Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1892-02-10
MILLIONS SWEPT AWAY.
Wall Street Amazed at the
Extent of Fields Failure.
IT RIVALS THE WESTWARD oRAsa

The Liabilities Amount to se,15l, ,7AI and
the Assets Are only $40, ae6-cyrus W.
Field Is one Of the Big Losers by His
Sons Reclslessness.
New YoRR, Feb. 10 Charles w. Gould
assignee Of the banking and brokerage firm
Of Field, Lindley, wiechers & Co., which
failed Nov. 2I, 1891, filed with the county
clerk approximate schedules showing the
assets and liabilities of the wrecked concern.
The long delayed report confirms in full the
rumors that were rife directly after the
failure that there had been many irregular
transactions IN the management Of the bust
ness and that the suspension occurred only
when every available resource to raise funds
was exhausted.
This is best shown in the reorganization
Of the assignees report, which places the
total liabilities at S2,15 ,74i.4s, Of which
Sl,053, s95.42 are secured and sl,077 s4G0d
are unsecured The nominal assets are ST..
alT,7S9&, and the actual assets are $780,
S2605. The assets do not include any
pledged securities, nearly all Of which are
claimed to be the property Of other persons
or corporations
Wall Street Men Amazed.
Mr. Gould's itemized report is most vo-
luminous covering many pages Itcontaina
the summary Of many complicated and
peculiar transactions, ana it is clearly shown
that the time consumed Ia arriving at the
conclusions was not excessive IN fact il is
fsf.fe a. 4. a.
lation the secured liabilities foot up si ,073,-
s95.52 while the total OF heitems is 81 ,o34,-
025.
Mr. Gould said that he believed the last
named to be the correct figures. He was
unable 10 explain the discrepancy. Itmakes
little difference, however, for the failure is
disastrous enough be the figures wrong or
right
Wall street men who saw the pitiful state
ment were amazed at the result Nothing
like it has boen seen since the remarkable
showing Of Grant g. Ward and Henry S.
Ives 8 Co. With one voice mon who saw
the schedule referred TO these other i'm
stances Of wildcat fnaneiering. and without
doubt this later day wreck loses nothing
by the comparison
Assignee Gould deems it necessary 20 ex-
plain many Of the accounts set forth ia the
schedule. Some accounts TO be sure, he
confesses his absolute inability to explain
IN certain instances accounts were carried
under initials only, One Of these is the ~
G account, which Is sot down az nominal
asset al Sl83 75lSL Assignee Gould said
that he did not believe that this referred 10
JAY Gould
The Assignee's Statement.
n addition TO his various explanations the
assignee makes one general statement as
follows:
The foregoing schedules have bcen made up
by the assignee as accurately as practicable In
the existing situation and with the means At his
command. II is impossible Rt the present time
20 determine more positively than Is herein be-
fore done the status OF the accounts between
the different persons and corporations named
in the schedules and the assignors A final state
ment can only be made after long and patient
investigation, accompanied in some instances
by litigation,
Values have been placed upon the books, ac-
counts and other assets of the Arm as far as
practicable, but the value oe many claims de-
pend upon so many contingencies chat any es
innate other than that given would be purely
speculative. IL Is believed however, that q
very considerable sum will eventually be real
lied from the claims against debtors OF the as
aignurs shown la the foregoing schedules
In the schedules Of the debtors OF the assign
ors where the name Is not given it is because
the same does net appear upon the books Of the
anu tio asalsles nas not suiicient IN
tt t,,. ','i'e ,,,, y I'm 'h
The schedules, the accuracy Of which are
thus questioned, disclose many interesting
features They contain the names Of busi-
ness firms Of standing in the community,
some Of whom, directly after the failure,
protested that they never had a transaction
Win tbe Field concern ~ bsd ~ had ons,
fo,. months rr;oy ~ tl,s. ,,,r,ci, Sr,ai,, wv,
na,nee of ,,o,,,rations a,,a man s,,,,,a, ,,,i,
have THROUGHOUT Al fbe n,antbs ~. hea,,
,s,,tigrs4i Il, ,,,,,,,ti.,,, ,,;,l, tl,' e,i,,,