The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-08-19
JOSEPH E sHA|A GONE,
The Once Wealthy Collector
Disappears From the
City.
HIS CREDITORS LOSE $50, Ooo
Before Leaving He Transferred His
Property to His Wife and
Albert Meyer.

Joseph E. Shain, the collector and
financial agent, has disappeared and not
a trace of him could be found yesterday.
He left for parts unknown either Thursday
or Friday, and host of anxious creditors
were in blissful ignorance as late as last
night that he had taken himself away from
the City.
The reason assigned for Shain's sudden
departure was he had become so hope
lessly involved in financial transactions
there was no other alternative for him I'M
less he remained to face most disagreeable
music. He was threatened with arrest
about eight days ago for failing to make a
return of $4,000 or more intruSted to him as
assignee of Julius Schulken's estate.
Schulken failed two years ago, and
Shain was given control as assignee re-
ceiving $4,000 in cash and $4,000 in prop
erty. The creditors filed petition two
weeks ago for an accounting. They said
hat on June %, 1898, Shain received
$2214 80, and had not accounted for it, and
they directly charged that he had used q
portion of the funds of the estate in his
own business. The case was heard before
Judge Slack last Thursday week, and was
continued for ten days, the Judge stating
that unless Shain would appear with the
money warrant for his arrest would be
issued forthwith.
Though Shain was once a man of con-
siderable wealth, and that not more than
few years ago, he had no money left to
appease the court, and those who knew
him best declared yesterday that he had
levanted to evade arrest.
Daniel Meyer, the banker, admitted that
Shain owed him $4,000 for cash loaned.
This sum has been fully secured by Shain
at the expense of other creditors, for about
his last transaction was the transfer of
property with that end in view.
On August IA Shain decided to Albert
Meyer, nephew of Daniel Meyer, lot 24x50,
on north line of Washington street So feet
east of Powell, the deed for which pur-
ported to be given December II, 1894. An
other lot 100X30, on the north side of Nc
Allister street, east of Laguna was trans
ferred the same day to Meyer, though the
deed was dated May s, 1894. Shain trans
ferred to his wife on August IA his home
at 206 Broderick, and lot 25x107, as gift.
The deed of this property was dated May
was never recorded. Shain had no other
property in San Francisco and these
transfers were so manipulated that cred
itors cannot touch the property.
Shain lived beyond his means for some
years past and became infatuated with
horseracing and other enjoyment. At
his Office Saturday it was stated that he
had left the City and it was not known
whittier he had gone.
In addition to playing recklessly on the
races, Shain was known as an inveterate
devotee at cards, who invariably risked
large sums on poker games and lost for
tunes over the table. He was also known
as a man of sporting proclivities, in which
way he squandered many thousands of
dollars, even while he had to borrow large
sums to keep himself from immediate
ruin. Not so long ago, while in distress,
he borrowed money and freely gave up his
policy in life insurance company to Sc
cure the loan.
Later on he endeavored to raise money
upon his personal note and failed in every
instance, for it was no secret that he had
gone too far and was at his wits ends to
keep out of grave legal difficulties. 1t was
said that he had spent money belonging to
his clients at cards, the races and in other
foolish ways, until eventually he was
unable to .recoup himself.
"In all, his debts amounted to 100000,
which fact has been common talk among
the collection agencies, money brokers and
some bankers who had dealings with Shain.
Indeed, he is said to have confded his
hopeless condition to one money-lender,
from whom he sought an urgent loan of
some thousands, and such was the sum of
his story. Money had passed through his
hands like water through a sieve, and at
last his Indebtedness reached that amount
Shain left his wife and family behind,
and they did not know where he was yes
terday. Some of his former associates said
they believed he would surely be located
and brought back to San Francisco.