The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-10-23
MANY PEOPLE ABLED"
HUNDREDS GULLED By PITTsBURG'S
DISCRETIONARY POOLS.
DOmestics, Workingmen and Farm
ers the SufYerers-Flight of One
Manager and Arrest of Others.

PITTSBURG, Oct. 22.-The news Of the
closing up by the police of the Public
Stock and Produce Exchange, discretion
ary pool concern, On Saturday, brought
great crowds of investors from the country
into town. Their presence reveals how
widespread had been the operations Of these
concerns and fully confirms the previously
published estimate of the number Of per-
sons who had invested money in these
schemes. The Delaneys, who operated the
Public Stock and Produce Exchange Sc
cured their release on bail for hearing
this evening At the Office this morning
they announced 10 their clients that as
their books were in the hands OF the police
they would be unable TO pay out money or
transact any business except to receive
notices of withdrawal of deposits All the
discretionary pools have a clause in their
agreements by which they can insist upon
a thirty-day notice of withdrawal at the
option of the managers.
The Consolidated Stock and Produce Com
mission and Discretionary Pool did not open
ves.ors who went to the office to withdraw
their deposits were confronted with a notice
that the concern had suspended temporari-
ly. Washington Force, the manager, was
notShere and TO one appeared able &c give
any Informatioi as to his present where
pend at any moment. and excitement among
investors is running high BY the books of
the Delaneys it is shown that over half
OF the investors were women, most OF them
domestics and washerwomen, who ranced
and and who % placed % all all their @ little little So savings in
these concerns. Another class of investors
who viii suffer severely is composed of
men who were thrown out of work by the
late financial depression, and who, with
their families. were living upon the money
saved in more prosperous times. They
thought by investing in these pools that
they could live upon the dividends and thus
keep their little capital intact Many of
these find themselves at the approach Of
winter without dollar. warrant has
been issued for Washington Force, manager
OF the Consolidated Exchange.
lie Stock and Grain Exchange. failed to ap-
pear at the hearing this afternoon, and his
bond for $500 was forfeited. c. H. and
Henry Delaney. brothers of the manager,
spiracy to defraud. The clerks and en-
ploycs of the firm were discharged. B. p.
Packer, of the Consolidated Stock and
Grain Exchange, was arrested this after
noon on the same charge preferred against
the Deaneys.
The run on the wild cat'' institutions
continued cor hr all day; AT a special meeting of
tendent OMara, of the Department of Pub
lie Safety, explained the workings of the
syndicates. He said the police authorities
them, but could find no law TO uphold the
department. He thought the government
should take hold of the matter. Resolu-
tions were adopted condemnng the pools
calling them gambling establishments, etc |;
heartily commencing the newspapers and
police for exposing the concerns, and pledg-
in ridding the community OF the parasites
The finance committee was authorized to
employ counsel and proceed by application
TO court for injunction or restraining orders
Allegheny county by individuals or asso-
Citations not authorized by law.