Los Angeles herald., 1891-11-28
A Big New York Firm Com
PEELED to Assign.
The Failure Attributed to the
Rise in Corn.
They We're On the Short Side of the
November Market.
Edwin M. Field, the Head of the Firm,
Said to Be Demented-The Assign
ment Mainly Due to
This Cause.
Associated Press Dispatches.

Associated PreSS D1spatcneS,
New York, Nov. 27.-Edwin NJ. Field,
Daniel l.. Lindley, John Frederick
Weichers and Herman G. Helms, COM
posing the firm of Field, Lindley & Co.,
bankers and brokers, assigned today,
without preferences.
The failure was announced on the
produce exchange at noon, but the
grain market was but slightly affected.
The house is an old one, but latterly has
been somewhat restricted in its deal
ings. 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 S. V. White deal, and
had been on the short side of the Ne
vember market, and few DAYS ago was
called upon to cover 100000 bushels.
Their operations were mainly in Chi
cago, 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 how much the firm finds itself un-
able to pay is not yet clear. The grain
market is only slightly affected by the
failure. The head OF the firm is son
of Cyrus w. Field.
Assignee Gould, when seen at the
firms Office this afternoon said: "The
assignment was made for this reason.
Edwin M. Field, senior member of the
firm, has apparently gone distracted.
His illness resembles incipient paresis
and is due to ooverwork and the great re-
sponsibility resting upon him as mana
ger of the finances of the firm. His
mother died last Monday and that event
seemed to bring to climax his mental
troubles, which some of his friends de-
tected two years ago. His physician
told me few days ago that Field was
rot right in his mind. Field having sole
management of the funds OF the firm, it
at once became necessary to get from
him their condition, so went, in COM
pany 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 situa-
ton, as his mind would continually
stray away from the subject. We had
undertaken a hopeless task. AS
signment then became imperative
in order to protect the firm and its GUS
toners. | cannot say how the firm
stands. l hope the assets will exceed
the liabilities, but just now l cannot
say. Much of the firms money has
been used for the promotion OF the en-
terprises in which they were interested,
and which promised great results. This
money am confident is secured beyond
peIadventure. The, firm did general
banking and brokerage business, and is
represented on the floors of the stock,
produce and coffee exchanges. This as
signment is due wholly to the cause
which / have designated, and not in any
way the result OF losses caused by spec
ulation. | am of the opinion that
everything will come out all right in the
end"
The firm is generally believed to have
been hurt by the corner in November
corn, of which their principal custom
ers are said to have been short. In Au-
gust the credit OF the firm rated at
$3.50, 900 to 81 1000, ,0G0. For some time
after the suspension was announced, the
stock market was stagnant, all business
being practically neglected, floor brok-
ers being too interested in closing the
firms contracts to make any new deals.
Sidney Dillon, president OF the Union
Pacific Railroad company, ex-Judge
,
and General Dodge, large stockholder,
were at the office OF Field, Lindley & Co.,
this afternoon, waiting for some one to
show up and tell the condition of certain
Union Pacific securities held by the
firm for loans. These gentlemen have
no idea as to what condition the securi-
ties are in, and fear they have been
hypothecated. Judge Dillons spoke freely
about the affairs of the firm. He said
the creditors were numerous, and that
the firm discounted paper for various
houses, and in the main received securi-
ties. The all important question is as
to the condition of their securities.
CHICAGO, Nov. 27 Field, Lindley &
Co., OF New York, whose failure was an
nounced today, dealt here exclusively
through commission houses. The news
of the failure did not seriously affect
prices in this market. Corn went down
about one-half cent, though it did not
appear there were any sales for their ac-
count. Wheat declined three-eighths
of cent momentarily, but soon recov-