The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-11-08
Banker Wolff a Gambler and
Friend of Bad Women.
HE WAS A SOCIETY LEADER.
Lived Like a Prince ON the Money
Deposited by the Aristocracy.
His Failure Ruins Another House, Two
Members of Which, Father and Son,
Fatally Shoot ThemseIves-Empero
Determined to Purify Nation.

CduSeu IN 0nanclat circles TO-DAY Dy the
collapse of the banking institution of
Fredlander 4 Sommerfeld. The usual
scenes of excitement among the creditors
occurred around the offices, and the effect
may be imagined when it was announced
that the leading partner in the concern,
together with his son, had committed sui
eide. The failure is associated with the
recent suspension of Hirschfeld Il Wolff.
The fact that Friedlander Il Sommerfeld
were financially embarrassed and would
find difficulty in meeting their obligations
was known TO some operators on the
bourse here Early in the day large
forced sales We're made, and this action
was vaguely attributed to local financial
troubles. These sales caused a general
and heavy fall in prices. but the business
of the day was over before the tragic Incl
dent closing the career of the bankers be-
came generally known.
As the facts in the case developed, it ap-
peared that the father and son met in their
office in the bank early this morning and
discussed the crisis in their affairs. After
talking over matters pro and con, they
concluded that as they were hopelessly
embarrassed they would die. 1t is under
stood this resolution to take their lives
was in great measure due to the fact
that their arrest was impending, as
Felix Sommerfeld, the son, had become
involved In speculatiens which were more
than likely to lead to his arrest on criminal
charges. Having arrived at the decision
that death was preferable to arrest and
disgrace, both father and son shot them
selves in the head. using revolvers When
the clerks in the office, alarmed at the re-
ports of the pistols, ran to the private
office, they found the father and son still
alive. They were conveyed to q hospital
in dying condition.
The firm has been in existence for long
time, and held good position in financial
circles. Since the Hirschfeld & Wolff fail
ure. many of the principal clients of
Friedlander & Sommerfeld becoming
alarmed regarding the stability of
private banking houses, had made
heavy Withdrawals of deposits. Herr
Sommerfeld tried to meet the difficulty
by attempting to realize on investments.
They, however, were locked up in in
dustrial and other stocks, which were not
readily marketable, and eventually it was
found impossible for the firm to meet its
engagements. The best-informed men,
bers of the bourse say they do not expect
the failure will precipitate period of gen.
eral disaster, though it is certain to greatly
increase the alarm among the investing
classes.
This evening large crowd assembled in
front of the bank and threatened to carry
the building by storm to recover their
securities. The police had great difficulty
in restraining the mob from carrying
IL ~ ,,f
the senior and surviving partner, is stay
ing at Mentone. A telegram has been
sent summoning him to return to Berlin.
Inquiry into the affairs of Hirschfeld IL
Wolf realizes the worst anticipation. The
firm had been in business sixty-four years,
and had as its chief Herr Wolff, who occu-
pied several other positions of trust. He
was prominent society man, and lived a
life of ostentatious wealth, his house
hold expenses running to 100000 marks a
year. He did little in the speculative line
until recent years, when his private ex-
travagance and losses at the gaming table
led to embarrassment. He tried to recoup
his losses through dealings on the Paris
and Berlin bourses. As a matter of
fact the firm has been insolvent since
1873. For a number of years Wolff has
been living by selling and pawning the
securities of depositors, working in con-
nection with banker Joseph Leipsiger.
1t is asserted that Wolf, with all the facts
being known TO Lelpsiger, tioated a spuTi-
Gus draft through Leipsiger and pawned
securities of deposltors amounting in value
to $500, 600 marks. Leipsiger finally went
to the wall, and his failure hastened the
downfall of Hirschfeld and Wolff.
Among the numerous aTistocratic credi-
tors of the firm are Prince Henry, of Prus-
sia, who loses 500, 900 marks; Prince Gun
ther, of Schleswig- Hols Elm, brother of the
empress of Germany. 10000 marks, and
Count LuttIchon, Il prominent leader in
German society, 100000 marks. Other
members of the aristoCracy are severely
bitten. Wolff is confined in Moabil prison.
He is unable to make any estimate of his
liabilities. He has a number of heavy
gambling debts. Wolff was president of
the Resource club, an organization COM
posed of wealthy parvenus and hnanciers,
who are addicted to reckless playing
IL is recorded that upon the eve of the
failure of the firm. Wolff refused to pick up
a couple of thousand marks in bills which
he had accidentally dropped at a gambling
table. He left the money on the floor for
the walters.
The emperor designs to cleanse high as
well as low society, and his good inten-
tions have received an impetus from these
disclosures. The Wolff clique Haunted
demi-rsps in sumptuous raiment in the
best boxes of the opera-house, and with
their trail companions drove in barouches
through the Thiergarten. Officers
belonging to the Berlin and other
garrisons, who are following the
same life as the Wolf crowd. have received
caution through the colonels Of their
regiments. that the emperor viii wipe
them out of the army and use his influence
To ostracize them in society unless they
mend their ways forthwith.
The police continue their efforts to place
a check on the social evil for vi hich Berlin
is notorious, being prompted thereto by
the emperor. who Is fully determined to
bring an end u this crying evil. They
have escorted 10 the frontiers or placed in
prison 40 men vino We're subSiSting upon
the earnings OF vicious women.
The movement inaugurated by the en-
peror 10 suppress the morally depraved
classes extends TO every populous center
of the empire. The problem is a serions
one. ana is engaging the attention of the
press and public. Religious papers advise
close scrutiny and repression of immoral
dramas. supervision of singing saloons,
prohibition of the exposure and sale of
l. -,