The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-08-04
.BYA FARO-BOx GAME,
How g. H. Stearns & Co Now Oh.
tain Their Quotations.
The Betting Modus 0perandi Is IN,
Same as Formerly.
But the Firm Now Mapufactu,..
Its Own Fluctuations

The stock brokerage firm of G. n
| Stearns g. Co., at A Broad street b..
| Invented a new scheme to secure thu
dollars of the gullibes who infest the
| region of Wall street. This Is the con.
Germ which THE Evening World" ex.
posed last April. when 1t was dojnS
business as the New Haven Mimi,
Exchange No one in Wall street haa
ever heard of the Exchange until
Stearns & Co opened large offices in
the Edison Building. and put up an i'm.
mense blackboard ON which were dis
played the prices of the mining stock.
&. dealt in.
The names of these stocks were Ar
new 10 the habitues of the street an
was the game introduced by Stearns a
Co. The firm was composed of G. H
Stearns, II wealthy resident OF Chicago:
w. ID. Valentine. his son-in-iaw; A. II |
Coleman, and w. S. Fender, of 81 |
Louis. Valentine used to be we'll known
on the Pacific coast and In Butte, Mon,
as gambler, and Coleman has been on
the race track in the West. -
When G. IL. Stearns & Co. opened
here. in April they worked their gams
through the medium of the New Haven
Mining Exchange, located at 6sS Chapel |
street, New Haven. Conn, and the
Manhattan Quotation Company, which
purported to be a telegraph ticker con.
Germ. furnishing quotations of stocks
AS a matter of tact, the Quotation
Company only handled quotations be.
tween the Mining Exchange" In New
Haven and Stearns & Co.'S Office in this
city.
The members of the firm of G. H.
Stearns q Co. were the incorpora tors l.
and officers Of both the New Haven
Mining Exchange and the Manhattan
| Quotation Company. Until recently the l.
game was worked as follows: Up Id
the Exchange bought and sold between
themselves every Gay. the stocks Of The
hitherto unheard OF mines, which thu
Exchange had brought to light:
| These transactions furnished the basil
for the prices which were telegraphed
by the Manhattan Quotation Compa.
n.y." to the Office of Stearns & Co.. 4
| this city. In little room on the second |
floor of the Edison building, just ovef
the public Offices of Stearns &; Co. sal
| a man who received these quotations.
as the prices came in the operator n
this little room would transmit them 70 |
| a couple of tickers on the floor below.
ao 9re for S the the inspection Of the hrm'i
customers and the other was placed be- I
hind the long desk at which sat the
cashier and sheet writer's. AS fast az
the ticker gave out the. quotations Al
man behind this desk called them out
and boy at the big blackboard across |
the room marked them UP for the Gus
| toners to read.
A queer thing about these prices was
that after universal rise Of several
points and the patrons OF the game
| no "a sudden
prices wired from New Haven. andI
everybody would be wiped out.
that stea they had GS a. wfs
sudden and always, to Them. fayoraois
turn in quotations, and stuck to 1t that
all were based on operations on ths|
The old adage that "a sucker is born|
every minute" held good in this case.
however,and Notwithstanding that none
ever win in their speculations the BUSH
ness fiouriJhed and the game made
| money.
Co. has invented a new and cheaper way
| of securing quotations to mark up on its
big blackboard and reel out on its
The New Haven Exchange has been
abolished as a too costly adjunct, the
brokers having found that they, could
furnish quotations Just as easily ana
follows:
Every night, after business for the Day
na%es Of he Ue al mnns
together with various prices, are put N
n box and shuffled or mixed up. linen
they are dealt out exactly as N a i..o
| game, the names and prices being re
| corded on a ticker tape as they are cahss
| off by the dealer. =.
This. tape is then wound up and Hnc ::
and everything is ready for the: opsss.
to.s to unroll quotations the next daE
The ticker Is WORKED by ax G6ptede{Ia M
over the Office Of stearns & GO: A..
Stearns Co. claim. however. that nU
still obtain their quotations In the Isl
a1r they 15am Msw p
by faro-box methods. However, this may
be, the Company is doing rushing opn.
a reporter visited the place. The "
| room where the quotations are displays
was crowded with men Of every car
from dudes to grimy coai-heayers. ana
| place bets on the next turn OF the ucxa
wheel that resembled the rush In ~
days OF pool-rooms to- place bet Jun
before a race was called. -
This morning the prices were all %
the decline and the talent were losns
money. AS bets as low as y are takss
brokers clerks and boys and mass g
| hanger's-on about the street and bas
doors of the Stock Exchange.
| A. H. Coleman, who was manager 19
Stearns & Co when the business frs
opened, and who went into the concen
under the impression that 1t was Wort.
ing on a legitimate basis, severed ~
| connection with 1t as soon as he founa
that the business was subject TO sever
criticism and that Police Supt Byrness
| attention had been called to II.
| Reputable brokers In Wall street say
| now that Mr.. Byrnes should inquire inu
the methods of Stearns & Co. They ~
gard the scheme as simply game. WIZ
| the chances all on one size. Stearns
Co. say they are within the limits OF tnl
law and that they cannot be interiors;
with.