The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1922-02-16
Chicago Youth Owes
Fiue Million Dollars

Chicago. Feb. 13.-Raymond J.
Bischof, whose financial operations
are alleged to have ruined thousands
OF poor investors who trusted him
with their life savings, today told
aFedeal Judge Landis at in inquiry
.<I owe s4,500,0O0 and I have less
than $1,000 in cash.
Bischoff declared he was only 20
years of age and that he had accu-
mulated liabilities estimated by re-
eeiver appointed Saturday as totall-
ing approximately $5,000,000 in less
than two years. He described his
business as general financial busi-
ness, brokerage and oil,' and said
that he started it in the spring of
1913 with $4,000.
y Asked where he obtained this mon
ey, Bishoff said that he made part OF
it working in the stock yards and
that the rest was the result of stock
spectulations. He declared that he
had no previous business experience
That he lived at home at the time and
that the only other work he had gone
into was in connection with obtain
ing members for the Boy Scouts. Un-
der questions from Judge Lands, he
maintained that his operations were
legal, that the money entrusted to
his care was given him for specula-
.stion and that while it was unfortu-
nate he should have lost it, he felt
sae could have recovered all his loss
es il the receivership proceedings had
not interfered.
Despite Bischoff's protestations
that all the millions he had handled
had been lost, a search was begun for
all possible assets and Judge Lands
issued restraining orders preventing
Bischoff's relatives from disposing OF
atwo fiat buildings, two houses, farm
and four automobiles and the con-
tents of several safety deposit boxes.
Bischof blamed lucky deal with
"a friends $3.50 for the continued
transaction which has involved him
$50 heavily.
]. "a friend begged me to play the
market with his money, saying his
creditors were pushing him." Bisch-
OF wss quoted as saying. 81 con-
sented, doubling his money in week.
He told all his friends and was i'm
ymediately besieged with similar re-
quests. That was the beginning OF
it,
8 .sDabbling in oil'' led to his pres
ent status, he was quoted, after WIS.,
ions Of financial deals arose when he
found how easy it was to have Others
give him their money to invest.
Bischoff's attorney maintains that
the 25 year old wizard of Bubbly
Creek has violated no law, despite
the shortage of millions. Bischoh
gave promissory notes for the money
invested with him, the attorney said,
adding ga man can't be imprisoned
Tor non-payment Of promissory notes,
aif he hasn't the money"
Creditors may realize ten cents on
the dollar, the attorney said.
'While I welcome government in
! tervention,' I could bave pulled
through if they had let me alone an
other week." Bischof said.
# The oil company, Of which he at
tempted to gain control. Bfschoh
said, has extensive holdings in Okla
homa and Texas fields. It's stock has
a par value of 81, he said, but recent
~ it dropped to % cents.
rs ''I became interested in the oil
stock last February" he said. Il
kept putting more and more money
in it until, in July, thought 1 own
ed every share in existence. But
then discovered a powerful combi-
nation was fighting me.
More shares began to pop up un-
expectedly, and, before long, found
that through the bucketshop manip-
ulations I had been sold duplicated
shares. For the last few months
have been fighting losing battle"
Asparagus by Parcel Post.
Washington, Feb. 13.-Asparagus
/ in carloads may be sent through par