The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1891-11-14

caused in financial and social circles
here today by the collapse of the bank
ing institution of Friedlander Il Som
mertield. This failure is associated with
the recent s%u .pension of the bankers.
Hirschfeld Il Wolf. The fact that Fried
lander a. Sommerfield were financially
embarrassed and that they would find
difficulty in meeting their obligations
was known to some of the operators in
the bourse here early in the day. Large
forced sales were made and this action
vaguely attributed to local financial
troubles. These sales caused a general
and heavy fall in prices. but the bust
ness of the day was over before the
tragic incidents closing the career of the
bankers became generally known.
AS the facts in the case developed. it
appeared the father and son met IN their
Office in the bank early this morning and
discussed the crisis in their affairs.
After talking over the matter pro and
con they concluded that as they were
hopclcssly embarrassed they would lie.
| 1t is understood this resolution to take
ltltll wv u llNtE "tF u a Sl'ut
due to the fact that their arrests was i'm
pending. as Felix Sommertield, the son,
had become involved in sp%eculations
which were more than likely to lead to
! his arrest on a criminal charge. Having
arrived at the decision that death was
preferable to arrest and disgrace. both
father and son shot themselves in the
head, using %reyolvers. When the clerks
in the Office, alarmed at the reports of
the pistols. ran to the private
office they found father and son
still alive. They were conveyed to the
hospital in a dying condition. The firm
has been in existence for a long time
and held a good position in the financial
world. it had a solid reputation as "a
stcady-going house. Its customers, who
belonged chiefly to the middle class,
were scattered throughout the empire.
Since the Hirschfeld& Wolff failure many
of the principal clients of Friedlander Il
Sommerfeld, who had become alarmed
regarding the stability of private bank
ing houses, made heavy Withdrawals of
deposits. Herr Summerfeld tried tC
meet the difficulty by attempting t.
realize on his investments. These,
however, were locked up in
industrial and other stocks which were
not readily marketable and eventually
it was found impossible for the firm tc
meet its engagements.
Police have taken charge of the firm
Office and placed seals upon the safes
The intensity Of excitement caused b,
the failure was such that it was a caus
for congratulatlon that the fact of the
suicides was not known until after thu
close of business, as it gives the public
time to reflect before allowing them
. selves to give away to a panic. The hes
informed members of the bourse sa,
that they do not expect the failure t
p~recipitate "a period of general disaster
though it is certain to greatly increas'
the alarm among investing classes
This evening a large crow
) assembled in front of the bank ant
3 threatened to carry the building b.
storm and recover their securities. Tn
police had great difficulty in restrainin!
+, the mob from carrying their threats int
t execution. Many artisans are infuriate'
at the loss of their deposits. Friedlandel
. senior and the surviving partner is stay
ing at Mentone. A telegram has bcel
S sent %summoning him to return to Der
Y lin. Inquiry into the affairs of Hirsch
= field & Wolff realizes the worst anticipL
lions. The firm has been in business fo
GA wears and had rs its chief CONNER
zieurath Herr Wolf, who coupled sew
5 eral other positions of trust. He was
I prominent society man who lived a lf
of ostentatious wealth. His household
s EXPENSES running to 4O.CON marks a yeal
He did little in Il speculative line unit
recent years when his private cXtrav
t arances and losses at the gaming table lee
s to his embarrassment. He tried to re
t coup his losses though dealings on Pari
: and Berlin nOurscs. As a matter OF FAC
< the firm had been insolvent since lS',
o FOR a number of years Wolf has bee
n living by selling and pawning the securl
n ties of depositors working III connectio
with Banker Joseph Leipsiger. 1t is as
serted that Wolff with all the facts be
ing known to Leipsiger tioated spuriou
n drafts through Leipsigcr and paWne
securities of depositors amountin
" in value to 3.OOO.G00 marks. Leipslge
S finally went to the wall and his failur
|. fastened the downfall of Hirschfeld
n Wolf. Among the numerous ~arlstocratl
creditors of the firm are Prince Henry {
Prussia. WHO loses 100000 marks; Prime
Gunthrr of Schlcswieg- Holstein, a brotf
r cr of the empress of Germany, who's
!, loss also amounts to 100000 marks, an
Count Luttichen, "A prominent leader !
German society, who is out 'Wo,W
@ marks. Other members OF the arlsto'
G racy who are severely hit are 'ount ne,
litz Treschler, Count Brcdow keici
stager Goldschmidt and Count Euler
d berg of the imperial househol'
] and Count Lehndorf, chief {
g the imperial stables. A. lare
number of industrial companies los
# their deposits. Wolff is confined in Me-
abit prison. He says he is unable I
o make any estimate of his liabilities. Il
Al has a number of heavy gambling debt
e The emperor designs to cleanse ing
e as well as low society and his good Il
k tentions have received al impetus fro
v these disclosures. The Wolff cliql
Haunted the demireps in sumptuous ra
n ment in the best boxes OF the opel
house. and with their frail companion
drove in barouchcs through the The
garten.
Officers belonging to Berlin and 9th
parrisOns who are following the san