The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-11-08

circles hero to day by tho collapse of
the banking institution of Friedlaender
& Sommerfeld. Tho usual scenes of OK
element among depositors anxious to
secure their money and among those
holding the notes and drafts of the in
stitution occurred around the offices of
the firm, and the effect upon the credit
ors may be imagined when it was an
nounced that tho leading partner of the
concern, together with his son, had
committed suicide.
The failure is associated with tho
recent suspension of tho bankers,
Hirsch feldt IL Wolff. The fact that
Friedlaender * Sommerseld were finan-
cially embarrassed and that they would
find difficulty in meeting their obliga-
tlon5 was Known to some Of the opera
tors on tho bourSe here early in the day.
Large forced sales were made, aid
this action was vaguely attributed to
local financial troubles. These failures
caused general and heavy fall in prices,
bnt tho business of the day was over
before the tragic incident closing the
career of the bankers became generally
known.
AS the facts in the case developed it
app AIRED that father and son met in
their Office in the bank early this morn
ing and discussed he crisis in their
affairs. After talking over tho matter
pro and con, they concluded that, rs
they were hopelessly embarrassed, thew
would die. 1t is understood this rcso-
luton to take their own lives was duo
in great measure to the TACT that their
arrest was impending, as Felix Som
merfeld, the son, had become involved
in speculations which were moro than
likely to lead to their arrest on Grim
inal charge.
Having arrived at the decision that
death was preferable to arrest and dis
grace, both father and son shot them-
selves in tho head, using revolvers
The firm has been in existence for n
long time and held a good position in
the financial world. 1t had earned a
solid reputation as steady-going
house. Its customers, who belonged
chiefly to tho middle class. wore scat
tered throughout tho empire.
Since the Hirschfcldt & Wolff failure
many of the principal clients of Fried
laenger & Sommerfeld, who had he
come alarmed regarding the sta bility of
private banking houses, made heavy
Withdrawals OF deposits. Herr Som
Terfeld tried to meet the difficulty by
attempting to realize on his invest
ments. Th Sc, however, were locked
up in industrial and other stocks, which
were not readily marketable. and
eventually it was found impossible for
tho firm TO meet its engagements
Police have taken charge of tho firm 5
Office and have placed seals upon the
safes. The best informed members OF
the bourso say they do not expect that
the failure will prcciptate period Of
general disaster, though it is certain to
greatly increase alarm among the in
vesting classes. Inquiry into tho
affairs of Hirschfeldt IL Wolff realizes
the worst aEticipations. Tho firm had
been i'll business for siXty-four years
and,had as its chief commerzienratb
Herr Wolff, who occupied several other
positions of trust. He was prominent
society man who lived life Of ostenta-
tious wealth, his household expenses
running to 100000 marks year. He
did little in the speculative limo until
recent years, when his private extrava-
ganccs and losses al gaming tended to
his embarrassment. lie tried to recoup
has losses through dealings on Paris
and Berlin bourses.
AS matter of fact the firm had been
insolvent since 1873. For a number of
years Wolff has been living by selling
and pawning securities of the deposi.
tors, working in connection with Banker
Joseph Leipziger.
1t is asserted that Wolff, all facts be-
ing known to Leipzger, foated spurious
drafts through Leipziger and pawncd
the securities of depositors amounting
in value to 3,5U0,0 marks LeipZiger
finally went to the wall, and his failure
FASTENED the downfall of Hirschfcldt
e. Wolff.
Among the numerous aristocratc
creditors of the firm are Prince henry
of Pru, STA, who loses 500, 900 marks;
Prince Gunther Of Schleswig- Holstein,
brother of the Empress of Germany,
whose loss also amounts to 500, 900
marks. and Count Luttichon, promi-
nent leader in the aristocracy. Those
who are severely hit are Count ZedleitZ
Trcschlcr, Count Bredow Reichstager
Goldschmidt and Count Gutenberg, Of
the imperial household, and Count
Lehndorf, chief Of the royal stables. A
large number OF Industrial companies
lose their deposits.
Wolff is confined in the Moatit prison.
lie says no is unable to make any esti-
mate OF his liabilities. lie has u num-
Der OF heavy gambling debts. Herr
Wolff was president of tho Resource
Club, an organization composed of
wealthy parvenues and fnanciers who
are addicted TO reckless playing.
Z is recorded that upon tho eve of the
failure OF the firm Wolff refused to pick
up couple of thousand marks in bills
which he accidentally dropped at a
gambling table. He left the money on
the floor for the walters.
This evening largo crowd assem-
bled in front Of the Dank and threat
ened to carry the building by storm and
recover their secmritias The nnlice had