St. Paul daily globe., 1894-10-23
TWO ARE HELD FOR TRIAL,
Another Forfeits His $4.5 90
Bail and Others Quietly
Disappear,
HUNDREDS OF VICTIMS.
Excited Mechanics and Work.
tngw0men Anxious for
Their Cash.

PITTsBURG, Pa, Oct. 22.-The news
of the closing up by the police of the
Public Stock and Produce exchange, a
discretionary pool concern. SATURDAY..
brought great crowds of investors from
the country in town. Their presence
reveals how widespread had been the
operations of these concerns. and fully
confirms the previously published esti-
mate to tine number of persons who had
invested money in these schemes. The
DelaneyS, who operated the Public
Stock and Produce exchange, secured
their release on bail for hearing this
evening. At the Office this morning,
they announced to their clients that as
their books were in the hands of the
police they would be unable to pay out
any money or transact business except
to receive notice of withdrawals of con-
tracts. All the discretionary pools have
clause in their agreement by which
they can insist upon thirtyday notice
OF withdrawal at the option of the man-
ayers. The Consolidated Stock and
ary pool, did not open Its doors this
morning. Hundreds OF investors who
went to their office to withdraw their
deposits were confronted with notice
that the firm had suspended temporarily.
Washington Force, the manager, was
not there. and no one appeared able to
give any Information as 10 his preSens
whereabouts.
Other pools are expected to suspend
at any moment, and excitement among
the 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 washer
women, who faEcied they had found all
easy road to wealth, and who placed all
their little savings in these concerns.
Another class of investors who will
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 i'll 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 them find themselves at the
approach of winter without a dollar.
A warrant has been issued for Wash
ingtOn Force. manager of the COnSoli.
dated exchange.
William E. Delaney. manager of the
Public Stock and Grain exchange, failed
to appear at the hearing this afternoon,
and his bond for S4.5O0 was forfeited.
Z. Il. and Henry Delaney. brothers of
the manager. were held tor trial On the
charge of conspiracy 10 defraud. The
clerks and employees of the firm were
discharged. }. Z. Packer. of the CON-
solidated Stock and Grain exchange,
was arrested this afternoon on the same
charge preferred against the DelancyS.
The ''ruu" on the wildcat institutions
continued all day.
At special meeting of the chamber
of commerce today Supt. OMara, OF
the department of public safety, eX-
planned the workings of the syndlcatos.
He said the police authorities had been
trying for some time to suppress them.
but could find no law to uphold the
department.. He thought the govern
ment should take hold of the matter.
the pools. calling them gambling estab-
lishments, etc.; heartily commencing
the newspapers and police for exposing
the concerns, and piedging cooperation
with the civil authorities In ridding
tine community of the parasites.
Resolutions were adopted condemning
The finance committee was authorized
to employ counsel and proceed by ap-
plicati0n TO court for injunction or re-
strainlng orders to stop stock sepcula-
tive dealings i'll Allegheny county by
individuals or associations not author
lied by law. District Attorney Ham
said today that the government might
take hand i'll the matter. If it did,
the charge would be that of using the
mails for fraudulent purposes.