The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-04-28
MADE A GOOD CLEANUP,
Hirsch and WachSmann Lived
Royalty on the Money of
Their DupeS.
SCORES OF PEOPLE FLEECED.
How a Pair Of Clever SchemerS
Sold but Did Not Deliver
Foreign Bonds.

The publication by the CALL of the facts
in connection with the closing of the doors
of the Royal Security Exchange and the
departure of Managers Hirsch and Wachs-
mann for the East created genuine sensa-
ton yesterday among the unfortunates
who had invested money in that concern.
The deserted Office in the Donohoe build
ing was besieged throughout the day by
angry investors, and had either of the in
dividuals named been present it is quite
likely he would have Jared badly.
81 lost $100 by the escapade," said a
young clerk, who declined to give his
name. 81 bought an Italian Red Cross
bond for $27, about sixteen months ago,
for which 1 was to pay 81 a month. Sew
eral months ago I paid all but 81 of the
original $27, and then Wachsmann induced
me to take bond for $50, he giving me
credit of $25 thereon, and l agreeing to pay
50 so each month.
81 obtained some money recently and de-
cided to invest it in these bonds. l got
one for $780, and paid all but $50 on it.
Wachsmann told me that / would draw
something in the shape of a prize in j July,
and that induced me to keep on paying.
The eagerness of Hirsch and Wachsmann
to exchange my bonds for other of greater
value is now apparent to me. They did
not intend to deliver bonds when they were
paid for, and under their system they were
never paid for, as they kept customers in
their debt continually. | think the police
should get after these fellows and bring
them back"
Corner Bros, the butchers at Valencia
and Fourteenth streets, are sufferers to the
extent of 500. They, too, were induced
to exchange their bonds, and by this
method Hirsch and Wachsmann were en-
abled to postpone the delivery of bonds
until they were enabled to escape from this
City.
1t is impossible to estimate how many
people will suffer financial loss through
the operations of Hirsch and Wachsmann,
but the number is large. They did an ex-
tensiye business in the country, and had
several agents travelling about in their in
terestS.
"They took in about $1,000 a month" re-
marked an ex-employe of the firm. ut
would not surprise me If they got away
with So 900. 1t is we'll known that neither
Hirsch nor Wachsmann had any money
when they embarked in the business, but
since that time they have been living like
lords.'
Mrs. w. Hartkop of 1882 College wav,
Berkeley, lost a bond worth 500 through
Ine HrH. dCnSmann 1uQuC6Q Qer TO 6X-
change bond for that amount for GER
t1ficate for 500, but when she discovered
| that the certificate was valueless she
demanded the return of her bond. OF
course the demand was refused, but
rather than take the matter into court
| Mrs. Hartkop allowed the swindlers to
| keep her property.
| 1t has been ascertained that the firm put
! off all their customers who demanded that
their bonds be delivered by stating that
each would win prize of not less than
$175 in the Kur- Hessen redemption in
July. Despite the absurdity of this state
ment it succeeded in setting at rest any
possible doubts that might have been en-
tertained by the purchasers and gave
Hirsch and Wachsmann time to prepare
their plans for leaving the City.
Hirsch is an Hungarian, and has been in
this country four years. Wachsmann is a
! foreigner, and has lived in this city five
years. He was formerly in the employ of
Pulitzer & Co., brokers in the Stock Ex-
change building. While with this firm he
was detected in some shady transactions
and dismissed. Subsequently he opened a
satisfactory on Stockton street with in
different success. A fire occurred there
one day, and he was strongly suspected of
knowing how the fire originated. He is
married, and has wife and family living
! on Sacramento street.