The Birmingham age-herald., 1903-12-18
EXCITEMENT OVER
 CULLMAN FAILURE
Farmers Lost Heavily by Col
 lapse of Kupman 6 Gerdes
R. |. HlPP MADE RECEIVER
Firm Borrowed Money From Farmers, AlIowinq Them Per Cent, and With This Money on Deposit
 the Loss is keenly Felt.

Cullman, December 17.-(Special.)- )-Mueh excitement has been oceasioned in local financial circles this week by the failure of the large and old-establshed firm of Kupman & Gerdes, and 1t has been a matter of much speculation as to what might be the outcome of the failure Whilst it has been matter of common knowledge for some time past that this firm was not on the most substantial basis the suddenness and the magnitude of the failure came as a great surprise to every one
 R. l.. IIipp is now receiver of the firm, having been appointed by the United States court upon the application of a number of the creditors. No statement of the assets and liabilities of the firm that could be relied upon can yet be obtained, but it is thought that the debts of the firm will be at least three times the as- sets.
 All efforts on the part of the creditors to effect an agreement which would enable the firm to continue in business have signally failed, and it now appears that the firm is hopelessly insolvent. Decem- Der M at Huntsville, has been agreed upon as the time and place for the adjudication in bankruptcy, after which time it may be possible to learn something definite about the firms actual condition.
 A feature of the immense business that the firm did was the borrowing of capital. Every farmer, who for years had traded with the firm, and knew them solid, would on selling his cotton, deposit all his cash with Kupman X Gerdes. Their fall pur- rbaGeS ua t1af, which they drew per cent interest In this way the firm was the bank for hun dreds of farmers, and the amount collect ed was great. It is stated that the firm did not worry about payments and re- ceived their dues sometimes twice year, and again only once.
 The firm of Kupman x Gerdes is one of the oldest in the county and almost as old as the county itself, The first member of the firm was Mrs August Kupman, the present senior partner. She first formed business under the name of A. Kupman This was few years after the death of her husband. At this time John Gerdes the present junior partner, was clerk in the store This firm was finally embodied in that of Kupman, Karter & Gerdes which was composed of Mrs. August Kup- man, John Gerdes and J. H. Karter, who was the republican nominee for secretary ol stdle uuIlnS lne lasl caHlpalSn. flnal- ly Karter's interest was purchased and then it was the present firm was estab- lished The small business of Mrs. Kup- man, which finally developed into the magnificent establishment of Kupman & Gerdes of today, was formed as far back as 1874. The birth of the present firm was about 1S79-S0.
 The latest information that can be gleaned concerning the failure of Kupman & Gerdes. Is that the farmers of Cullman county. nearly all of whom had some money in the firms vaults, are excited, The blow is particularly heavy on the far mers, and their loss Is about complete un- less the business is re-established The farmers of cullman are largely Germans and very industrious and prosperous.