Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-11-05
THOSE DISCRETIONARY POOLS.
The Collapse OF George II. Irwin s Co
Leaves Many Poor People Destitute.

The Collapse OF George II. Irwin s Co.
Leaves Many Poor People Destitute.
PITTsBURG, PA, November 3.-The
failures Of George NJ. Irwin & Co., the
extensive discretionary pool operators,
has spread CONSERVATION among the de-
positors.
The offices Of the firm were besieged
all day with an anxious crowd OF inves-
tors clamoring for their money but there
was nobody TO hear their complaints ex-
cept the clerks who left the office early.
1t is thought that the estimate OF two
million dollars as the amount on deposit
with Irwin is great exaggeration but
conservative estimate would place IL
at $500, 600.
Nearly $500, 900 was paid out during
the run on the firm, over Sl50,000 was
lost in the forced sale Of wheat and
nearly 500, 600 vas lost In bucket shops
at the same time. Irwin usually played
the short side Of wheat until recently,
when he bought extensively. He was
great plunger and often sold 500, 600
TO l 1000, 600 bushels at time. he was
considered a phenomenal trader, with a
nerve that extended 10 recklessness.
As member Of the Chicago Board Of
Trade he won and lost several fortunes.
He came TO Pittsburg broken down 10
health and finances and opened
brokerage business. He drifted
into cooperative speculation, and for
two years held the field alone. But
last May mushroom pools began TO
slring up until there were eighteen Ia
operation here. The operators OF the
other pools are greatly depressed by r.
wins failure, and the fact that the
Chamber OF Commerce has taken steps
toward prosecuting all the pool opera
tors. The police are working with the
Chamb Der OF Commerce, and are ready 70
act as seen as informatIons are made.
Search warrants will be Issued and the
places raded.
The collapse OF Irwin will cause much
suffering in every section Of the city,
particularly on the South Side.
Many OF the flint glass workers OF the
United States Glass Company had a
few hundred dollars which they invest
ed with Irwin For fifteen months they
have been living of the proceeds OF this
fund. The dividends barely supported
them, and the smash leaves them Ia
very bad shape financially. Among the
skilled workmen 10 Jones & Iaughlln's
mill there is hardly a man who did not
have money In Irwin's pool. Only a
few OF them had Withdrawn their
money.
George M. Irwin, Of the Discretionary
pool OF George NJ. Irwin 81 Co., the
largest in the city, has left for the east,
presumably for New York. In the re-
cent raid on the tlnd pools here this
firms losses are said 20 have been very
heavy. They had over 1000 investors
with deposits estimated from one 10 two
million dollars.
The depositors this morning received
a circular from the firm, detailing the
losses sustained in recent speculations
and giving reasons why no dividends
were had this month as heretofore.
The circular gives the report Of
committee OF local bankers and brokers
who examined Irwin 81 Co. books and
found that they were heavy spectators
in grain for future delivery on the Chi
cago Board OF Trade. Since October
| oath all accounts show losses. The
circular says that the newspaper at
tacks injured the firms credit and
caused a run which they tried to stop
By prompt payment. 10 this manner
their finances were weakened. Deals
we're closed out which entailed the loss
OF 1851, 900. They have large holding
In oats which will be protected.
Dir. Irwin says the business will be
| cIosad for A few weeks as the doctors
have ordered him 10 take rest after
the severe nervous strain Of the past
few weeks.