Morning journal and courier., 1885-01-20
THE NORWICH EXCITEMENT.

THE NORWICH EXCITEMENT. $Is0,OO Gone i'm Wall street-Arrest
 of the Defaulters-To be Tried i'm
 New Haven-Also a Heavy Corn
 Tramsaction i'm Norwich.
 NORWICH, Jan- 19.-Cashier Meech and Assistant Cashier Webb, of the Merchants bank of Norwich, were arrested to-day by United States Marshal Kinney for embedding from the banks funds, and were brought be- fore United States Commissioner Penney, who held them in $7,50O bonds each to an swer before the United States District court, which comes in at New Haven on the fourth Tuesday in February. Both found bonds. Cashier Roath, of the Shetucket bank has not yet been arrested, and it is not known whether he will be.
 Not less than $2, ,OOO, 900 of Norwich money has been squandered in Wall street in the last two years. Every business man who had a dollar set it whirling to the margin of a railroad or mining stock. Men sold their estates, and even personal property, to keep up their margins.
 The defalcations of James Meech, cashier, and Charles Webb, assistant cashier, of the old Merchants National bank (founded in 1S33), and of William Roath, cashier of the Shetucket National bank, which became generally known Sunday morning, are the
 
 news set the town wild. The ringing church bells Sunday called few men to church. All day streets and hotel corridors were thronged with groups of excited men, discussing the embeZzlements.
 The defaulters were among the most inf1u- ential men Tn, the city. Webb, who is about fifty-five years old, has been city treasurer and one of the town auditors for years. He was Republican leader and society man. Meech, who is about the same age, is a con spicuous Democratic leader and has been re- garded as one of the safest bankers in the State. Roath is a dashing man, about forty years old-he looks not over thirty-fve-and dresses elegantly. All the men have fami- lies. They dwell in handsome houses in the aristocratic quarter
 About two years ago Webb was elected president of the Shetucket bank, and he and Meech and Cashier Roath of the latter insti- tution>worked the two banks in collusion, borrowing of each other wildcat paper and spurious personal notes to make the showing of each appear correct in an emer- gency. This paper was fixed up for either bank to meet official inspections, and was always on hand to be transferred to one or the other bank. Webb resigned the presi- dency of the Shetuoket bank few days ago, and there was much gossip over the matter, but as he was succeeded by Alderman F. l.. Osgood, wealthy stockholder, son of the millionaire, Dr. Charles Osgood, who found GU the SuSplClOu was soon Qu1eC- ed.
 The entire amount of the dedication was lost in Wall street speculations Meech is 8 heavy holder of Ohio Central at IS, stock which is now about worthless. He also was interested largely in Union Pacific stock on the wrong side of the market. The default CTS are left without a dollar of property and with the State prison before them. William c. Osgood one of the heaviest stockholders and a lifelong friend of both Meech and Webb, said that no mercy would be shown them.
 MARGINAL OPERATION IN CoRN-NoRwICH
 MEN INTERESTED.
 The present excitement calls to notice the suit brought several months ago in the Unit ed States Circuit court for Connecticut by Morgan, Marston & Go. of New York against William A. Buckingham and several other Norwich men, to recover moneys said to have been advanced in carrying on margi- nal speculations in the Chicago grain market. The Buckingham case was considered test case and there was an assignment for trial, but it was put over with all the rest of the cases to succeeding term. The facts made public concerning the bank defaIcations in Norwich, which disclose powerful specula- tive mania in that city, have called attention to the suit referred to, and reference to the file papers in the office of the United States court, in Hartford, shows that the bank men, now III IfouDle, are among the defendants to that suit. The principal parties sued by Morgan, Marston & Co. are William A. Buckingham, (who is clear of suspicion in the easel c. B. Farnsworth, Jedediah Hun tington, John T. Clark, William A. Breed, Charles Webb and William Roath.
 Of these, Webb is the dishonest assistant cashier of the Merchants National bank in Norwich, and was formerly president of the Shetucket bank. The New York firm, in the specifications they furnish in the suit against him, show that he bought on 8 margin dur ing the months of November and December, 1883, and in January, 1884, an aggregate of 400, 900 bushels of corn in the Chicago mar ket, the total value of which was $115, ,424.- 35. It is claimed that the firm made ad- vances beyond the margin furnished of $1 ,549 35, and it is this sum which the suit now seeks to recover.
 William Roath, cashier of the Shetucket bank, and implicated with Webb in appar- ently joint transactions which caused them both to rob their respective banks, is sued for the sum of about $2, 900; being the bal ance claimed as due on payments of the plaintiffs over and above the margin furnish ed. He bought in November and December, 1883, an aggregate of 270,000 bushels of corn, the market value of which was S163,- 9S7. 50.
 The Deposftors to be Protected.