Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-08
A BERLIN SENSATION
ANOTHER BANK FAILURE AND TWO
CONSEQUENT SUICIDES.
Arissoeratic AID Middie-Ciass Sufferers
from the suspensions--0ne of the Insoi-
vent Bankers iiigh-Fiying Methods.
copyrighted 1891 by the New York Associated
Pzeea.

vent Bankers btgh-ttyfnE Methods.
copyrighted 1891 by the New York Associated
PTeesl
BERLIN, GER., November IA sensation
was caused in financial snd social circles
here to-day by the collapse Of the banking
institution of Friedlsnder Il Sommerfeld.
The usual scenes OF excitement among de-
positors anx'o TO secure their money
end among those holding the notes and
drafts Of the institution occurred around
the Offices Of the firm, and the effect upon
the creditors may be imagined when il
was announced that the leading partner in
the concern. together with his son, had
committed suicide.
The failure is associated with the recent
suspension of the bankers Hirschteld ~
Wolf, The fact that FricdlaDder & Som
| merfeld were financially embarrassed
and that they would End difficulty in
meeting their obligations was known to
some of the operators On the Bourse here
early in the day. Large forced sales were
| made and this action was vaguely attri-
buted TO local financial troubles. These
sales caused general and heavy fall in
prices, but the business of the day was
over before the tragic incidents closing
the career of the bankers became gene
rally known.
DEATH RATHER THAN DISGRACE.
As the facts in the case developed 1t an
| peared that 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 we're hopelessly
| embarrassed they would die IL is under
stood that this resolution TO take their
n va Ina
/ the fact that their arrest was impending,
/ as Felix SOmmerfeld. the son, had become
| involved in speculations which were more
| than likely TO lead TO bis arrest on crlmi-
| nal charge.
Having arrived at the decision that
| death was preferable TO arrest and dis
| grace both father and son shot themselves
in the head. using revolvers.
TEE FIRMS DIFFICULTIES.
| The firm has been in existencefOr long
| time and held good position in the fnan-
| cial world. 1t had earned a solid reputa-
| ton as q steady-golng house. It's Gus
| toners. who belonged chiefly TO the mid
| die class, were scattered throughout the
| empire. Since the Hirschfeld Il Wolf
! failure many Of the principal clients OF
! Frielander 4 Sommerfeld, who had become
alarmed regarding the stability of private
| banking houses. made heavy Withdrawals
/
| meet the difficulty by attempting TO real
! ize on his Investments. These. however,
| were locked up IN industrial and other
! stocks which were not readily marketable,
| and eventually 1t was found impossible for
| the firm to meet It's engagements. Inc
| police have taken charge of the firms
| Office and have placed seals upon the safes.
| The best-informed members OF tho
Bourse say they do not expect that the
| failure wiz precipitate a period of general
| disaster though ii IS certain to greatly III
crease the alarm among the Investment
! classes.
The COLLAPSED HIRsCHFELD WOLFF.
| The inquiry into the affairs of Hirsch-
| field Il Wolf realizes the worst sntlcipa-
| tions. The firm had been in business for
| sixty-four years and had az its cher com
| merSiem'dh Herr Wolf, who occupied
several other positions Of trust. He was
prominent society man who lived life
| Of ostentatlous wealth, mis- household eX-
penses running up 10 400. 600 marks year.
! He did little in the speculative line uutll
| recent years, when his private e1trava-
| gances and losses at the gsming-table led
| to his embarrassment. He tried 70 recoup
| his losses through dealings on the Pans
| and Berlin Bourges. As a matter OF TACT
| the firm had been insolvent since 1873.
| For number OF years Wolf has been
| living by selling and pawning the securl-
| ties of deposItors, working IN connection
| with the banker, Joseph Leipzger. 1t IS
asserted that Wolf, with oil the facts
known TO Leipziger, hoated spurious
| drafts through Leipzlger ana paWhed se-
| curties of depositoIs amounting IN Value
To q, 500, 900 marks. Leipziger finally went
to the wall and his failure hastened the
downfall Of Hirschfeld d Wolh.
ARIsTocRATIc LOSERS.
A. origtOpratio prnli-
tors of the firm are Prince Henry OF Prus
STA, who loses 100000 marks; Prlnce
Gunther. of Schleswig- Holstein, a brother
of the Empress Of Germany, whose loss
also amounts to 500,0 900 marks, and Count
Luttichon, q prominent leader IN German
society, who Is out 100000 marks. Other
members of the aristocracy who are se-
verelv hit are Count Zedltz Ireschler,
Count Bredow, Reichstager Goldschmldt'
Count Eulenburg, of the imperial house
hold. aud Count LchndOrf, chief OF the
ROYAL stables. A largo number of indus
| trial companies lose their deposits. Wolt
is confined in the Moabite prison. lie says
| he Is unable to make any estimate OF his
! liabilities. He has number OF heavy
gambling debts.
He WAS HIGH-FLYER."
Wolf was president of the Resource
Club. en- organization composed OF wealthy
parcenus and fnanciers who are ADDICTED
| 10 reckless PLAYING. 1t is recorded that
mon the eve of the failure of the firm
Wolff refused TO pick up couple OF thou
sand marks in bills which he accidentally
dronped at the gambling table. He left
the money on the floor for the walters,
This evening large crowd assembled IN
| front of the bank and threatened TO carry
| tha bnilding by storm and recover their
securities. The police had great difficulty
| IN restraining the mob from carrying their
| throats into execution. The many arti-
sans arc iuturiated at the loss OF their de-
| posts.
| THE YyPERoR's CLEANSING PURPOSES.
The Fmperor designs to cleanse high as
weIl az low society, and hts good inten-
| tIons have received impetus from THESE
disclosures. The Wolf clique Haunted
| ol,yaf REPS in sumptuous ralment IN the pest
boxes at the Opera-House, and with their
| frail companions drove in baroucheS
through the Thiergarten. The otficers
| belongipe TO the Berlin and other garrl-
| ems who are following the same life ae the
Wolf crowd have received caution
| through the colonies OF their regiments
| that the Emperor will wipe them out OF
| the army and will use ms influence 10
| oatracise them in society unless they mend
| their wavs forthwith. The police continue
| their efforts to place check upon the
| snc;al evil for which Berlin Is notorious,
being prompted thereto by the Emperor,
who is fully determined to bring an end to
| that CRYING evil. They have escorted to
the frontiers or placed in prison 4!O men
who were subsisting upon the earnings OF
! vicious women.
TIE MOVEMENT co-ExTEssIyE WITH THE en-
PIIR.
The movement inaugurated by the I'm;
peror TO suppress the morally deprayed
classes extends to every popuions centre
of the empire. AT q meeting Oh the 90;
c;aI PurIty Society, which was attended
bv two thousand persons, proposition TO
| bsnish the hiilojqe from the country was
not approved. The suggestion was, how
ever. adopted that they DO sentenced 10
prison at hard labor. D
Tie municipal authorities OF Berlin are
!, favor of combining a these people 70
snecial streets. where they Will be directly
npder the control Of the police. These
will he open only TO adults. The Carls.
| wiz " thcrities after irving this plan OF