New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-10
rHE BUCKET SHOP WARFARE
no BE PURSUED RELENTLEssLY AGAINST
FRAUDULENT CONCERNS.
oor-NsEL FOR THE e S. DEAN COMPANY ISSUES
A STATEMENT INVITING INVESTIGATION
THE CONSOLIDATED EXCHANGES

STRINGENT RULE.
r,. warfare on the bucket-shops and the blind
,v and discretionary order" concerns In Wall
S,res, IL proving efectual There will not be one
=, them left In thirty days judging by the way
,hsv are now closing their doors. FOR years the
New-York Stock Exchange has been trying to drive
,nese concerns out of business. but was unable TO
40 SO until public sentiment against them was
o,sed by the collapse of the +. S. Dean Com
-. Of No So Broadway, which was one of tho
arrest Of them
rho nrospects are that several Of the proprietors
- hackers OF these fraudulent concerns will be put
=, ,ou within a few days Indictments have been
or win he found against them, and they will prob
h,, he nushed to trial without delay. There has
80, no aifRculty in obtaining an abundance of evil
flso,co AGAINST them The head of one of the blind
80, ,o,nnanies who formerly a man OF con-
,s.rable importance in the financial world, is said
-. h,s own admissions 10 have placed himself in
si,,o, where he can easily be reached by the law.
Tho chief work in the accumulation of evidence
,as heon performed by L. w. Bishop and II. B.
,x,ng the representatives. Of the Civic Federation
:. cb,caeo Fraud orders have been issued by
,h. nostoffce authorities against all the persons
hsv,ns any connection with the Dean. Company.
M more mail will be delivered 10 these persons.
yybo are Leopold Balbach. Arthur Goslin Samuel
Keller Jacob Lcmberg w. T. O'Connor. {. I. Van
Wrinkle. John De Wolf and g. NJ. Eberman. Hun
arnds NJ letters addressed to the Dean Company,
W l. OConnor 4 Co., De Wolf & Co. ana wesley
chaplin & Co arrived at the Postofice yesterday
we have been investigating number of down
Town brokerage firms, said Inspector Ashe' OF INC
Postoslce Department. yesterday "As TO the re-
suit of such Investigations. however must remain
silent. because only the Washington authorities
possess the power 10 issue fraud orders
Kronfeld & Harris attorneys for Samuei Keller
issued a statement to the public yesterday on be-
half of the officers Of the T. S. Dean Company. II
saws that the company duly Incorporated under
the laws of the State of New-Jcrsey. in September
1896 that il started with capital stock OF 81 VOVo
of which $1,000 was paid i'll IN cash ana NE re-
mainder consisted of the assets ana g9odwlaii Oh
certain business carried and conducted mere
under the name Of T.. $. Dean Il Co, subsequent!
purchased me COMPANY was iornf ty. an3 other
commodities for the benefit of its customers and
Nseif and Samuel Keller was engaged as general
rccites that the company prospered paying large
profits to its customers until the middle OF Maren
BY Mr. Keller, the company sustalleu id Sc ,Vor
The statement declares il 10 be the desire OF the
company that It's books % Wfes are aid anv ex
animation which the receiver Mr.. Norris, shai!
make. The losses ii is further declared are greatly
exaggerated. the total amount being less IMAM
eas r Teer are nnfounded and tha, any
Just claims presented against Mr. Keller will be
Samuel Keller himself subsequently said that the
f. :. Dean company's losses in wheat had oeen
the deals made in Chicago wheat througn
Barrett & Co, of Chicago and Ineoaore w, Meyer
& Co.. Iindborn & Co. and Prince q 60. OF New
York Edward Meyer. of the firm OF Theodore w.
Meyer & Co, confirmed this statement as FAR as
his firm concerned. $3.50 ~ ,.,,
1t was stated by Mr.. Kronfeld in Mr.. kelers
presence that they would allow the property now
in possession of the Sheriff TO be sold for
Seven of the typewriters and the STOCK mcke. III
the rooms that were seized by the sheriff men
were taken away by Wyckoh Seamans & Ben
edict and the Stock Quotations concern yesterday
They had been rented by the company u
Albert l.. Phillips representing Theodore ThoinP-
SON whose attachment for $500 caused the col
lapse of the concern. said that ne was not insti-
tuting proceedings for any other claimant, though
he was acting counsel for others, -
The Consolidated Stock and Petroleum tXcnansc
has recently been very energetic in discipining us
own members who engaged in bucket-shop opera,
lions 1T has now gone step further me BOARD
of Directors on Thursday adopted the Following
amendment to the bylaws; q,
ANY member OF this Exchange who shall either
directly or through partnership advertise IN any
uaWspa per magazine or by any other pupnc
method or who shall issue any circular or market
letter Offering TO do discretionary business, or
conduct any so-called syndicate business, shaI ne
deemed guilty of obvious fraud. ana the BOARD OF
Directors after investigating the facts or the case
NAV in IFS discretion suspend said MEMBER LOT Such
time as they may deem proper. or may innict the
penalty provided for in the first paragraph OF Ar
ticle XIII OF the constitution.
The penalty referred 10 is expulsion Tor OBVIOUS
fraud"