Magnetic field effect on Fe-induced short-range magnetic correlation and electrical conductivity in Bi$_{1.75}$Pb$_{0.35}$Sr$_{1.90}$Cu$_{0.91}$Fe$_{0.09}$O$_{6+y}$

We report electrical resistivity measurements and neutron diffraction studies under magnetic fields of Bi$_{1.75}$Pb$_{0.35}$Sr$_{1.90}$Cu$_{0.91}$Fe$_{0.09}$O$_{6+y}$, in which hole carriers are overdoped. This compound shows short-range incommensurate magnetic correlation with incommensurability $\delta=0.21$, whereas a Fe-free compound shows no magnetic correlation. Resistivity shows an up turn at low temperature in the form of $ln(1/T)$ and shows no superconductivity. We observe reduction of resistivity by applying magnetic fields (i.e., a negative magnetoresistive effect) at temperatures below the onset of short-range magnetic correlation. Application of magnetic fields also suppresses the Fe induced incommensurate magnetic correlation. We compare and contrast these observations with two different models: 1) stripe order, and 2) dilute magnetic moments in a metallic alloy, with associated Kondo behavior. The latter picture appears to be more relevant to the present results.