The evening world., 1894-08-04
BYA FARo-BOx GAME,
How g. h. stearns & Co Now Oh.
tain Their Quotations.
The Betting Modus operandi 10 II.
Same as Formerly.
But the Firm Now Manufacts,,.
Its Own, sc Fluctuations

The stock brokerage firm Of q
Stearns & Co., at "a Broad street h..
Invented new scheme to secure N.
dollars of the gullibles who infes, m.
region of Wall street. This is the con-
Germ which THE Evening World" az.
posed last April. when 1t was dom.
business as the New Haven Minjn.
Exchange" No one In Wall street h,S
ever heard of the Exchange" untI,
Stearns & Co opened large Offices In
the Edison Building, and put up an i'm,
mense blackboard OH which were dI.-
played the prices of the mining stocks
dealt in.
The names OF these stocks were q.
new to the habitues of the street A.
was the game introduced by Stearns 4
Co. The firm was composed of G. n
Stearns, n wealthy resident. OF Chilean,
w. ID. Valentine, his son-in-law; A. IL
Coleman. and w. s. Fender, of A.
Louis. Valentine used to be well known
on the Pacific coast and in Butte, Mon.
as a gambler. and Coleman has been on
the race track in the West.
When G, H. Stearns G. Co. opened
here, In April. they worked their gams
through the medium of the New Haven
Mining Exchange, located at 693 Chapel
street, New Haven. Conn.,. and the
Manhattan Quotation Company, which
purported to be a telegraph ticker con.
eern, furnishing quotations Of stocks
AS matter of fact, the Quotation
Company only handled quotations b..
tween the Mining Exchange" in Nevi
Haven and Stearns & Co.'S office in this
city.
The members Of the firm Of G.. H Il
Stsarns Il Co. were the incorporat ton
and officers. Of both the New Haven
Mining Exchange and the Manhattan
Quotation Company. Until recently the
game was worked as follows:. Up 10 Il
New Haven half dozen members" Of
the Exchange bought and sold between
hitherto unheard Of mines, which the
Exchange had brought to light.
These transactions furnished the basil
S y thu the psMeesh Thfh
n.y." to the Office of Stearns & Co., ID
this city. In d little room on the second
floor of the Edison. Building. just ovet
am man Who receited these quotations;
from the gang in New Haven. As fast
as the prices came in, the operator In i
a couple OF tlckers on the floor below.
One of these .tickers stood out on the
floor for the inspection of the tirm's
customers, and the other was placed BE-
hind the long desk at which sat the
cashier and sheet writer's. As fast a.
the ticker gave out the quotations Z
man behind this desk called them out,
and a boy at the big blackboard across
the room marked them up for the Gus
toners to read.
A queer thing about these prices wae
that after universal rise OF several
points and the patrons Of the game
had begun to buy stocks" there would
be sudden and unanimous drop In the
prices wired from New, Haven, and
GO De denied
sudden and always, to them. favorable
turn in quotations and STUCK to It that hat
Exchange floor up in New Haven.
every minute" held good In this case.
however. and Notwithstanding that mons
ever win In their speculations the bus.
ness fiouri3hed and the game made
money.
But now, the firm of G. H. Ttearns 3
Co. has invented a new and cheaper way
of securing quotations to mark up on ~
big blackboard and reel out on its
The New Haven Exchange has been
abolished as a too costly adjunct ths
brokers having found that they couia
furnish GIEtatiGns Just as b EASILY llS,et Sod
OF obtaining prices, 1t is alleged, Is u
Every night, after business for the day
names mes Of f The several milling stocks"
together with various prices. are pnt ~
box and shuffied or mixed Up, Then
they are dealt out exactly as an taro
Corded On a Ticker tape as they are called
This tape Is then wound up e and S,,, =:
and everything is ready for the opers'
to.s tc unroli quotations the next aay:
The ticker is worked by e Sanfeaef,n H.
in room in the Edison B1,ioinB 'us'
Stearns & Co. claim, however, that tng
still obtain their quotations In II, the d rsS
ular way from New Haven and deE
by faro-box methods However this may
be, the Company is doing a rushing bust
ness, as was evident this morning wnea
rsporer Visited ths iob pia are dIspay
was crowded with men Of EVERY ca
from dudes to grimy eoal-heavers. ana
there was a pushing ana q ere tSs 19sh%
wheel that resembied the rush In tns
days of paol-rooms to place a bet just
before race was called.
the d" decline and the talent" were Io.ins
money. AS bets as low as y are tak ,ns
the place is u great attraction 10
brokers' clerks and boys ana a Inass y
hanger s-on about the street. and back
doors OF the Stock Exchange.
A. II. Coleman, who was manager lot
Stearns & Co. when the business first
opened. and who went into the concern
under the impression that II was WORK.
ing on a legitimate basis, severed M
connection with 1t as soon as he found
that the business was subject to sewers
criticism and that Police Supt. Byrness
attention had been called to 1t.
Reputable brokers In Wall street say
now that Mr. Byrnes should inquire int
the methods OF Stearns & Co. They re
gard the scheme as simply game, WIZ
the chances all on one side. Stearns y
Co. say they are within the limits OF tnf
law and that they cannot be interiors;
with