St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-19
THE MANIA TOR SPECULATION.

Losses IN Connecticut Through the Bucket
Shops and the National Banks.
One of the fruits OF the recent bank defal-
cation in this city, writes Norwich CORES
pendent to the New York Sun, was the in
PRODUCTION by Representative Mitchell, of
Norwich, into the legislature the other day of
bill proviing that the books of
''any person dealing in stocks
or margins shall be accessible to the
selectmen, or chef of police, or any person
designated by them, at any time, in which
shall be kept a record of all Transactions"
This bill is especially aimed at the keepers
o bucket-shops and ''tickers," who are sad
died by public opinion with all the evils that
have followed the mania for speculation in
the towns and villages of this state. In this
town there are three elegantv-f furnished
bucket-shops and one or two tickers in band
some buildings on the principal streets at
one time, when the speculative fever was at
| its heigth, there were four stOck-jobbiug
offices in the finest buildings in town. They
were fitted up with French plate-glass win
dows. decorated ground glass and hardwood
| counters, frescoed walls, and costly paint
| ngs, On the floors were thick-woven be-
| lowered carpets. Refreshments were served
to the patrons free. as in the faro dens Of
daily with the leading wealthy citizens dur.
| ing Wall street bushes hours. In New
London, Hartford, New Haven, and other
cities were similar offices, in some cases
more numerous and quite as pretentious
ami elegant. The propretors were urbane,
daintily-apparaled gentlemen from New
| York Droking offices, who toiled not anu
| paid no taxes or license fees. A city ordi-
| nance exacts Il license fee Of 81 to SO and
SIS day frem each peudler or Snowman
who plies his business in this city, but the
citizens esteemed it an honor to be allowed
to pay the geptlemanly ticker agent good
percentage while he sQuandered their money.
In return they asked only the pleasure OF his
acquaintance. -1
In five years Norwich has lost between 50,
600, 000 and So, 900, 900 and New London
at least two-thirds of that sum, and it is in
tense popular resentment against the buck
bishops that induced Mr.. Mitchell to intro
duce his bill If the bill is intended simply
to strike at the hucket-shop Keepers, its
effects will be of small consequence. Those
shops are responsible only in degree fol-
Connecticut losses IN wildcat speculations.
The greater part of the speculation IL
done through the national banks, whose
officers are in constant eommun ication by
wires with New York brokers. In many
cases the directors themselves speculate
through their cashiers, and scores of farmers
and small tradesmcn have lost thousands of
dollars ON margins that went into Wall street
through this channel The Merchants
National bank of this city, whose defaultiug
cashiers, Mech and Webb, are charged with
stealing $3.50, 900 of the banks capital, was
notorious for years account of illegitimate
stock broking business. The comment is
frequently heard among spectators in this
prrt of the state that ''the Merchants bank
was no worse than the others! it was only
more unfortunately