Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-29
THE FIELD FAILURE
Traced Almost Entirely to Edward
N. Fields Mental Condition.
THREE BRANCHES OF THE WORK.
Row the Firm Divided Its Duties and How
They We're Attended to.
UNION PACIFIC BONDS ARE NOT IN IT
ESPECIAL TELEGRAM TO THE DISPATCH.

ESPECIAL TELEGRAM TO THE DIsPArCHI
NEW YORK, Nov. 2S.-Since the failure
Of Field, Lindley, Wiechers & Co., the
stock brokers, was announced yesterday,
nearly all of those who have spoken on
behalf of the firm have attributed to the
alleged mental arrangement of Edward M.
Field all the damaging irregularities in the
firms business methods which have come
to light. The statement that Mr.. Field is
insane and has been for some time was re-
iterated to-day with great deal Of circum-
stantiality, and was denied also.
Charles W. Gould, the assignee of the
firm, said that the business of the firm was
divided into three departments. Mr.. Lind
ley spent his time on the Exchange. Mr..
W1echers attended to the merchandise ac-
count, while Mr.. Field had exclusive charge
of the financial or banking department.
This statement of Mr.. Gould's makes Mr..
Field responsible for the Union Pacific
securities
President Sidney Dillon feels great
deal easier about his odd million of bonds
and stock than he did yesterday. In, the
morning he served a notice on Secretary
Ely, of the Stock Exchange, that the
Union Pacific had an interest in a large
number of securities, the numbers and
characters of which were specified in the
notice.
A Million of Bonds Unaffected.
The Committee on Securities was called
together at once, and decided that the bonds
and stock referred to in the Union Pacific
notice were not good delivery. Notifca-
tion to this effect, giving the numbers of
the bonds and stock certificates, was at once
sent over the tape. Their face value is ST.
734, 900. Their market value is estimated at
about 81 1000. 900. Upon these securities,
President Dillon said to-day that Mr.. Fields
firm had loaned about $500, 900.
"1f those were our bonds sold Friday by
Watson Brothers." said Union Pacific
Official "as we have every reason to be-
lieve, this stock exchange notice means
that the sales are cancelled, for the bonds
would not be delivered until Monday, in
the ordinary course. We do not need to
get out any injunction at present. Where
bonds have been hypothecated with one
person, and then rehypothecated to third
person, this third person is a holder for
value to the amount advanced by him, but
he can be served with a notice by the
owner of the securities that prevents him
from disposing of them until the rights of
all involved are decided"
Curious Features OF the Firms Work.
Another report circulated downtown to-
day, in regard to the firm, was that the
notes put up by the Union Pacific to accom-
pany its securities had been discounted
thus raised on them independent of the
securities. There was nothing on the face
of the notes to show that they had been
given to back up securities furnished for the
same loans.
Another curious feature in the firms busi-
ness was the rapidity with which its bank
account has been changed lately. It banked
last with the Manhattan Company, but its ac-
count there was closed week ago. The
bank officials said to-day that their institu-
tion held none.of the Union Pacific secu-
rites.
The Seaboard National Bank closed its
accounts with Field, Lindley, Wiechers &
Co. about two months ago, and the Vice
President of the bank said to-day that none
of the Union Pacific bonds was in the
banks hands.
Assignee Gould could throw no further
light on the affairs of the broken firm to-
day. He spent the morning in the offices
in the Washington building, where he was
overrun by anxious creditors. All that
Mr.. Gould told them was that they would
have to wait until the examination of the
books of the firm had been completed.
There was lively demand for securities
put up with the firm, and many tenders of
money were made in settlement of loans,
which Mr.. Gould could not receive.
Cyrus Field Now Much Better.
A relative of the family said tonight that
Cyrus w. Field was much better than had
been expected last night. He was out of
bed but remained in his room. No visitors,
even relatives, were allowed to see him,
except those whose business demanded it.
1t was also said by relative of the family |
that Edwin NJ. Field, in spite Of reports to
the contrary, was not at home and not even
in the city, and that few if any of his rela-
tives knew just where he was. He may
ha We rane away for rest and secluaion