Show The Field Wlechers Llndley < k Co Failure NEW YORK Nov 2SThe suspicion that the firm of Field Wincher Lindloy Co which failed yesterday had rehypothe cated securities held by thorn on a loan of 600000 and amounting to 1000000 developed devel-oped into a certainty this morning At the stock exchange f SO 000 of tie Union Pacific Pa-cific Denver Gulf consolidated first mortgage 5s were sold out under the rule on account ol the firm Upon hearing tnis fact Judge Dillon sent for Assistant Secretary Secre-tary Burnham of the stock exchange and had a conference with him Sidney Dillon presented Burnham a notification that the entire list of securities was not a good delivery deliv-ery and was requested to post a notice A meeting of the committee on securities was hurriedly called by Secretary Ely and they came to the decision that the securities securi-ties would not be a cood delivery and posted a notice to that effect and sent word to various banks The securities named in the protest to tho exchange include the following stocks Texas Pacific Oregon Short Line Utah Northern North-ern first mortgage bonds also Union Pacific and Gulf Oregon Hallway Navigation Union Pacific Denver Gulf consolidated 5 per cent first mortgage I bonds Sidney Dillon said Their re hypothecation of these securities is what I term criminal borrowing I dont think there can be any milder view of their notion no-tion taken At tho office of Field Weichere Lindlev Co Assignee Charles W Gould was I seen In reply to questions ho said I really dont know in what condition things I stand I have been preparing to take an Inventory of securities and other assets As to the reported rehypothecation of Union Pacific securities I really dont I I know anything about it but I hardly can believe such a thing has been done I The condition of Edward M Field the senior member of the firm Gould said was serious Arrpncements are being made to send him to a private insane asylum After the close of the stock exchange today to-day the exchange officially announced the Union Pacific railroad had notified them its securities of the face value of 1700000 had been misappropriated and these securities se-curities accordingly were declared not a good delivery The following statement wa made by the officer of the Union Pacific Pa-cific The securities of the system held by Field Lindley Wiechers Co in relation to which the stock exchange made a ruling h C large part were delivered to the firm as collateral security for three loans which matured November 18 24 and 2 and the balance of the securities for a loan which matures in January next The company repeatedly offered to pay off these loans since the funding scheme was con cnmmated but prepayment was refused Since these loans matured the company has made every effort to take up tho loans but the lenders delayed making various excuses for not being ready to deliver the collateral on receipt of payment |