The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-04
PITTSBURC'S BLIND POOLS.
Twins Concern Goes to Smash and
Not a Dollar Left.

Depositors Find the once Deserted,
With Every Evidence of a Hasty
Flisht-A Statement Puts the Losses
at S226,ooo 49, Crowds Throng the
Offices of the other Pools vainly Try
ing to Get Their Money Back.
Pittsburg, Pa, Nov. 3.-The lamentable
failure of George NJ. Irwin & Co., the big
discretionary pool operator. has spread
CONSERVATION among the depostors of the
firm and filed the hearts of the other pool
men with dismay The failure is the most
disastrous Of any that has occurred, inas-
much as the number of persons concerned
is infinitely larger than the investors with
all the other pools put together
An anxious crowd surged around Irwin's
office this morning. but they were met and
turned away by two very young ladies who
were not the regular clerks About 10
O'Clock one Of the young ladies received a
telegram and Immediately afterwards
both left locking one door to the office,
but the inquisitive depositors found the
private door open and hocked in They
found the place deserted and the desks
locked tight with every evidence of has
ty exodus
Most of Trwin's deposltors had implicit
AtAANh III MN anu III lnt lace OF the
plain statement that mot a dollor has
been saved from the wreck" there are
those who still maintain that Mr.. Irwin
VIII return and make good his obligations.
A careful estimate of the losses through
Irwin & Co. since oct "a are: Lost in Chi
cago exchange, $151 900; lost in bucket shop
deals, $4,000; cash paid out during the
run, $l5000Oi total, $376,540.
1t Is not known how many depositors
the firm had, but It is believed that at
least $S00,0OO has been swallowed up in the
Irwin pool.
Blanched faces were conspicuous about
the offices Of the other discretionary pools
to-day, and the managers were less suave
ana confident. The failure of Irwin & Co.
and the action of the finance committee
of the chamber of commerce in calling
a special meeting Of the chamber for tho
purpose of taking definite action regard
ing Attorney Goehring's recommendation
to prosecute the operators Of the pools
and bucket shops was the cause Of their
Teticence
There were a number Of applications for
withdrawal filed with the POOLS and at
the Traders one man made a persistent
but unsuccessful effort to get his money
| back. On this account other arrests may
be made.
The most important Development this
afternoon in regard to the blind pools
was the arrest Of i. X Devlln of the
American syndicate on two charges of
conspiracy to defraud. Bail was given
in $500 In each case for a hearing next
Wednesday afternoon. This is the second
time Devlin has been arrested. The first
case was compromised by the payment Of
the amount deposited with Devlin by the
prosecutor
Nothing has been heard from Irwin and
his investors are becoming demonstratlVe.
A large crowd of depositors was at his Of
flee rooms in the Ferguson building all OF
this afternoon, but they seemed to be
nursing their sorrows and anger philo-
sophically
The arrest Of Gebhardt Mauch for induc-
ing people to invest with Delaney & Force
has brought to light the astonishing fact
that hundreds of reputable and highly
respectable men and women of Allegheny
and Pittsburg were acting as agents for
the pools. They received 5 per cent, of all
the money invested through their agency,
and in this way many Of them made
handsome livelihood. A prominent physi-
clan of Allegheny is said to have Induced
many Of his patients TO enter the pools,
and In this way made more money in
commissions than he did from his lucra-
tive medical practice Several ministers
of the gospel have also used their infiu-
ence to interest members of their congre-
cations, getting their share of the COM
mission. The boroughs and townships
within radius of a hundred miles of
Pittsburg probably suffer greatest from
the collapse of the pools. In the borough
OF Williamsburg alone between $4,000 and
| $50, 600 was invested in the Pittsburg pools.
| People in every walk of life had deposited
! their money, and in instances borrowed
| large sums to invest. Their condition is
now truly pitiable.