The sun. [volume] (New York [N.Y.]) 1833-1916, 1885-02-08

Leases II Connecticut Throash The Bsek %
Akops and Nationnl Hanks.

NORWICH, Feb. 7-Onc OF the fruits OF the
recent bank defalcations In this city was the In
PRODUCTION by Representative Mitchell OF Nor
witch into the Legislature tho other day OF q
bill providing that any person dealing In
stocks or margins shall pay a certain tax to
the Selectmen Of the town. and also keep .
book which shall be accessible to the Select
men. or Chief OF Police. or any person desi0-
mated by them. at any time. In which shall be
kept record Of all transactions"
This bill Is especially aimed at the keepers OF
bucket shops and "tickers." who are saddlcd
by public opinion with all the evils that have
followed the mania for stock speculation in the
towns and villages OF this State. In this town
there arc three elegantly furnished bucket
shops and one or two tickers in handsome
buildings ON the principal streets. At
one time when the speculative fever
was at its height. there were four
ck-jobbing Offices In tho finest build
in.s in town. They were fitted up with
French plnte.glsss windows, decorated ground
glass and hard wood counters. frescoed wallis
and costly paintings On the floors wore thick
woven benowered carpets. Refreshments were
served to tho patrons free. as In the faro dens
OF New York city. The Offices wero thronged
daily with tho leading wealthy, citizens during
Muil street business hours. In New London.
similar offices. In some cases moro numerous
and quite us pretentious ana elegant. The
proprietors were urbane daintily apparelled
gentlemen from Now York broking Offices. who
toied not and paid no taxes or lic.ns9 fees. A
city ordinance exacts license fee, OF IRON 81
to 50 and $40 a day from each pcddler or show
man who plies his business in this city, but
the citizens esteemed 1t an honor to DO allowed
to pay the gentlemanly ticker agent q good
percentage while lie suuandered their money
In return they asked only tho pleasure Of his
acquaintance.
In ilvo years Norwich has lost between
s20Oo.OOO and SO 100000. and New London ut
least two-thirds Of that sum. and ii is tho
intense popular resentment against the bucket
shops that induced Mr.. Mitchell to introduce
his bill. II the bill Is intended simply to strike
at the bucket shop Keepers its effects will he Of
small consequence. Those shops are respon-
siDie only in degree for Connecticut losses in
wildcat stock speculntions. The creator part
Of the speculations is done through the nRtona al
banks. whose officers are in constant commu-
nicntion by private wires with New York
brokers. In many cases the directors them
seve speculate through their cashiers. and
scores Of farmers and small tradesmer have
lost thousands OF dollars on margins that went
Into Wall street through this channel. the
Merchants National Bank of this city whose
default nx cashiers Mech and Webb. are
charged with stealing $3.50 900 OF tho bank
capital. was notorious for years on account Of
its iilcgitimnte stock broking business. The
comment Is frequently heard among specuia-
tors in this part OF the State that the Mer-
chants Bank was no worse than the others; it
WAS only mora unfortunately