15834. Field, Lindley, Wiechers & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
November 27, 1891
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
089fa962

Response Measures

None

Description

The articles report the assignment/failure of the private banking and brokerage firm Field, Lindley, Wiechers & Co. (assignment to Charles W. Gould, allegations of embezzlement/hypothecation). There is no mention of a depositor run or of temporary suspension/reopening; the firm assigned and was treated as failed. I classify this as a suspension/closure (assignment/receivership) with permanent closure. OCR spelling variants corrected (Wiechers, Helmus/Hilmers etc.).

Events (1)

1. November 27, 1891 Receivership
Newspaper Excerpt
the firm of Field, Lindley, Wiechers & Co., bankers and brokers of New York, assigned to-day to Charles W. Gould, without preferences.
Source
newspapers

Newspaper Articles (11)

Article from Alexandria Gazette, November 27, 1891

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TELEGRAPHIC BREVITIES. The grand jury in New York has indicted Chace, the alleged oplum smuggler. At Lehigh, I. T., yesterday, two unknown men fired into the house of Peter Fleanteau and killed his wife. A Mormon elder by the name of Taylor Is converting the people of Millie, Mich, by the EDORE. An exedus of the population is in progress. A man bss been arreated in B town not far from the scane of the recent Western Union Junction train robbery, and charged with the crime. The Clinton Loan Association at Olinton, N. C., bas suspended. It was a small State banking company, with a capital of fifty thousand dollars. The formation of & tonnage pool, to include all freight between Chicago and the Atlantic seaboard, has been favorably considered by the trunk lines. Mrs. Anthony J. Drezel, wife of the head of the great banking house of Drexel & Co., died this morning at her country house, Bunnymode, Delaware county, Pa. In a glove fight to a finish at Birmingham, Ala., last night, Eugene McElroy, of Birmingham, knocked out Frank Fitzwilliams, of Cincinnati, in the third round. In a Chicago saloon row last night Robert W. Tasker, a laborer, was shot and instant!y killed by I. W. Simon, a son of the proprietor. Young Simon claims that he fired the fatal shot to save his father's life, as Tasker waschoking him. The firm of Field, Lindley, Wiechers & Co., bankers and brokers of New York, RSsigned to-day. The head of the firm is a son of Cyrus W. Field. Assignee Gould, when seen at the firm's office this afternoon, said: "The assignment was made for this reason: Elward M. Field, the senior mem. ber of the firm, has apparently gone dis. tracted."


Article from Rock Island Daily Argus, November 28, 1891

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ABBREVIATED TELEGRAMS. St. Louis will put in a bid for the national Democratic convention. Brazilian papers are demanding the impeachment of ex-Dietator Da Fonseca. The voice of the dead actor. W. J. Florence, was reproduced on a phonograph in St. Louis, The number of influenza patients in Berlin alone since Nov. 1, is reported as reaching 40,000. In the German Reichstag Chancellor Caprivi personally denied the rumor that he would resign. A Boston man is under arrest for try ing to get rid of his mother-in-law by set ting the house on fire. Soldiers of the Prince of Wales' Lein ster regiment attempted to kill an unpopular corporal by hanging him. Several native tribes in Liberia have re belled against the government, instigated, it is believed, by British colonists. Consular inquiries in France show an indifference and in some instances antagonism to the Columbian World's fair. Queen Victoria, for the first time in thirty-one years, listened to the presenta tion of the opera "Cavalleria Rusticana." Jim Corbett, the pugilist, fell ove: board at a ferry slip in New York, and would have drowned but for the assistance of a friend. The 2 year-old son of Millionaire D. T. Beals, of Kansas City, has been kidnaped and all efforts to learn his whereabouts have failed. The editor of the Paris Figaro has been cited and will be prosecuted for raising a fund to pay the fine imposed upon the echbishop of Aix. Mrs. Anthony J. Drexel, wife of the head of the great banking firm of A. J. Drexel & Co., died at her country residence near Philadelphia. Instead of twelve only two men were killed by the landslide on the Northern Pacific railway Wednesday. Six others were badly hurt, some fatally. An investigation shows that no less than 40,000 Rassian Jews have left Germany since June, They have gone to North and South America and Australia The banking and brokerage firm of Field, Lindley, Wiechers & Co., of New York, has assigned. The head of the firm is the son of Cyrus W. Field, whose mind is failing.


Article from Pawtucket Tribune, November 28, 1891

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Assignment of Field, Lindley, Wiechers Co. UGLY RUMORS ARE AFLOAT As to What Has Become of Securities of the Union Pacific. NEW YORK, Nov. 28.-Edward M. Field, Daniel A. Lindley, John Frederick Wiechers and Herman C. Hilmers, composing the firm of Field, Lindley, Wiechers & Co., bankers and brokers in the Washington building, 1 Broadway. assigned yesterday to Charles W. Gould, without preferences. The head of the firm is a son of Cyrus W. Field. The cause of the assignment, Mr. Gould said, was the mental condition of the senior partner, Edward M. Field, who was ill for some time. Mr. Gould said that he tried toquestion the sick man about his affairs, but Mr. Field was unable to give any satisfactory information. In consequence of this it was decided to assign without preferences and investigate the affairs of the firm. Mr. Gould, while unable even to estimate the assets and liabilities, declared it as his opinion that no one would suffer. As to details, every one connected with the firm Was Absolutely in the Dark. Mr. Field had managed the financial at fairs himself and without assistance, and whether he had recorded all of his transactions lately made cannot be found out for several days. Mr. Gould said there were no judgments, attachments, or other legal demands upon the firm, but that the desire to investigate was the sole cause of the assignment. Mr. Gould said that the firm had one large liability that they could say was perfectly safe. "It is an enterprise," added Mr. Gould, "which I cannot explain, but it is safe and there is no anxiety about it. Weadmit that there is considerablemoney in it, but if its nature should become known it would result in a great loss." The cause of the unfortunate condition of Mr. Field dates back some time, and the physician who has been in attendance on him thinks that his patient had been overworked. His frien is have noticed the difference in his conduct. but it was thought to be only temporary. Mr. Gould said he had noticed it. and while overwork was undoubtedly the cause of the trouble, the death of Mr. Field's mother, Mrs. Cyrus W. Field, a few days ago, had greatly aggravated the case. Mr. Field is a man of about 43 years of age, and has a family. He lives at 125 East Twenty-first street, where, according to Mr. Gould, he is under medical treatment. Notwithstanding the statement the servants insisted that Mr. Field left the house yesterday forenoon, saying he was going to his office. Where are the Securities? There were rumors afloat that a large amount of securities had been rehypothecated by the firm. one statement asserting that this bad been done with over $600,000 of securities pledged by the Union Pacific company. Watson Bros., who received $110,000 in Denver and Gulf bonds,sold the securities in the open market after the failure was announced. It is claimed these bonds wereamong the securities rehypothecated, and an injunction will probably be served to prevent delivery of the bonds. The loan is not yet due,but Drexel, Morgan & Co., are understood to have offered to to take up the bonds. The firm. however, would not turn them over. Sidney Dillon, president of the Union Pacific Railroad company, ex-Judge John F. Dillon, counsel of the company, and General G. M. Dodge, a large stockholder, went to the office of the failed firm to find some one who could tell them of the condition of the Union Pacific securities held by the firm for loans. They feared the securities had been hypothecated. Judge Dillon and the firm discounted papers for various houses and in the main received securities. At 3:20 o'clock neither the assignee nor any of the firm members had returned to the office. Judge Dillon grew impatient, and said he did not propose to wait any longer. "We are ready to pay the firm," he said, "and we want our securities. In fact we have been trying to pay them some time, but our securities are not forthcoming. It appears that they have disposed of them, but they could not legally do so without the consent of the company, which was not given. I won't wait any longer. If the securities are not accounted for I shall advertise for them tomorrow. About 4 o'clock F. B. Thurber came into the firm's office, in search of securities belonging to a friend, who had negotiated a loan with Field, Lindley, Weichers & Co. They could not be found. The many creditors and borrowers who called to inquire into the state of affairs were turned away no wiser than when they came. Several men displayed checks


Article from Waterbury Evening Democrat, December 1, 1891

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WARRANTS FOR ALL Orders of Arrest Issued for Field, Lindley & Co. EMBEZZLEMENT AND FORGERY. The Biggest Wall Street Sensa ion Since Grant and Ward Failed. Liabilities of the Defunct Firm Will Run Into the Millions, and the Assets are But 8500-Cyrus W. Field's Pi iable Condition-His Son Not in Elooming. dale Asylum-Employes Will Suffer. NEW YORK, Dec. 1.-Justice Pratt of the Supreme Court of Kings County issued attachments and orders of arrest yesterday against all the partners of the firm of Field, Lindley, Wiechers & Co. The orders were granted upon the ap. plication of Lawyer F. A. Ward, representing R. E. Dietz, one of the creditors, whose claim against the company is $95,000. The papers in the case were sent to the sheriff of the county for service. Bail in each case is fixed at $50,000. General fraud, "hypothecation and rehypothecation of securities, embezzlement and forgery are on each page of the incomplete history of the failure of the house. Not since Grant & Ward were caught in the financial maelstrom has Wall street had such a sensation to discuss. Every one is in the dark, comparativel speaking, as to the amount of liabilities of the bankrupt firm, but the obligations are heavy. too heavy, in fact, for Cyrus W. Field to liquidate with his large remnant of a once tremendeus fortune. There is no doubt that thelliabilities will run into the millions. The visible cash assets are $500, which amount is in the assignee's hands. This money was paid to him yesterday by a broker against hom Field, Lindley & Co. had a claim. Although the house did a banking business, the books do not ow a balance in favor of dep sitors. All the old employes are busy at the books, and it will be several days before any accurate estimate of the firm's standing can be given. All these employes are severely hurt by the failu e. Salaries ave been owing for mo iths, and the savings of many of the men have gone by the board. Edward M. Field induced them to keep their accounts with the house. Нэ had no more consideration for them than for weal thy customers like the Union Pacific Railroad Company. Cyrus W. Field's physician said this morning that his patient rested easily last night but he is still greatly prostrated and his bodily weakness is more perceptible. Strict quiet is most necessary. Charles W. Gould, assignee of Field, Lindley, Wiechers & Co., said this morning to a reporter that the report was not true that Edward M. Field, the insane member of the bankrupt firm, was in Bloomingdale Asylum, but he was probably in some private asylum, as he (Mr. Gould) understood on Saturday that it had not been determined to place Mr. Field in a private asylum that day. Mr. Gould admits there have been crooked transactions, but attributes it all to Mr. Field, and says he feels confident that his partners knew nothing of it. Mr. Gould said that thus far he had found but $500 worth of assets. He did not know anything of a conference of the Field family, but thought it bu t natural that Cyrus W. Field should assist his son in the present extremity. Mr. Gould said he did not believe the


Article from The Evening Herald, December 1, 1891

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WARRANTS FOR ALL Orders of Arrest Issued for Field, Lindley & Co. EMBEZZLEMENT AND FORGERY. The Biggest Wall Street Sensation Since Grant and Ward Failed. Liabilities of the Defunct Firm Will Run Into the Millions, and the Assets are But $500-Cyrus W. Field's Pitiable Condition-His Son Not In Blooming. dale Asylum-Employes Will Suffer. NEW YORK, Dec. 1.-Justice Pratt of the Supreme Court of Kings County is sued attachments and orders of arrest yesterday against all the partners of the firm of Field, Lindley, Wiechers & Co. The orders were granted upon the ap. plication of Lawyer F. A. Ward, representing R. E. Dietz, one of the creditors, whose claim against the company is $95,000. The papers in the case were sent to the sheriff of the county for service. Bail in each case is fixed at $50,000. General fraud, hypothecation and rehypothecation of securities, embezzlement and forgery are on each page of the incomplete history of the failure of the house. Not since Grant & Ward were caught in the financial maelstrom has Wall street had such a sensation to discuss. Every one is in the dark, comparatively speaking, as to the amount of liabilities of the bankrupt firm, but the obligations are heavy. too heavy, in fact, for Cyrus W. Field to liquidate with his large remnant of a once tremendous fortune. There is no doubt that thelliabilities will run into the millions. The visible cash assets are $500, which amount is in the assignee's hands. This money was paid to him yesterday by a broker against whom Field, Lindley & Co. had a claim. Although the house did a banking business, the books do not show a balance in favor of depositors. All the old employes are busy at the books, and it will be several days before any accurate estimate of the firm's standing can be given. All these employes are severely hurt by the failu Salaries have been owing for months, and the savings of many of the men have gone by the board. Edward M. Field induced them to keep their accounts with the house. He had no more consideration for them than for wealthy customers like the Union Pacific Railroad Company. Cyrus W. Field's physician said this morning that his patient rested easily last night but he is still greatly prostrated and his bodily weakness is more perceptible. Striet quiet is most necessary. Charles W. Gould, assignee of Field, Lindley, Wiechers & Co., said this morning to a reporter that the report was not true that Edward M. Field, the insane member of the bankrupt firm, was in Bloomingdale Asylum, but he was probably in some private asylum, as he (Mr. Gould) understood on Sat urday that 1t had not been determined to place Mr. Field in a private asylum that day. Mr. Gould admits there have been crooked transactions, but attributes it all to Mr. Field, and says he feels confident that his partners knew nothing of it. Mr. Gould said that thus far he had found but $500 worth of assets. He did not know anything of a conference of the Field family, but thought it but natural that Cyrus W. Field should assist his son in the present extremity. Mr. Gould said he did not believe the failure was enormously large, but he could give no idea of what the liabilities were.


Article from Watertown Republican, December 2, 1891

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HEAVY GRAIN FAILURE. Field, Lindley & Co. Forced to the Wall at New York. NEW YORK, Nov. 27.-Edward M. Field, Daniel E. Lindley, John Frederick Wiechers and Herman C. Helmus, composing the firm of Field, Lindley, Weichers & Co., bankers and brokers at 1 Broadway, assigned to-day to Charles W. Gould, without preferences. The failure was announced on the Produce Exchange at noon, but the grain markets were only slightly affected. The house is an old one butlatterly has been somewhat restricted in its dealings. The failure is attributed to the advance in corn here and in Chicago. It 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 a few days ago had to cover 500,000 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.


Article from River Falls Journal, December 3, 1891

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THE EAST. By an explosion of nitro-glycerine at a gas well near North Washington, Pa., George Lauffer and an unknown German were killed. A WINDSTORM swept over the cities of New York and Pittsburgh, doing great damage and injuring several persons, some fatally. IN the East New York conduit a break precipitated a water famine in Brooklyn, and big factories had to close down for want of steam, throwing 50,000 persons out of work IN a hotel fire at Jamestown, N. Y., three servant girls and a child lost their lives. THE returns for October showed that immigration was still very large and constantly increasing. THE Farmers' and Miners' Deposit bank at Irwin, Pa., suspended. The assets and liabilities were said to be equal. THE death of Mrs. Cyrus W. Field occurred at her country home at Irvington-on-the-Hudson, N.Y., aged 72 years. Cor. J. H. FRENCH, a Boston broker, failed for $900,000. IT was stated that Jay Gould had retired permanently from Wall street. IN Allegheny county, Pa., a tornado unroofed hundreds of houses, and many poor familes on the eastern slope of the mountains were homeless. AT the recent election in Massachusetts the official vote for governor was: Russell (dem.), 107,982; Allen (rep.). 101,515; Kimball (pro.), 8,968; Robinson (socialist), 1,492; Winn (people's party), 1.722. FLAMES destroyed eight business blocks and the Congregational church at St. Albans, Vt. Loss, $100,000. A FIRE destroyed the Second Avenue Passenger Railway Company's car barn at Pittsburgh, Pa., with contents, causing a loss of $100,000. THE banking firm of Field, Lindley, Wiechers & Co., of New York, failed for about $1,000,000. The head of the firm is the son of Cyrus W. Field. AT the recent election in New York the official vote for governor was: Flower (dem.), 582,894; Fassett (rep.), 523,955; Bruce (pro.), 30,333; labor candidate, 14,600. Flower's plurality was 48,939. WILLIAM and John Graham and William Roberts were drowned near Erie, Pa., by the capsizing of a boat.


Article from Warren Sheaf, December 3, 1891

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THE EAST. By an explosion of nitro-glycerine at a gas well near North Washington, Pa., George Lauffer and an unknown German were killed. A WINDSTORM swept over the cities of New York and Pittsburgh, doing great damage and injuring several persons, some fatally. IN the East New York conduit a break precipitated a water famine in Brooklyn, and big factories had to close down for want of steam, throwing 50,000 persons out of work. IN a hotel fire at Jamestown, N. Y., three servant girls and a child lost their lives. THE returns for October showed that immigration was still very large and constantly increasing. THE Farmers' and Miners' Deposit bank at Irwin, Pa., suspended. The assets and liabilities were said to be equal. THE death of Mrs. Cyrus W. Field occurred at her country home at Irvington-on-the-Hudson, N. Y., aged 72 years. CoL. J. H. FRENCH, a Boston broker, failed for $900,000. IT was stated that Jay Gould had retired permanently from Wall street. IN Allegheny county, Pa., a tornado unroofed hundreds of houses, and many poor familes on the eastern slope of the mountains were homeless. AT the recent election in Massachusetts the official vote for governor was: Russell (dem.), 107,982; Allen (rep.), 101,515; Kimball (pro.), 8,968; Robinson (socialist), 1,492; .Winn (people's party), 1,722. FLAMES destroyed eight business blocks and the Congregational church at St. Albans, Vt. Loss, $100,000. A FIRE destroyed the Second Avenue Passenger Railway Company's car barn at Pittsburgh, Pa., with contents, causing a loss of $100,000. THE banking firm of Field. Lindley, Wiechers & Co., of New York, failed for about $1,000,000. The head of the firm is the son of Cyrus W. Field. AT the recent election in New York the official vote for governor was: Flower (dem.), 582,894; Fassett (rep.), 523,955; Bruce (pro.), 30,333; labor candidate, 14,600. Flower's plurality was 48,939.


Article from Eagle River Review, December 3, 1891

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HEAVY GRAIN FAILURE. leld, Lindley & Co. Forced to the Wall at New York. NEW York, Nov. 27.-Edward M. ield, Daniel E. Lindley, John Frederk Wiechers and Herman C. Helmus, omposing the firm of Field, Lindley, Veichers & Co., bankers and brokers at Broadway, assigned to-day to Charles V. Gould, without preferences. The ailure was announced on the Produce Exchange at noon, but the grain marets were only slightly affected. The house is an old one but latterly has eensomewhat restricted in its dealings. The failure is attributed to the advance n corn here and in Chicago. It has been protecting some large lines of corn rom the S. V. White deal, and had been on the short side of the November market and a few days ago had to cover 500,000 bushels. Their operations were mainly in Chicago, but to some extent here. Other articles have gone against them. it is said, especially coffee, while Street. they had some dealings, as well, in Wall


Article from The Cape Girardeau Democrat, December 5, 1891

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THE EAST. THE returns for October showed that immigration was still very large and constantly increasing THE Farmers' and Miners' Deposit bank at Irwin, Pa., suspended. The assets and liabilities were said to be equal. THE death of Mrs. Cyrus W. Field occurred at her country home at Irvington-on-the-Hudson, N.Y. aged 79 years. Col. .1. H. FRENCH, a Boston broker, failed for $900,000. IT was stated that Jay Gould had retired permanently from Wall street. IN Allegheny county, Pa., a tornado unroofed hundreds of houses, and many poor familles on the eastern slope of the mountains were homeless. AT the recent election in Massachusetts the official vote for governor was: Russell (dem.). 107,982: Allen (rep.). 101,515: Kimball (pro.). 8.968: Robinson (socialist), 1,492; Winn (people's party). 1,722 FLAMES destroyed eight business blocks and the Congregational church at St. Albans, Vt. Loss. $100,000. A FIRE destroyed the Second Avenue Passenger Railway Company'sear barn at Pittsburgh, Pa., with contents, causing a loss of $100,000. THE banking firm of Field. Lindley, Wiechers & Co., of New York, failed for about $1,000,000. The head of the firm is the son of Cyrus W. Field. AT the recent election in New York the official vote for governor was: Flower (dem.). 582,894: Fassett (rep.), 523,955: Bruce (pro.). 30,333: labor candidate, 14,600. Flower's plurality was 48,939. WILLIAM and John Graham and William Roberts were drowned near Erie, Pa., by the capsizing of a boat.


Article from The Sunday Morning News, December 27, 1891

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BUSINESS FLUCTUATIONS Some of the Most Notable Collapses of the Financial World. JANUARY. 5. Failure of Dueber Watch company. Canton. O.: liabilities, $450,000. 14. Failure of O'Donnell, Spencer & Co., lumber dealers at Saginaw, Mich.: $100,000. 20. Failure of the American National bank of Kansas City for $300,000. FEBRUARY. 18. Suspension of the American Loan and Trust company of New York: deficit of $656,000. MARCH. 20. Suspension of the Keystone National bank of Philadelphia. Failure of the banking house of Theodore Schwartz & Co. at Louisville; liabilities, $750,000. 23. Suspension of the Washington National bank in New York city; shortage. $148,000. MAY. 4. Failure of J.H. Lippincott, of the American Graphophone company and North American Phonograph company, for $100,000. 8. Suspension of the Spring Garden bank and the Penn Trust and Safe Deposit company in Philadelphia. 12. Failure of Levy Bros. & Co., clothing manufacturers, in New York, for nearly $1,000,000. 19. Failure of Satterlee, Bostwick & Martin. insurance brokers, in New York, for over $100,000. 20. Assignment of the Davis Shoe company at Richmond, Va.: liabilities, $3,000,000. 25. Failure of Potter, White & Bayley, shoe manufacturers, in Boston, for $1,000,000. JUNE. 4. Assignment of the Connell-Hall-McLester company, dry goods house, in Nashville; liabilities, $464,000. 12. Failure of the London and Liverpool Clothing company and Mack & Co. in New York; liabilities over $250,000. 22. Failure of Sax Bros., bankers, in Nashville, for $600,000. 25. Assignment of the wholesale shoe firm of Emile Marqueze & Co., in Boston; liabilities, $460,000. JULY. 11. Failure of Hard Bros. & Co., spring bed makers, in Oneida, N. Y., for $125,000. 13. Failure of R. M. Bingham & Co., wagon makers, in Rome, N. Y., for $225,000. 20. Suspension of the Merchants' National bank of Fort Worth, Tex.; liabilities, $500,000. AUGUST. 2. Assignment of Abraham Backer, commission merchant and note broker, in New York: liabilities, $4,000,000. 8. Assignment of the Masonic Savings bank in Louisville, owing $1,000,000. 19. Receiver appointed for the American Wheel company, of Chicago, which has plants in six different states; liabilities, $1,800,000. 21. Seizure of the assets of the Mexican Northern railway in New York on a claim for $109,000. 22. Failure of S. V. White & Co., grain speculators of New York and Chicago, for nearly $3,000,000. OCTOBER. 19. Assignment of Jonathan Stewart, of Trenton: liabilities, $329,000. 22. Assignment of the Bank of Lewisburg, Tenn. NOVEMBER. 1. Failure of Maverick National bank in Boston; liabilities, $8,000,000. 7. Supension of National bank of Corry, Pa.: liabilities, $740,000. 10. Assignment of C.B. Paul, Louisville, lumber dealer, for $200,000. 12. Assignment of H. B. Smith & Co., New York ship brokers, for $800,000. 13. Failure of Louis Adler, New York cloak manufacturer. for $150,000. S. N. Stroube, California horse breeder, failed for $150,000. 15. Failure of Bonner & Bonner, bankers, for $500,000, in Tyler, Tex. 20. Shortage of $133,000 causes closing of Milford (Mich.) bank 25. Failure of First National bank, Wilmington, N.C. 27. Assignment of New York banking firm of Field, Lindley, Wiechers & Co., with liabilities of over $1,000,000. DECEMBER. 1. Receiver appointed for Richmond, Nicholasville and Beattyville railroad, Kentucky; debt. $3,000,000. 11. $250,000 assignment by Francis H. Baker & Co., dry goods dealers of New York.