New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-15
BLIND-POOL BROKERS SCARED
THE ARREST OF VALENTINE MAKES
THEM UNEASY.
POLICE ORDERS TO CLOSE Up THE PLACES OF
,rlAl,S

POLICE ORDERS TO CLOSE Up THE PLACES OF
THESE OPERATORS.
The arrest yesterday OF Walter D. Valentine
who was expelled from the Consolidated Exchange
on the previous day. is the beginning or move
ment on the part OF the police to END the pi"u
pool game which is being so extensive"
worked in Wall Street. Mr. Valentine was men,
her OF the bucket-shop firm known as the otearheS
Commission Company and he had been mem
her OF the Consolidated Exchange since lss -
raid made on the place by the ponce III ~.
tober. and since then he has been In retirement
and now that the hands OF the law are upon MN
IL is probable that he will do time FOR MS OPERA
tons as a discretionary pool broker.
The announcement of Valentines arrest ana the
action of the Consolidated Exchange caused an
uneasy feeling in many so-caled broheraee "o"'e'
in Wall Street and its immediate vicihl'!' an" !"
several; houses where the blnd-pool game mas pee"
worked general orders were given to lock up ,he
books and destroy all circulars ana letters WHY"
have been used to get victims.
Recently Wall Street has been filled WIN lah"s
and sMindlers calling themselves bankers an"
brokers. and they have become so OBNOXIOUS ~
the real bankers and brokers of the street that
Police Captain Hogan, o. the Old slip STATION
has received orders from Headquarters to close
every house which does blindpool business IL
is hard get proof against the houses a'hous"
il is known that they do a fraudulent business
ard the work of roofing them out VIII De s'o"'
Some of the men VINO pass thehScNcS N' 80
bankers and brokers are ex-convicts, and IN one
firm both partners graduates OF the fn''a
Reformatory. 49, ,ro =
The methods employed by these men are sure 90
take well with people in the country as thousands
of dollars have been sent to TINS cty l9r ln'rs'
ment by means of the cooperative pan OF Sp',
ton but few hundreds have returned to the inno-
cent cOuntrymen. Alluring pamphlets are sent ny
the bind-pool brokers in the country dlStriC'S Ten
ing of the vast profits to be made IN wan Stree
All the receivers of the pamph.ets are asKe TO d o
is TO send their money and leave II 70 the uiS
erection OF the broker to what STOCK SAaI "'
bought OF course. no stock is bought ana lhe W..
tim receives a letter saying that owing to an uheN
pected turn in the market the pool was no' success
sometimes the victim receives SinaIl hlNlu'hHS
for a time. but that is rare.
Two weeks ago an action begun by Walter
s Drake OF Brockton y. Y, against Neinman q
CO. OF No Il Broadway. to recover money whlch
ne says was improperly diverted from his account,
He has also brought suit against the thompson q
Derr Company. OF No. IS Wal.-st.. In which ne al
leges that he parted with his money as the resu, ol
advertisements and circulars which gave him To IN
derstand that the firm was investing money IN some
pool schemes. =. - ~.
The Stearnes Commission Agency. az No - New
ST. resumed business yesterday. The National STOCK
and Grain Brokerage Company Of No. % Broadway
which did business on the discretionary pool schemc
closed its doors A few days ago. Its president was
William |. stacey.