New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-19
THE WALL STREET FURRY.
JOHN c. ENO's DEFALCATIONS.
lie LOSSES LARGER THAN sUPPOsED-TALK O

JOHN c. ENO's DEFALCATIONS.
THE LOSSES LARGER THAN sUPPOsED-TALK OF
CRIMINAL PROSECUTION.
A meeting of the directors Of the Second National
Bank will be held. probably in few days, to hear
report from some of the directors who are en-
gagged in an effort to discover where the money
went used by John c. Emo. One Of the members Oh
the Board of Directors in conversation win iRib-
UNI reporter yesterday said:
Il think there is little prospect Of recovering any
of this money. 1t has probably all been swallowed
up in Wall Street. Some Of the directors seem 70
think that John c. Emo himself is in condition
to-day to pay back some of this money. IL Is re-
ported that he is now worth Sl000,OOO but 40
not believe he IL worth a cent. Ii Il
proposed by some of the directors that Emo
should be prosecuted criminally. whether
this will DE done | can not say; bat he has GER
talnly laid himself open 70 a criminal charge. AT
the meeting of the Board of Directors held last
Tuesday evening the manner in which Emo carrleu
on his Illegal transactions was explained by ms
father to whom Emo had made full confession.
Mr. Emo spent much of his time in the bank, ana
his son. who as president should nave
been on duty there, was down town
most of the time engaged IN his
illegal transactions. lie began this business
nearly two years ago, shortly after he was made
president. He would 60 down town, and If be lost
500, 600 OF more, when he came back he would
report to the cashier that he had negotiated loan
for that amount good securities to some person.
writing the name on a slip of paper, generally
naming some securities on which he had made the
loan. The cashier, whose integrity Is above sus
picon, never doubted these reports, and would
duly enter the account in the regular way Emo
was able TO carry on this business unquestIoned
III int lta Narn
safe Deposit Company, and as there was little de-
mand for loans and discounts uptown most OF TINS
business was done in Wall Street"
How mucl was the deictf
Il cannot give You the exact figures. but it is
considerably larger than the sum named
in the newspapers. This amount has been
made good to the bank although 1t
is not true "a reported, that n Emo, made mp
the full amount He made up the greater part Of
it, bat the other directors put in some hundreds OF
thousands of dollars. 1t was proposed that the
directors should surrender their stock to Mr. Emo
and that he should make up the full amount; but
he would not consent to do this"
when was this deficit first discovered ~
week ago to-day. I believe that Emo made
the confession TO his father on that day No one
believes for a moment that Dir. IEnO, ST., had any
idea of these transactions until his son narrated
them to hun, and in fact, when he made good most
of the deficit he did it. he said. not IN the hope Of
saving lis son, but to protect the depositors
A FEW WORDS WITH DIR. ESQ.
At the house Of Amos Il. Emo, No. rs Park ave-.
il was said that DC was out of the CITY, John c. Emo
however, said Il do not care to say whether
the story about the manner in which this money
was lost is true. The loss has been made good TO
The bank and that is all there is about it,
Il Is reported that criminal proceedings will be
begun against You. Is there any truth IN the re-
port =
. only know what have read in the news2a-
pers. II the directors propose 10
brlug such proceedings 1 viii be here 10 an
swer. They viii know where 20 find me. There
is not word OF truth in the report that
in addition t. the default al the bank have usrd
a large amount Of the prIya,e securities OF my
father"
1t is reported that the board Of directors of tho
bank are evenly divided on the question whether
10 begin criminal proceedings against Young Emo
although all OF them express the belief that he has
rendered himself crmIna.ly liable