The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-11-12
EXCITEMENT IN BERLIN.
THE BANKING HOUSE OFFRIEDLANDER
& sJMMERFIELD sUsPENDS.
The Senior Summerfeld and His Son, 10
Avoid the Consequences Of Unlawful
Speculation, Commit Suicide.
Depcsitors Excited.
Copyright 1891 by New York Associated Press

Copyright 1891 by New York Associated Press,
BERLIN, Nov. IA sensation was
caused in financial and social circles
here today by the collapse of the bank
inc institution of Friedlander ~ sum-
meriiold. The usual scenes Of excite
ment among the depositors, anxious
to secure their money, and among
those holding notes and drafts of the
institution, occurred about the offices
of the firm, and the effect upon the
creditors may be imagined when it
was announced that the leading
partner i'll the concern, together
with his son, had committed suicide.
Thefailure is associated with the recent
suspension of the bankers Hirschfeld
~ Wolff. The fact that Friedlander
n Sommerlield were financially en-
barrassed and that they would find
difficulty in meeting their obligations
was known to some depositors of the
house here early in the day. Large
forced sales were made and this action
was vaguely attributed to the local
financial troubles. These sales caused
a general and heavy fall in prices, but
the business Of the day was over be-
fore the tragic incidents closing the
case of the bankers became generally
known. AS the facts in the case de-
veloped it appeared that father and son
met in their Office in the bank earl y
this morning and discussed the crisis
in their affairs. After talking over
the matter pro and con they concluded
that as they were hopelessly embar-
raised they would die. 1t is under
stood that this resolution to take their
lives was in a great measure due TO
the fact that their arrest was impend-
inc, as Felix Sommerfield, the son,
had become involved in speculations
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
with revolvers. When the clerks in
the office, alarmed at the report 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 good position
in the financial world. 1t had earned
a solid reputation as steady going
house, Its customers, who belonged
chiefly to the middle class, were scat
tered throughout the empire. Since
the Hirshfeld & Wolff failure many
of the principal clients of the
firm of Friedlander u Sommerfeld
who bad become alarmed regarding
the stability of the private banking
house, made heavy Withdrawals of
their deposits. Herr Summerfeld
tried to meet the difficulty by trying
to realize OF his investments. These
however. were locked up in industrial
and other stocks which were not
readily marketable, and eventually il
was found impossible for the firm tc
meet its engagements.
The police have taken charge of the
firms office and have placed seals
upon the safes. The intensity of eX-
element, caused by the failure,
was such that it was
cause for congratulation that
the fact of the suicides was not known
until after the close of business, as it
gave the public time to reflect before
allowing themselves to become over
come By the panic. The best inform,
ed members of the Bourse say that
they don't expect that the failure will
precipitate a period Of general dis
aster, though it is certain to greatly
increase the alarm among the invest
ing classes. This evening a large
crowd assembled in front of the bank
and threatened to carry the building
by storm and recover their securities
The police had great difficulty in re-
straining the mob from earring theil
threats into execution. Many arti-
sons are Infatuated at the loss of theil
deuOsits.