The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-04-11
STEARNS 6 CO.'S
STOCK GAME.
You Pass in Your Money
and They Pot " New
Haven Quotations"
ITS QUITE A FAMILY AFFAIR.
Son-in-Law Valentine, of Clock
Stock : Gambling Device
Fame Is in 1t.
he WAS ARRESTED IN BUTTE.
Wall Street Thinks 1t Is a Bunco
and Inspector mclaughlin
Will investigate.
HE WAS ARRESTED IN BUTTE.

1t Is among the probabilities that the
Stock Exchange directors will declare
war In few days upon brokerage
firm styling itself G. II. Stearns u CO.,
which has just commenced business
In handsomely appointed Offices at Al
Broad street
The fight will be made, If 1t is made
at all, upon the ground that G.. II.
Stearns " Co. are attempting to do a
bucket-shop business upon big scale.
Police Inspector McLaughiin's attcn-
ton has been called to the business be-
Ing done by Stearns & CO., and he also
proposes to investigate the FIRMS trans
lions.
II the firm Is really doing a bucket
shop business, It's members are the bold
est gamblers that ever tried that SOFT
OF thing in this city. Ine trading is
doneopenly, and the offices are open to
| whoever cares to enter.
A. h. Coleman, manager for G. H.
stearns Co., declares emphatlcal!y
that the firm Is doing IA legitimate brok-
| erase business He adds that II any at
tempt is made by the Stock Exchange
people to Interfere with 1t. the firm viii
retaliate by enjoning sales upon the
| toor of the Exchange. on the ground
| mat these sales are eIeo;ei in a simi-
lar way, only on larger scale, to those
| made by Stearns x Co.
| e. H.; Stearns a. Co. profess TO buy
ana sell and deliver mining stocks at
l-S per cent commission upon quota
| tions received from the New. Haven
| Mining Exchange. NJ anager Coleman
| says these quotations are received over
leased wire at intervals Of a few
minutes, and are announced and posted
upon the firms bulletin as soon as re-
| ceived.
The quotations are furnished by the
| Manhattan Quotation Company, whose
President. w. d. Valentine, says that
concern was Incorporated for business
IN this State in the latter part of
These three institutions. the New
| Haven Mining Company, the Manhattan
Quotation Company and q. II. Stearns
CO; bear peculiar relation each to
The New Haven Mining Exchange is
incorporated under the. Connecticut laws,
At present it has five bona fide members,
and two applications for membership
| rms statement Is made upon the au-
sh1orty Of W; D. -, Valentine, who hgurss
Exchange The other incorporators are
", $. Fender, of st. Louis, and a. H.
Coleman who is also the New York
head Of the latter firm, G, II. Stearns.
Is Chicago man and ". p, Vanlen-
tlneS tather-ln-laW. The New York
office Of the Manhattan Quotation Com
pany is. on the second floor Of A Broad
street, just above the board room G.. H.
Stearns & Co. The leased wire from the
W. ID. Nanlentines office on the secoad
floor, and is connected with telegraph
instrument In the office of g. II. Stearns
& Co., where the quotations from New
Haven are also printed off on stock
tickers." These quotations are marked
up on big blackboards which cover one
sales can be made there and closed at
any time between the hours Of 10 A. NJ.
and p. NJ.
hind a partition, has big roll of bills
in his desk drawer. and II any of the
traders prefer to take cash profits in
stead of the mining stocks dealt in they
are accommodated On the other hand,
Mr.. Coleman also has IA great wad OF
shares of mining stocks, which he Is
prepared TO deliver to any purchaser
who prefers the Autographs to Uncle
= Mr.. w. ID. Valentine explained to an
Evening World reporter this morning
: that the sales made on the floor OF the
New Haven Exchange were bona tide.
. and the sales We're checked w and
balances struck in the Exchanges
y Clearing House at the close of business
= each day.
e The fve members OF the New Haven
) Mining Exchange must be kept pretty
: busy making trades with each other,
5 judging from the rhpllity WIN '" MN
g lie quotations flowed into q, H. StearnS
b & Co.'S hoard rom this morning. The
quotations averaged one minute, and
, there is suspicion IN Wall street mat
e they are so regulated in the New Haven
: Exchange as to bring the FIVE dealers
% there out "even up when the balance
sheet is struck by the Exchanges clear
g irg-house.
: There Is also a suspicion in Wall street
: that the New Haven Exchange was or
y ganized and incorporated by S ,,gIniIs
a II Stearns < co. with quotations
il upon which to deal, and that the Man
J, haitian Quotation Company was organ
t lied and Incorporated by valentine ct a.
# m r e'f for III the quotations between valen
$ tines New Haven Exchange ana nj,
l. father-in- laws brokerage Office in. New
e York BE this as II may, the manaEeri
y of the various Institutions claim to n'
l. able to show and are ready, 10 prov
n that the mining stocks dealt In In New
IL. LIN L.