Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-11-08
A HIGH ROLLER.
Banker Wolff and the Way He
Spent Clients Money.
WILLIAM AFTER SUCH GENTRY.
Father and Son, Bankers, Blow Their
Brains Out Rather Than Face Disgrace
and Ruin-A Day of Excitement in
Bcrlin-Aristocratic Losers.
bankers Kill Themselves.
[Copyrighted, 1921. by the New York Asso-
ciated PreSS.i

ICOpyrlghteG, 1871. pN Jle NE" 1OtA <A'SO
ciated Press.
BERLIN. Nov. "A sensation was caused
in financial and social circles here to-day BY
the collapse of the banking institution OF
Friedlander x Sommertield. Scenes OF eX-
element among depositors anxious 10 Sc
cure their money, and among those holding
notes and drafts of the institution occurred;
The effect upon creditors may be imagined
when it was announced that the !eaaihs
partner in the concern together win MS
son had committed suicide. The failure Is
associated with the recent suspension OF
the bankers Hirschfeld & Nolf. HE TACT
that Friedlauder u Sommerheld We're
financially embarrassed ana that Ihty
would lind difficulty in meeting their
obligations was known 10 some
depositors on the bourse here early IN the
day. Large forced sales were made, ana
this action was vaguely attributed to local
financial troubles. These Sales caused Il
general and heavy fall III prices, put tue
business of the day was over before the
tragic incidents closing the case Of the
bankers became generaliI kho oS,
AS the facts III the case
developed it appeared that the father ana
son met in their Office in the bank early TINS
morning and discussed the crisis IN tnelf
affairs After talking over the matter pro
| and con, they concluded that as theE were
hOpelessly embarrassed they would die
it is understood that this resolution 10
take their lives was in 4 great measure due
| to the fact that their arrest was impending,
| as Felix Sommcrield, the son, mad
| become involved in speculatlohS
which We're more than likely 10 lcau
| to his arrest on q criminal charge. Having
! arrived at the decision that death was pre-
| ferable to arrest and disgrace, both
| father and son shot themselves IN
| the head with revolvers. Nheh
| the clerks in the Office, alarmed at the re
| ports of the pistols, ran to the private
! Office, they found father and son still allve.
| They were conveyed to hospital in dying
The firm has been in existence
for a long time and had d good position IN
| the financial world. II had earned 4 soId
reputation as Il steady-going house. us
customers, who belonged chiefly TO the
middle class, were scattered throughout Ihe
Since the Hirschfeld & Wolff failure
many of the principal clients of F'riedlander
| 4 SOmmerfield, who had become alarmed
regarding the stability OF private bank
| ing houses, made heavy With
drawals of deposits. Herr Sommer-
| field tried to meet the difficulty by
attempting to realize on his investments
| These however were locked up i'll indus
trial and other stocks which were not
| READILY marketable. and eventually 1t was
found impossible for the firm to meet It's
engagements.
The police have taken charge OF the firm $
Offices and have placed seals upon the saleS.
The intensity of excitement 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 gives the
public time to reflect before allowing them
selves to become overcome by a pane.
The best informed members OF the
bourse say that they do not expect
that the failures will precipitate a
period of general disaster, though
it is certain to greatly increase alarm among
the investing classes. This evening large
crowd assembled in front of the bank and
threatened to carry the building ~
storm and recover their securities
The police had great difficulty
in restraining the mob from carrying ,tneir
threats into execution. Many artisans are
Infatuated at the loss of their deposits.