The Mena weekly star., 1922-02-16
CHICAGO SPINDLE
 TRUST SUSPECTED
Folice Believe Bischog, Western Land 0perators and American Novaculite Company Are All Tarred With
 Same Brush-Big Sums Lost.

Chicago, Feb. Investigation of the dealings of the Western Land Op- erators Company, the third concern falded by authorities within three days and believed by them to have swindled foreign born citizens of more than $1,5O0,000, was under way here today by government agents.
 Within three days gigantic alleged s~indles totalling approximately $6,- 500, 900, according to estimates by off, ficers, were disclosed with the arrest Saturday of Raymond Bischog and the arrests yesterday of three em- pI9yes of the Western Land Operators Company and three employees of the American Novaculite Company.
 csljc Harrington, said by police to be the moving spirit in the affairs of the American Novaculite Company, and Charles Urnicl1 ard Charles Phil I;ts, general manager and president 0f the Western Lanc Operators Com f3any, art reing sought by the police.
 Losse es May Be Greater.
 The raid on the offices of the land oDerators company was made last nlxht upon the complaint of Sidney Eanes, attorney, representing 300 creditors, The police believe they Lad established a connection betwean tke working of Bischo!f and HarriHg- ton and TOW think that the Western Land Operators Company was con- neeted with the other two and that tAe three were operating huge swim rihs joirtly. The investigators indi- catcd today that ihe total losses to the families who ini ested their saw ings in the compames may run much higher than the figure now set as $6,- l50e ,000.
 While Bischoff was explaining to Federal Judge Landis what had be- conc of approximately $7,000,000 en- trusted to him by thousands of fami- lies in Chicago's stock yards district, several hundred persons yesterday storned his office, searching for the n7an who they declared had brought them financial ruin.
 Could Have Made Good.
 Extra police were called to control the crowd which shouted threats against the 25-year-old 'banker'' and it was only when assured that Bis- rhoff was behind jail bars that it dis persed.
 Bischef, however, while admitting that he was short at least S4,500,000 jn his transactions with other per- sons money, insisted he had violated mo law and would have made good all his debts if the police had let him alone.
 Smiling and without visible enbar- rassment, Bischoff told Judge Landis the story of his financial ventures, maintaining turnout his innocence of any intentional wrong doing.
 have always loved adventure and loved to take a chance," he said in reply to questions of his receivers Attorney.
 Was $1O,O00 to Good.
 While employed by local pack ing concern, I dabbled in the stock market. Then, just at time when was about $10,000 to the good, a fricrd asked me to raise money to pay Interest or a mortgage on my home. He put in $260 and, adding an equal sum, l gambled in stocks. We won NOT big.
 Dozens of friends then brought me money to invest for them. I decided l was wasting my time in a packing plant, and opened an office, announc- ing that ] would deal in finances gen. erally. My friends and their friends brought me their money and in return | gave my personal promissory mote. 1 gambled in mainly oil --and won big returns for my in- vestors. played absolutely fair with them.
 A Few Get Uneasy.
 "Then 1 tried to obtain control of an oil well in Louisiana. put hun dreds of thousands into it, and just when thought l had won, learned | had been double crossed by bucket shop stock brokers, and that I was not even close to controlling the we'll My money--my investors money was gone. l utcidcd to reorganize my sE nlpany, use different methods in in- Resting and fight my best to get back the money my friends had trusted to nls. They continued to come in with their savings, but for many days I refused to take cent for investment. Then few got uneasy and filed re- 1slvership proceedings"
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