The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-23
P1rTsBuRe,s BLIND POOLS.
The Chamber Of Commerce Meets to
Take Action Against Them.

Pittsburg. Pa. Oct. 22.-The chamber Of
commerce met in special session this af-
ternoon for the purpose of taking action
on the syndicate discretionary pool,
and other unsafe methods of speculation,
which were now being exposed by all the
newspapers of this city
President Kelley said the Chamber of
Commerce was always ready TO assist the
civil authorities in exposing frauds Of any
kind. He said he had received letter
from the police department some days ago
in relation to the pools" This letter was
published all the papers for the purpose
Of warning people to keep away from
such places.
Superintendent of Police O'Mara, who
attended the meeting, said he had con-
suited several attorneys. but all had told
him that as long as the pools paid their
dividends and no complaints were made,
then police officials, under the present
laws, were unable to do anything. he
said the first complaint made against any
of the pools was on Saturday, and as
soon as the warrants were sworn out the
place was raided and the manager and
all his assistants were arrested. The SUI
perintendent said that as soon as com
plant was lodged against any Of the 9th
ers he would serve them in a like manner.
The united action of the newspapers in
exposing the ''syndicates" and other
pools, he thought, would have good eff
lttL lONdIu CiOSluB up al SNCI pAel1NS.
A resolution was offered and adopted,
declaring that these institutions, known
as Syndicate Discretionary and
other pools" were impudent frauds and
that the chamber denounced them, and
would offer all the assistance in its power
to the civil authorities 10 drive them out
of the city. The resolution also author
lied the chamber to employ counsel to 20
before the courts and see if a restraining
injunction could not be issued whereby
none but legitimate brokers' could carry
on a brokerage business in Allegheny
county. 4
If the pools cannot be reached in
this way, then the Chamber of Commerce
will lend it's assistance in having laws
passed at the next session of the legis-
lature that will cover this species of spec
ulation.
The chamber also discussed the advis-
ability of having the state banking laws
so amended that institutions of this kind
will come under the banking laws, so
that the bank examiner could show them
up in their true light.
The members of the public grain and
stock exchange who were arrested on
Saturday last, charged with conspiracy
to defraud, had a hearing at the central
police station this afternoon w. +. De
laney, the principal defendant, was alb
sent. Attorney Burke, for the defend
ants, said that Mrs. I[alb, the prosecutor,
had received her money, dividends and
all, and she desired to withdraw her in
formation, and Mr.. Burke asked that the
case be discharged.
Judge Fetterman, counsel for the city,
said he was informed that this woman's
money was paid in the police station
within fifteen minutes before the case
was called, and in gross contempt of
the court. He said the suit could not
be withdrawn, and besides that there were
ants. The magistrate decided that the
case proceed
Mrs Kalb was placed on the stand and
told how she had sent her money to the
Delaney syndicate" for investment, and
failing to get it, during Saturdays run,
instituted proceedings against Delaneys
house. She refused to tell anything about
how she had been influenced to withdraw
the suit to-day. After the detectives had
described Saturdays raid and the charac-
ter of the exchange" run by the De-
laneys, the magistrate held William De-
laney his two brothers and William
Strong for court. The other. employees
were released. William Delaney was re-
leased on $4,000 bail Saturday, to appear
at to-days hearing, but he failed to show
up, and it is thought he has jumped his
bail TIL police, however, expect to ar
rest him before morning Experts who
examined Delaney's confiscated books say
| he had $l50,000 on deposit when the raid
was made Saturday. The Public Grain
and Stock Exchange closed it's doors tight
| to-day and the Delaneys will evidently
| not open UP again.