Keystone Stockholders.
PHILADELPHIA, Nov. 27.-Robert NJ. Yard
ley. receiver of the Keystone National
Bank brought eighty-seyen suits in the
United States District Court to-day
against as many stockholders of the
on each share of stock held by
upon which suit is brought is
4.l23. the assessments upon which amount
to S2S. 100. This does not exhaust the re-
sources of Recsiver fardley against stock
the list. but their holdings are as trustees.
administrators, executors, or in some other
manner which will require further investi-
CATION on the part of United States Dis
trict Attorney Sneed before he prepares
the statement of claims, which Receiver
Yardley must file in the suits against them.
1t Progressed tho Wrong Way.
PITTsBURG, Pa, Nov. 2I-The PI:tsburg
Progressive Association. q mutual beneti-
cial insurance concern, suspended to-day,
being unable to meet its payments. The
association was organized last January,
and since that time $4,000 has been paid
out on certificates. A. like amount is now
due. but from a lack of new members the
concern was unable to meet it's obligations.
About nine hundred members In this city
will lose the money they have paid in.
Other Business Troubles.
CHICAGO, Nov. ga bill was filed in
the Circuit Court to-day by Sarah A. and
4. and Virginia Copeland and NJ. n. Lamb,
all of Washington, ID. c., asking the ap-
pointment of q receiver for the American
Mining and Smelling Company. an Illinois
corporation. Co~mplainants say that in
October, 1889. they owned stock in the
company of the par value of 1921 900. They
charge the other stockholders with fraud.
The company owns three silver mines al
LeadvilIe, Col. on which 1t has spent be.
tween 100000 and s500.0O0
NEW YORK, Nov. 27.-Wm. ii. Bird. man