The evening world., 1894-04-11
STEARNS & CO.'S
STOCK GAME.
You Pass in Your Money
and They Post " New
Haven Quotations"
IT'S QUITE A FAMILY AFFAIR.
Son-in-Law Valentine, Of Clock
Stock Gambling Device
Fame, Is in It.
NE WAS ARRESTED IN BUTTE.
Wall Street Thinks 1t Is a Bunco
and Inspector Mclaughlin
Will Investigate.
NE WAS ARRESTED IN BUTTE.

~ ID bIODdbillAl'b IIut NV
stock Exchange directors will declare
war In few days upon brokerage
firm styling Itself =. ~. stearns & CO.,
which has just commenced "business'
in handsomely appointed Offices at n
Broad street
Tire fight will be made. n It is made
At all. upon the ground that G. H.
etear1s & Co. are attempting to do II
bdcket-shop business upon a big scale.
Police inspector McLaughlin's atten-
tirn has been called TO the business be-
Ing done by Stearns &c Co. and he also
proposes to Investigate the FIRMS trans
actions.
II the firm II really doing n bucket
shop business. Its members are the bold
est gamblers that ever tried that SOFT
OF thing in this city. The trading Is
done openly. and the Offices are open to
whoever cares to enter.
a. II. Coleman. manager for g. ii
Stearns Co. declares cmphatically
that the firm Is doing legitimate brok-
erase business. He adds that II any at
tempt Is made by the Stock Exchange
people to Interfere with II the firm will
retaliate by enJoining sales upon the
hoor OF the Exchange, on the ground
that these sales are effected In simi-
lar way. only on a larger scale, to those
made by Stearns e. CO.
q. II. Stearns co. profess TO buy
and sell and deliver mining stocks at
IL per cent commission upon quota
Mining Exchange, Manager Coleman
says these quotations are received over
leased wire at Intervals OF IA few
minutes. ana are announced and posted
ceived.
The quotations are furnished by the
Manhattan Quotation Company. whose
President. w. -, Valentine. says that
concern was Incorporated for business
II this State in the latter part OF
These three Institutions the New
ddaven Mining Company; the Manhattan
Suotahon Company and q. H. Stearns
Co, bear peculiar relation each TO
The New Haven Mining Exchange Is
incorporated under the Connecticut laws
and its membership is limited to o
At present II has iivc bona Tide member <
and two applications for membership.
? thority OF w. D.. Valentine who figures
q also as one OF the incorporators OF the
Exchangc The other incorporators are
. Coleman. who is also the New York
manager for G. H. St"arns & Co The
head Of the latter firm, q. II. St"nrns,
tines her-lr-law. The New York
Office Of the Manhattan Quotation Com
phny Is on the second floor Of "a Rrpni
street. just above the board room Of O. ii
Stearns & 60. The leased wire from the
49, New Iia! Mining Exchange runs Into
. w. ID. Valentines office on the second
floor, and Ia connected with a telcgraph
}" Instrument in the office Of q. " Stearns
Co.. where the quotations from New
D., Haven are also printed off on stock
up on biz blagkhoards. which cover one
entire side Of the hoard room, and
sales can be made there ana closed at
any time between the hours Of 10 A. NJ
Nj anger Coleman. whose desk is he
hin, u partition. has n big roll OF bills
In his desk drawer. and II any Of tho
traders prefer to take cash profits in
stead OF the mining %tocks deal, in they
, are accommodated. ON the other hand
Mr.. ColemaiI ai.u has great wai OF
shares of mining stocks. which he Is
prepared - a.h'er to any purchaser
who prefers the Autographs to Unclc
Sans currency.
Mr.. "; Z, yalentine explained to an
that the sales mad. on the floor Of the
New Haven t.ArharG" wer" bona -HIc
and the saies ~" checked ~ ana
balances struck In III" Exchanges
Clearing-IIouse at the ri,se Of bushes.
each day,
'rne i've rcemhers Of the Sew Havcr
Mining ENChang" must b, Kept pr",tl
busy making trades with Zach other
judging FROM the rapidty with Mhlrl
Tie quotations flowed into g. y. Stcarn.
&: Co.'S Poarl room this morning Tn,
quotations averaged on" a minute" an,
there is a suspicion Ia Wall street TIA
they are 50 regulated in the New Hav,t
Exchange as 20 bring the i've dealer
there out "cv"n up when the balanC,
sheet is struck by the Exchanges clear
iEg-house
There IS also II suspicion in Wall stree
that the New Haven Exchange was OF
ganized and Incorporated 10y. Nai'ntin
q ii H. stcaTns ~ G =" Min 1' q S%n m
upon which to deal AMI that the Ma,
haitian Quotation Company was organ
lied AMI Incorporated hy Valentine 81 "A
In order to have a medium OF convey
ance for the quotations between Nalou
tines New Haven Exchange and hi
father-tn-laws brokerage niiiCr in Ne,
York. BE this az II may, the manager
Of the various institutions claim t. /
able to show and are ready 10 prov
that the mining stocks dealt IN In Ne,
Haven really change hands " "
Manager Coleman said TO an Ever
This cuisines j. strictly iegIi,Imat,
Let the Stock Exchange peopl. com. uT
Wen meet them in the court, or ory
business upon the lines we have Iai
down o Before ,3 LEASING these .tiicy
took the advice OF competent coun,
upon the question u the legitimacy
the business the firm proposed 10 engal
in. This advice was to the effect tn,
the project was regular and in every r
spect as proper as the business dor
upon the big exchanges In this city. TT
trouble with the. directors OF these e!
changes now is that they see In the ar
OF G. ii. Stearns & Co. powerful riv
for trade that has been going 70 then
Mr.. Stearns is very wealthy Chicasoa
and Mr.. Valentine, who has no intcre
IN Stearns g. Co.. is also very we'll 70
We have had a brisk trade to-day ar
expect business 10 improve right along
81 Among those present in the Boar
room while Mr.. Coleman was talking
the reporter was a Stock ExchanI
broker. who Is able to see a little fu
Their through a stone wall than most
his kinu.
This may not be bunco." said he
(, the reporter as they passed out togethe
but II looks suspiciously like IT, What
to hinder these fellows from gtvir
patrons hard knocks whenever they g
chance? Why. they could milk q
Duplso dry IN half an hour. Mind,