The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-03-21
Emo THE BANK WRECKER
uHv PRESIDENT HARRISON RE-
FUSED 20 PARDON HIM.

I'm Walter Phelps Persuaded
,nros R. Eno to Make Good the De-
t.ult and Shared the burden With
Him.
rha friends of John c. Emo. says New
~ snecial to the Philadelphia Press, who
-r,hazzled s., 500 900 from the Second Ma
- Rank of New York, Of which he was
-.osident. nine years ago, and has since
-, living in luxury in Canada on his
r,osn funds. are much disappointed over
ia rafusal of President Harrison to pardon
aim Emo is said to be very anxious to re-
-, n New York, and they had congratu-
- themselves that the names signed to
40 natition for his pardon, among which
70 those of Gen. William 7. Sherman,
rbonas C. Platt and ex.Secretary Whit
,ov would be influential enough to secure
t.yorable action from the President.
And 60. it is SAID, they would have been
30. Cor the intervening hand that came in
;nst in time to keep Emo out of this country
H. the rest of his life. President Harrison
.-as sbout to sign the pardon when friend
nrocured for him the full history of Eno's
fransactions and asked HIM to read 1t. MIR.
r lrrison did SO, and rose from the perusal
with the conviction that Enos oftense, as
The President put it in his own language,
Twas nnnardonable." Consequently he de-
med the application for pardon, and Emo
must remain in exile.
HISTORY OF THE CRIME.
The true story of the Emo defalcation and
the salvation of the Second National Bank
will probably never be told But while
.hall not tell the astounding total of young
John c. Euo's squanderings, may say that
the s.. 500. 600 which report credits his father
with making good to the bank is less by a
sum IL takes seven figures to express than
the amount the young president made way
with. There were in the numerous hotels
and restaurants near by a large number OF
branch offices of downtown stock brokers,
who did q speculative business by telegra phi
and teie phone. The "Twenty-third street
gang" composed of William r. Travers.
Charles J. Osborne Addison Cammack,
Snencer. and other prominent ''bears," had
ouarters on the next block; Young Emo,
therefore, lived in an atmosphere of specu-
lation. Naturally, such young man, with
such bank behind him, would be victim
rate they finally goeGim.
The facts of how Amos r. Emo came to
make good his sons great losses read like a
romance. The son confessed on Sunday,
NAV II, 1882. The father was first aston
ished tlen mortified, then enraged, and
finally was almost heartbroken at the
revelations Of the simultaneous loss Of his
boy. his family name and his millions.
He did not know what to do for twenty
four hours but, calming down, turned for
support where he had often sought it
bel, re, and strangely enough to one
mach Younger than himself. Years ago, A.
r. Emo lad been a partner Of and made his
many millions with, the father of Congress
man William Waiter Phelps of New Jersey,
and since his partners death he had been
accustomed to look to the son in time of
difficulty, as he once looked to the father.
He telegrapbed to Phelps at Washington on
Monday, aud the latter reached him on
tuesday morning, when he heard for the
first time the astonishing story with pain
and grief almost as great as that Of the
& father. Mr.. Phelps was also stakeholder
aud director of the bank, having been put
. in at his fathers death, merely to avoid
taking a stranger into the conce, n.
Mr.. Emo, Sr., while impatiently waiting
Phelps arrival, had considered his legal re-
sponsibility as director and named it to
Phelps in conversation. Mr.. Phelps, with
out hesitation, declared that the entire moral
responsibilities of all the directors must be
at once assumed, and that, chief of all, il
was due to Mr. Eno's name and reputation,
the credit of the bank, the good of the
general public and of all the other banks
Of the city, and of the hundred depositors
whose money was attracted to the bank
by his name; that Mr.. Emo should make
good every dollar of his sons losses. The
difference in dollars between the lega
responsibility which the several director,
had calculated, and the moral obligations
which Mr.. Phelps now presented in his
strongest language, was several millions
Mr. Eno's own legal responsibility could
q he hy1O houz1 1aI
but he was, under Mr.. Phelps view of The
situation, called on for nearly 81, 900, 900
Naturally, there was struggle. Mr.. Enc
had the general reputation of being "close
man" Men who accumulate great fortunes
usually make that reputation at the same
time. But Mr.. Emo had also the reputation
Of having made every dollar he possessed
honorably; of being absolutely up
right in the strictest sense of com
mercial honor, with an old-fashionet
merchants idea of integrity, whose wore
was as good and binding as his bond. Amo!
r. Emo, his eldes5 son, who had generally
been regarded as an extremely close bust
ness man, was the first to insist that h
would not be content to inherit money
which came to him through their unwilling
ness not TO make good every deficiency. T,
the everlasting honor of the family i
should be remembered that every mem be
OF 1t, including even the daughters, who's
private funds had been swept away in tn
oe1alcatlon, took the same ground AM
made the same appeal. The attitude of tn
stern old father, however, was equall
characteristic. He had no right, he said, t
roo his honest children in order that on
VINO had been dishonest should be screened
MR. PHELPS SUCCEEDS.
throughout the whole day and until mid
nignt the discussion and appeals went on
Inelps being pushed forward at every tur
70 reinforce the arguments of the family
AT last he got a call for a meeting of tn
directors at the residence of Isaac n Phelps
a1olo man and an invalid, then far past &c
t mnere 1t was supposed they could be en-
tHely private. Here Mr.. Emo took Uh
ground that if all the obligations of tn
uahk were to be provided for, the other di
IecIoTs should share their just RESPONSE Tilt,
, I'LL hlm. The bank had capital of $500, 00C
mulch had origiy ally been subscribed b.
ven men, IN shares of $30, 900 each Its sur
pats was double the capital, SO that th
az uoCual loss represented by each director b.
VIC uelalcation was his stock plus his sur
bus Ib1as, mat is to say, in the case of most O
NE em $4,000 stock plus $50, 000 surplus
.,,l III oelps was the first to agree to max
q us snare of this capital and surplus, an,
SeiiVer 1t in notes Of sui able sizes at tn
Sa1 TX betore 10 O'Clock next morning Isaa
~ neips agreed to do the same, and ulti
H4taaIeiy, after great exertion, most Of tn
Obuer Directors accantad. cor1a of than