The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-04-11
STEARNS & CO.'S
STOCK CAME.
You Pass in Your Money
and They Post 4" New
Haven Quotations"
IT'S QUITE A FAMILY affair."
S0n-in-Law Valentine, of Clock.
Stock Gambling Device
Fame Is in 1t.
HE WAS ARRESTED IN BUTTE
Wall Street Thinks II Isa Bunc,
and Inspector Mclaughlin
Will Investigate.
HE WAS ARRESTED IN BUTTE.

1t is among the probabilities that the
Stock Exchange directors will declare
war in a few days upon a brokerage
| firm styling itself G. II. Stearns & Co.,
which has just commenced business"
In handsomely appointed offices at A
Broad street.
The fight will be made. II 1t is made
| at all, upon the ground that G. II.
stearns d Co. are attempting to do a
bucket-shop business upon a big scale.
Police Inspector McLaughlin's atten-
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, its members are the bold
| est gamblers that ever tried that sort
| OF thing in this city. The trading is
doneopenly, and the offices are open to
whoever cares to enter.
L. II. Coleman, manager for 8. H.
Efenrns 4 Co.. declares alphabetically
that the firm Is doing a legitimate brok-
erage business. He adds that If any at
tempt is made by the Stock Exchange
people to interfere with 1t, the firm will
retaliate by enjoining sales upon the
floor Of the Exchange, on the ground
That these sales are effected in a simi-
lar way. only on larger scale, to those
| made by Stearns e. Co
u. H.: Stearns q Co. profess to buy
and sell and deliver mining stocks at
10 per cent. commission upon quota
TONS received from the New Haven
Mining Exchange. NJ anager Coleman
says these quotations are received over
a leased wire at intervals of a few
minutes, and are announced and posted
upon the hrm's 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
March. VAC 'A''e' pa'' o'
These three institutions. the New
haven Mining Company: the Manhattan
Quotation Company and G.. H. Stearns
d Co; bear peculiar relation each to
| the other.
incorporated under the Connecticut laws,
and its membership is limited to 100.
AT present 1t has five bona tide members,
and two applications for membership.
thority of w. ID. Valentine, who figures
also as one OF the incorporators OF the
Exchange The other incorporators are
manager for G. H. Stearns & Co. The
head Of the latter firm. G. II. stearns,
tines father;in-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,
New Haven Mining Exchange runs into
". d. valentines office on the second
floor and is connected with a telegraph
, instrument in the office Of G. H, stearns
l. Co.. where the quotations from New
Haven are also printed off on stock
tickers;" These quotations are marked
| ~ ,, alb. l.l.
entire side, of the board room. and
sales can be made there and closed a,
any time between the hours OF 10 A. NJ
: and = NJ.
Manager Coleman. whose desk is be-
hind a partition, has big roll of bills
in his desk drawer. and If any OF the
1 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 n great wad OF
= shares of mining stocks. which he IL
who prefers the Autographs to Uncle
t Sans currency.
E Mr.. W. d. Valentine explained to an
q Evening World" reporter this morning
that the sales made on the floor of the
New Haven Exchange were bona -fide
: and the sales were checked IN and
, balances struck in the Exchange
= Clearing House at the close of business
each day
: The Ave members OF the New Haver
. Mining Exchange must be kept pretty
| busy making trades Win eacn otner
Judging from the rapidity with which
/, Ike quotations flowed into G. II. Stearn'
& Co.'S Board rom this morning. Tn,
| quotations averaged one minute, an,
r there is a suspicion in Wall street tina
they are so regulated in the New Haver
Exchange as to bring the 1--WE dealers
h there out "even up when the balance
y sheet is struck by the Exchanges clear
a There IS also suspicion in Wall stree
S that the New Haven Exchange was or
a ganized and Incorporated by, Nalentin
q ct al. for the sole purpose or supplying
. G.. II. Stearns q co. with quotation
i upon which TO deal, and that the Man
!, haitian Quotation Company was organ
II lied and incorporated by Valentine ct a.
!, in order to have medium of convey
Z ance for the quotations between Nalen
tines New Haven Exchange and hi
father-in-law's brokerage office In NeS
York BE this as II may, the MANAGER
|. of the various institutions claim to b
able to show and are ready TO prov
that the mining stocks dealt in In NeN
I" Haven really change hands.
Manager Coleman said to an EVEN
ing World" reporter this morning:
7This business is strictly Legitimate
d Let he Stock Exchange people come on
= We'll meet them in the courts or any
where else and prove our right to q
business upon the lines we have lai
down Before leasing these otflce'
d which we have taken for year, ana 10
III DVgG@ 4