The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1884-06-28
JOHN c. EMO.


Tho Late President Of the Second NAkAsna
Bank Of New York - HIS Speculative
Methods-The Advantages Of Having
Well.to.Do Father.
IN. Y. Star.l
The men who, outside Of the Grant fam
lily, stand out prominently in the great
panic ON Wall street, are Ward, Fish
Seney and John G. Emo. OF the four, the
last-named 10, In some respects, the mosl
interesting. For one thing, he Is young.
reported to be only twenty six years old, Q
representa- Of that class of spectators
who plunge into the market With the heed.
lessness of youth. and are apt to lead
themselves and other people into serious
trouble, not only by rashness but also BY
extravaganza. Everybody acquainted on
Wall street observes the large proportion
Of csllow brokers and spectators.
Another point Of interest in Eno's case q
his position, up to May is, as President Of
the Second National Bank, one Of surpris.
Ing dignity, his youth being considered.
Then his method Of appropriating money
which did not belong to him was most
notable for its ingenuity. Most Of the
money lent by the bank was upon collateral
securities, which, for convenience as well
ss for safety, were kept, not at the bank,
which is situated under the Fifth Avenue
Hotel, but in vault down town. OF this
vault the President, who went down town
every day, and there made and renewed
loans and received payment for them
naturally kept the key, and when he re.
ported to the cashier at night that he had
lent such and such sums on such and such
collaterals his word was taken for it, and
his checks for the amounts mentioned
were duly honored. Thus, little by little,
the books of the bank showed "a ,0O0, 900 OF
call loans upon unexceptionable collaterals,
when in fact the money had all gone to the
Presidents private account.
With the bulk of this money, Mr.. Emo
specialized, unfortunately for him, In
stocks which continually declined in price.
In consequences Of his terrible losses, the
time came when It was necessary to &C.
quaint his father with the condition Of his
affairs. Then the old gentleman, Mr..
Amos X. Emo, came to the rescue with
enough money, aided by an assessment OF
1900 on each stakeholder, by which $780,
WV W 90 iCuA4SuS w ooVo WIG oeshA AVN
suspension. AS the bank paid out 81, 49,.
600 in two days during the run which fol.
lowed young Eno's resignation of the
Presidency and the rumors Of its shaky
condition on account of his losses, some-
thing may be conjectured as to the drain
on the paternal purse necessary to prevent
q catastrophe. One bundle Of money
taken to the bank for this purpose by the
father Of the prodigal son is said to have
contained Il, 100000 worth of bills. Still
more money was forthcoming from the
purse Of Mr.. Emo, ST., as frightened do
positors collected amounts due to them,
and the bank was saved. As Mr.. Amos
r. Emo is worth 1000, 900, his sons acts
so far do not leave him in q condition OF
absolute poverty.
Emo looks older than he is, his hair being
slightly tinged with gray. He is q medium
sized, plain, busigess.like looking man.
The "manly fringe upon his upper lip" is
the only hirsute adornment on his hand
some and capable countenance. Nothing
appears in what is being said about him
which reflects upon his character as q
married man of domestic tastes. His dis.
grace is solely attributed to the fever OF
speculation from which he suffered.