The morning call., 1893-10-21
TWO STEP DOWN.
A " Call /" Exposure Leads
to designations.
AFTER A CHICAGO MODEL.
The Two Principal Officers of the
Western Savings Investment
Company Retire.

Modesty has got the better of the two
leading officers of the Western Savings
Investment Company of California. Pres
dent Frank l.. Thresher and Vice-Presi-
dent c. II. Wilson have resigned. The in
dictment of the past and present officers
of their Chicago model sent a shiver down
their backs. Nor did they relish the light
cast upon the concern by The CALL in its
issues of the 18th and the 18th inst. Pub
licity is evidently unsought by the man.
ayers of the Western Savings and Invest
ment Company Of California. Its opera
tions have been mostly sub rosa. 1t has
sought recruits by the dissemination of
pamphlets among people who are ready to
clutch at any device which holds out PROM
ises of large returns for a small outlay. 1t
has avoided, or at least has not sought, the
full light of day. Even John Serex' 8
drawing of $1,000 bond after an expend-
lture OF SIS was not heralded through the
city, aud probably would not have been
made known to the great mass of San
Franciscans had it not been for the kind
ness OF THE CALL. Such reticence in q
business venture is. to say the least, sig
nificant.
But to return to the designations Of
Thresher and Vice-President Wilson. One
is an Eastern newspaper man and the
other is lawyer. Neither is an insurance
man. Both, however, had suspicion hat
the Chicago concern on which they mod
eled the local. Investment company might be
a lottery. So before launching their boat
on the billows. after having first provided
generously for the business office of the
Examiner in the way of several of its prin-
ciDal employees, the attorney of that paper
was consulted in the matter. He gave the
plan clean bill of health, as did the coun-
sci Of the Pacific Bank, which was 10 act
as treasurer for the institution. Articles
OF incorporation were .drawn up by G. "a.
Wilson. who obligingly agreed to act as
ylce-presldent, he In return to receive
stock in the concern. No light was feared
from the Examiner for the reasons already
stated Nor for that matter was I'll re
danger OF any gratuitous advertising from
the Chronicle, as the shrewd managers of
the Western Savings Investment Company
had provided against any such contingency
by renting rooms in the tall building at the
junction OF Market and kearny streets.
Then affairs went smoothly until the
18th inst. Up to that date $40 bonds were
issued. Since then there has been NJ de-
mand from the public for the "gilt-edge"
security. The reasons were the Chicago
indictments, the attention called to the
similarity of the local scheme with that of
tbC w Hlc Ciby, uuu tuo VI LDt
fate of ThieimaD. who served q term of
Imprisonment in Marin County.
News of his resignation and that of
President Thresher were communicated
to The CALL by Mr.. Wilson himself.
While still disposed to hold that the West
ern Savings Investment Company of Cali
fornia was not lottery. be did not desire
the notoriety of a possible prosecution.
Mr.. Wilson added that he had never re-
ceiyed any of the cOmDany's stOck and in
handing in mis- resignation he had with
drawn all claim to 1t. He was glad, con-
sidering the developments OF the last few
days, to sever all connection with the
scheme. even at the sacrifice of his fees
for the work in drawing up the papers of
incorporation.
The retirement Of the'president and the
yice-president of the Western Savings
Investment Company is in itself justifica-
ton of THE CALLS course in calling the
attention of the Federal authorities to the
plan under which company is acting.