The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-11-28
A BIG FAILURE.
A Voluntary Assignment by
Large Operators in Produce.
The Firm is Field, Lindley, Wiechers & Co.
Union Pacific Securities InyOlVed-Cyrus w.
Field Frustrated by His Sons Failure.

NEW DIRK, NOV. Ei.-EuWdru NJ lSIu,
Daniel NJ. Lindley, John Frederick WEIGH
ers and Herman c. Helmus, composing the
firm OF Field, Lindley, Weichers & Co.,
bankers and brokers, assigned to-day with
out preferences.
The failure was announced in the pro-
duce exchange at noon, but the grain were
markets only slightly affected. The house
is an old one, butlstely has been somewhat
restricted IL it's dealings. The failure is
attributed to the rise in corn in New York
and Chicago. 1t has 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 few days ago had
to cover 500, 900 bushels. Their operations
were mainly in Chicago, but to some extent
here. Other articles have gone against
them it is said especially coffee, while they
had some dealings as well in Wall street.
just what amount the firm tnds itself I'M
able to pay is not yet clear. The grain
markets are only slightly affected by the
failure. The head OF the firm is a son of
Cyrus w. Field.
Assignee Gould when seen at the firms
Office this afternoon said: 1.-The assign
ment was made for this reason: Edward
/ Nj. Field, senior member of the firm, has
apparently gone distracted. His illness
resembles inclplent paresls, and 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 the climax
of mis- mental troubles, which some of his
friends detected two years ago His ply
stefan told me q few days ago Field was
not right in his mind Field having the
sole management of the fund offs the firm, it
at once became necessary to get from him
their condition. so | went in company with
other members of the firm TO his residence
and tried TO find out how things stood. We
failed, however, to obtain from him any
light on the situation, as his mind would
continually stray from the subject. We
had undertaken a hopeless task. An as
signment then become imperative in order
to protect the firm and its customers.
cannot say how the firm stands.
l hope the assets will exceed the liabilities,
but Just now / cannot say. Much of the
firms money has been used for the promo
ton of enterprises in which they invested
and which promised great results. This
money ! am confident is secured beyond
peradventure. The firm did general
banking and brokerage business and is rep
resented on the floors of the stock, produce
and coffee exchanges. This assignment Is
due wholly TO the causes which have des-
ignated and is not in any way the result OF
losses caused by speculation. l am of the
opinion that everything will come out al
right in the end"
The firm is generally believed to have
been hurt by the corner in November corn,
of which their principal customers are sale
to have been short. On August the credit
, of the firm was rated at 800 600 to s., 600
000. For some time after the suspension
was announced the stock market was stag
nant, all business being practically neg
lected on the floor BROKERS being too inter.
ested in closing the firms contracts tt
make any new deals.
Sidney Dillon, president of the Unior
Pacific railroad company; ex-Judge JOIN
F. Dillon, counsel of the company, ant
! General Dodge, large stockholder, wer
at the office OF Field, Llndley, Weicher s
, Co. waiting far some one to show up ant
tell the condition OF certain Union P2cif
securities held by the firm for loans. Thes
! gentlemen have no idea as to what the con
dition of the securities are in and fear the
have been hypothecated. Judge Dillo
spoke freely about the affairs of the firm
He said the creditors w6re numerous ant
that the firm discounted paper for variou
: houses and in the main received securities
The al important question is as to the con
dition of their securities.
Judge Dillon was unable to learn to-nigh
tina disposition made of the Union Pacfi
:, securities. 1t is believed the pape
d amounts 10 about $4,000. Later it wa
n reported the securities were sold to day o
n the stock exchange and that the road woul
o get out an Injunction to prevent their d.
livery. Numerous rumors are afioa
placing the firms Indebtedness at all th
way from 100000 to $500, OO
I but no correct statement coul
= be secured through the Office {
: the firm. One Of the partners denies tina
: corn had anything special TO do with tn
Il difficulty aud says their matters are dis
e arranged and they do not know hor
r. they stand, considering which, the fir
V thought it best to send out notices of the
II inability TO meet their obligations. On II
&c other hand, prominent operators in u
n corn trade say they know the firm had
= hard time getting through transactions
that staple; that they sold cash corn
some little extent as left over by the Viii
failure and were unable TO buy it back fl
future deliveries this month. 1t is al.
. reported the firm had some losses throuc
=, bond operations on the street. At Il
vi coffee exchange it is said the firm is int
Of ested to the extent of 1000 TO 10, 900 bags
a The firm is composed of Edward J
l. Field, son of Cyrus w. Field; Daniel !
lie Lindley, John F. Wiechers and HERNIA
Of Chalmers. Lindley is son-in-law
Cyrus w. Field. Assignee Gould visit
ing. Neither Of the Fields could be seen
n reporters Cyrus w. Field is in a We
,y serious condition. The loss of his wife al
Ia his sons failure and the lapse of ment
- faculties have laid him so low he may n
recover.
u Effect Of the Failure In Chicago.