The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-04-27

trouble in the event of non-delivery of the
goods, the firm closed its doors and went
eastward, ostensibly to "open branch
offices in New York and st. Paul"
The Office of the Royal Security Ex-
change was open for business until Tues
day, when a card was placed on the door
announcing that the firm had removed to
room Is, $50 California street. This notice
was visible for two days, when it disap-
peared, and those who called yesterday on
finding the office vacant Indignantly de-
nounced Hirsch and Waschman as thieves.
Threats were made to inform the police
and attempt, if possible, to secure the ar
rest of the fugitives.
In settling up their affairs here Hircsh
and Waschman employed f. J. Quillinan
as their agent in the collection of various
payments still due on contracts for bonds.
This gentleman was seen yesterday and
took occasion to deny that Hirsch and
Waschman had been engaged in shady
business transactions or that they had fed
from the City.
"The office of Hirsch & Waschmann, {"
said he, twill hereafter be at 667 Broadway
New York. 1t will be in charge of Mr..
Hirsch, while Mr.. Waschmann will estab-
lish a branch at st. Paul. l have their
power of attorney to receipt for collections
still due and act as their agent in this city
| must admit they left no bonds with me.
receive them from New York on the ex-
piration of their installment PERIOD
Mr.. Quillinan could not give any definite
information concerning the movements of
the absent brokers, but it was his opinion
that they would return in several months.
He was not aware that Mr.. Hirsch had on
Wednesday evening made appointments
with several of his customers to meet them
at noon on the following day, when at that
a he WOnlI lpaU NV
the early morning train. Neither did Mr..
Quillinan know that both Hirsch and
Waschmann had announced to their
friends that they did not expect to leave
the city before May /.
A peculiar circumstance in connection
with the closing of the doors of the Royal
Security Exchange was the fact that Mr..
Hirsch had number of circulars printed
announcing the approaching departure for
the purpose "of establishing branch offices
in Eastern cities" Although these circu-
lars were printed three weeks ago, he gave
them in charge of boy with instructions
to mail them on April 26. They were
mailed yesterday, thirty-six hours after the
departure of the members of the firm for
New York.
Morris Hirsch, the senior member of the
firm, has been engaged in the bond brok-
erage business here for two years. He was
formerly agent for a notorious bond
swindler in New York, and while in his
employment gained an intimate knowledge
of the business, which he put to practical
use here. Although he arrived here almost
penniless, it is said that he cleared up not
less than $12, 900 in the two years he was
working the field.
The business of the Royal Security Ex-
change was to sell foreign bonds, ranging
in value from S12 to $130, on monthly pay
ments. The time limit on the purchase of
these bonds was twenty-siX months They
included the Royal Italian Red Cross bond
Of 1885, Hungarian 10 Szio of 1888, Holland
White Cross of 1885, Royal Servian Gov
eminent of 1888. These bonds are legiti-
mate and are good security to investors,
provided the purchaser on the installment
plan receives them at the expiration of the
twenty-six months. Hundreds of persons
have been paying from 81 to $40 monthly
for these bonds to Hirsch & Waschmann,
but as they have not the genuine bonds to
deliver, it follows that all who have paid
them money in the past Will be minus both
their money and bonds.
The firm has been the subject of fire.
quent complaint to the police, out the evil
dence against it was of such character
that no conviction could be secured. They
were arrested eight months ago on com
plant of Miss H. Moore of 1895 Sacramento
street, who charged them with obtaining
money ny IdiSe pIoGeuSeS. MISS MOOI6
testified that she was induced by Mr.
Hirsch to exchange foreign bond of 500,
which had been in her possession five
years, for certificate of $500. Subsequently
she found that the Royal Security Ex-
change certificate was valueless, and she
demanded the return of her bond. The
failure of Mr.. Hirsch to comply with the
request led to his arrest.
No conviction could be secured in the
Police Court, and Miss Moore brought
civil action, which has been set for trial on
Tuesday next. Miss Moore charges fraud
in the complaint and prays the court that
the defendants, Hirsch and Waschmann,
be adjudged guilty thereof, and be incar-
cerated in jail.
Since the disclosures made in the trial of
the Moore case the local business of the
firm has suffered considerably. Agents
were sent to the country, however and for
the past three months business was very
lively.
II expected this" said M. Solomon, the
broker at 821 Market street. 1.-THE swim
ding methods adopted by Hirsch and
Waschmann were bound to be exposed
some time. They advertised the sale of
bonds and received money in that way