New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-14
WALL-ST. GREATLY EXCITED.
MANY RUMoRs AND HEAVY DECLINES IN
STOCKS.

A RUSH TO SELL ON THE eioS"
SECOND NATIONAL BANKS CONDITION.
rhoro was great excitement in Wall Street
Yesterday. especially In the closing hours, anu
there was rush to sell stocks Heavy dec'ileS
occurred in Western Union, Union Pacinc' o''
Paul and other stocks. No failures Were an
nounced, but the Continental Bank reIuseu "
certify any more checks for one hrm' MANY
reports were in circulation cOncernins Il, in''
railroads and banks, but nearly all vi ,non'
were without fou ndation. The directors Vi 'he
Second National Bank held meeting anu
announced that any loss which the bank hao
suffered had been made good and that the
bank would go on. The president, Johh I.
Emo. resigned and James A. Trowbndge' Oh
yermilve g. Co.. was elected in his place.
Walter s. Johnston was appointed receiver ol
the Marine Bank.
THE SECOND NATIONAL TO GO ON.
ACTION OF THE DIRECToRs-MAKING GOOD ANY
Loss-PREsIDENT EMO RESIGNS.
Among the rumors that were circulated IN the
street Yesterday was one that the Second Na'lohai
Bank III the Fifth Avenue HOTEL was III trouole'
As soon as the rumors reached the ears of John I.
Emo president of the bank, he called meeting Vi
the directors to be held in the evening auu re-
ouested all the other officers to be present. NorA
n report for submission to the directors, in order
+o enable them TO make statement which would
give assurance to the public that there was no
foundation for the rumors of defacation and en-
barrassmeut O. ID. Roberts, cashier OF the DahK
ceased his labOrs long enough to say TO IhlbCNh
reporter:
"You can say from me that there is no truth III
these reports. There has been no defalcatlon here
and we are in no trouble; the directors VIII make
statement which will convince the pubhc OF TINS.
wish to deny the stories utterly"
The directors of the bank met at the house OF
Isaac n. Phelps, No. 229 Madison n-aver last even
ing to consider the condition OF the DanK'
Amos r. Emo. Amos F. Emo Ia stockholder, but
not q director, Henry A. Hurlbut. Isaac n.
Phelps. James A. Trowbridge Anson Phelps Stokes,
@. ID. Roberts cashier of the bank, and William
Walter Phelps were present They were in session
till nearly l o'clock this morning. At that time
Mr. Roberts furnished the following for pub1ca-
tion:
The Board of Directors of the Second National Bank
take pleasure informing the public that whatever loss
Incurred has been made up that it 6aRs rs
intact, and the bank Is prepared 10 meet ~ iS
DEMAND; %a% a. 1884 o. D. hoDtSasR Cashier
1t was learned that John c. Emo had resigned the
presidency of the bank and that James A. Trow-
bridge had been elected in his place Mr.. Irowbridge
is the son of the former president OF the BANK VINO
died two years ago, and Is memOef ol tne Wei
known banking firm of Vermilye & Co. No. IL Mas
sau-st He Is a man of large wealth.
Inquiries made of several directors as to the
details of the loss which the bank had suffered and
as TO the amount of the deficiency which had been
made up but they declined TO give any information
The Second National Bank was organized In 1868
and bears the reputation of being one of the strong
est small banks in the city 1t has capital OF $500
OOO Many wealthy families on Murray Hill and
in neighborng parts of the city have accounts
,vit he hank