Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-03-16

rrhc committees on judiciary had an
interesting session Friday afternoon
=, ,bc discussion Of the Merrill and
De,sev bills affecting dealing in stocks
IN margins. There were many attor
news present and at times the uiacu9-
sion became decidedly heated.
Tha Daas,y bill. so-Called. is modelled
closely uuon the law in force III III
| nois forbiddiny the conduct of buck
., shon in tho State. The merrill! bili
forbids the dealing in stocks on mar
gins or in any other way than by as
tuaI sales by any person or brokerdS
concern. whether in the legitimate cid'a
or in tie bucket shop class.
| Co,,nty Attorney Connolly opened tn
hearing with a lengthy description "'
tho varin,,; methods Of doing business
cnploycd by both kinds of dealers ana
read extensively from writer's on finan i
cial subjects in his effort t" snow th"'
one was is guilty Of crooked practices
az the other. He read letters ifoil
.evcral county attorneys endorsing hi
position that the Deasey or limos Dill
could not be used to secure convictions
He declared it practically useless ana
stated that he wanted bill which
| could be USED 10 secure t'iiN iNtioi' -
operators in his county.
| He was frequently interrupted by
| the counsel ard it WAS in these discus
sions that there were several pasSdg|S
at arms that were decidedly spicy
| Judge George G. Wing of Auburn
SAID that he represented Curtis d Scd-
ornuist AMI opposed the bill introduc-
cd bv Senator Merrill on the grouno
that Il was too patcrnal in its charac'
ter. He scored Mr.. Connolly, saylEa
that he never before saw county 3t-
torncy who was worried about the law
r Fl. Haskell! Of Portland said that
| if was impossible to fOIeScc all OF the
possibilities involved in the bill. dcclar'
ing that under it it would be poSSlb!;
to stop many legitimate TRANSACTIONS
| Oscar II. hersey of Portland salt
that he appeared for Curtis & Scdcr'
uujst also. He said that he didn't wan
the LEGISLATURE to take from him tn,
right to exercise his Judgment as T.
| what he should do with his own mon
ey.
), Thomas Leigh Of Augusta appears
for DR.. owen Smith of Portland an'
Dr +. G.. Abbott Of Portland, Wh'
wanted a bill raSSrl 10 prohibit huchr
Il shops on moral grounds. Mr.. Leigh &c
fined his position il opening and thHi
introduced Mr.. Smith. who said tina
he was in favor % anything which
would stop the practice of gambling
. in bucket shops. He said that it Wa
not exactly gambling. for the cuStcne
; had no chance. it was more like THEY
ing. or doing business under false pre-
; lenses
William H. Da lis. secretary of tn
Portland Y. NJ. &. a.. spoke in favo
, of shutting up the bucket shops 81
the ground that it led young MOI
, astrav. He said that he could cit
many instances where young men ha
been led to dishonest practices through
F the bucket shop. and that in his opin
ion it gave them an entirely wron
idea of life.
, | Clifford Mclaughlin of Portland sal
that he was asked in the first place t
represent the Associated Charities q
, his city. but that later he had been in
, formed that as there had been no reg
ular meeting of that society, he cOul
not be asked to do that. so he appeare
as q private citizen. He made an ear
nest plea for the DeaSey bill. shown
that he had read extensively on tn
subject and was unusually familia
with the practices of stock brokerag,
n He was crosS-eXaniined at som
5 length by Benedict F. Maher of Au
e gusta and Joseph Williamson of Al
gusta.
: Oscar >. Fellows Of Rucksrort spok