Arizona republican., 1922-02-14
BOY SPECULATOR STARTSW|TH
LESS THAN 81 900 CASH AND
QUITS WITH S4 500,0O0D DEBTS
tRspubIIean A. p. Leased WirsI

CHICAGO, Feb. 13-While Ray
mond Bischoff, boy Spectator
was explaining to Judge Kenesaw
NJ. lands what had become OF ap-
proximately $4,000 entrusted to
him by thousand OF families in Chi
cagos stockyards district. several
hundred persons today stormed his
office searching for the man whom
they declared had brought them fl
nancial ruin.
Extra police were called to control
the crowd which shouted threats
against the 25-year- old broker.
While Bischoff, who admitted he
was short $4500.000 insisted he had
played lone hand in his specula-
tions, search was begun for his sis
ter, who was believed 10 be en- route
to the Pacific coast.
The police desire TO question her
concerning 100000 worth of liberty
bonds entrusted to Bischoff by Gus
stomers wishing to speculate in oil
securities. No trace Of the bonds has
been found.
Davis and his cousin. e. r. Geer.
we're others spoken of by authorities
in seeking the bottom OF the youths
tangled finances. They were ques-
toned by Judge Landis today.
Smiling and without visible en-
barrassment. Bischoff told Judge
Landis the story OF his financial ven
lures, maintaining throughout his in
nocence of any intentional wrong
doing.
Judge Landis questioned Bischoff
closely as 10 whether he had dealt
with the Bolan Syndicate OF El Paso
Tex. He said he had not and the
judge ordered investigators to get in
touch with the syndicate.
Lands Grills Relatives
Then Judge lands took personal
charge OF the examination. shooting
rapid fire questions at Bischooff.
The judge then called Mr.. Davis and
learned from him that Bischoff had
supplied the money for their S20,00
home and three expensive automo-
biles.
And where'd you get that fur
coat?" the judge asked.
Raymond gave me the money
was the reply.
poor hard working families whom he
swindled," bitterly shouted the judge.
That coat that keeps you so com
Portable represents swindled money
that would have kept many a poor
child warm this winter
The judge issued injunctions re-
straining any one from disposing of
the Bischoff home or automobiles,
although all are in the name of the
stepfather or of Bischoffs mother.
After Bischoff had told Judge
Landis that he had joined the Cana
dian army in search of adventure the
Judge asked him IL he had been hon.
orably discharged
THAT matter hasn't been settled
yet" was the reply.
Il owe $4500,00O and I have less
than $1,000 in cash" Bischoff told
Judge Lands.
Bischoff declared that he was only
25 years of age and that he had ac-
cumulated liabilities estimated by a
receiver appointed Saturday as total
ing approximately s5,00O.000 in less
than two years. He described the
business he had been conducting as
general financial business, broker
age, and OIL" and said that he started
1t in spring of 1919 with $4,000.
No Business Experience
Asked where he obtained this mo-
ney, Bischoff said that he had earned
part of 1t working in the stock yards
and that the rest was the result or
stock speculations. He declared that
he had no previous business ex-
perience. that he lived at home at
that time and that the only other
work he had done was in connection
with obtaining members for the boy
scouts.
Under a rapid fire Of questions by
Judge Lands. he said he felt he
could have recouped all his losses if
the receivership proceedings had not
halted his career.
Despite Bischofrs protestations
that all of the millions he had
handled had been lost a search was
begun for all possible assets and
Judge lands issued restraining cor
ders preventing Bischoffs relatives
Continued on PAGE Twol