13895. Equitable National Bank (New York, NY)

View Charter #6284 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
6284
Charter Number
6284
Start Date
February 9, 1904
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
de8ded4a3748881f

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1904-02-10
Date receivership terminated
1904-11-25
OCC cause of failure
Losses
Share of assets assessed as good
38.9%
Share of assets assessed as doubtful
45.2%
Share of assets assessed as worthless
15.9%

Description

Contemporary reports (Feb 10, 1904) state the Comptroller closed the Equitable National Bank and appointed a receiver because of bad loans and injudicious management. A small run occurred the day before news of the impending closing became public and depositors were paid by the receiver. The bank was closed by government action and placed in receivership; there is no evidence it reopened.

Events (5)
1. June 2, 1902 Chartered
Source
historical_nic
2. February 9, 1904 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors withdrew after learning the bank was crippled by bad loans/poor management and that it might close.
Measures
Depositors who appeared before closing were paid off promptly; receiver to pay others as claims presented.
Newspaper Excerpt
There was a small run on the bank yesterday when the fact that it might close became known.
Source
newspapers
3. February 10, 1904 Receivership
Source
historical_nic
4. February 10, 1904 Receivership
Newspaper Excerpt
National Bank Examiner Edward Ridgley has been appointed receiver. The failure of this bank is due to bad loans and injudicious management.
Source
newspapers
5. February 10, 1904 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency because of bad loans and injudicious management (appointment of a receiver).
Newspaper Excerpt
The Equitable National Bank of New York city was closed today by direction of the comptroller of the currency and National Bank Examiner Edward Ridgley has been appointed receiver.
Source
newspapers

Newspaper Articles (19)
1. February 10, 1904 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 10, 1904

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BANK CLOSED IN NEW YORK Failure Due to Bad Loans and Injudicious Management. Washington, Feb. 10.-The Equitable National bank of New York city was closed today by direction of the comptroller of the currency and National Bank Examiner Edward Ridgley has been appointed receiver. The failure of this bank is due to bad loans and injudicious management. The volume of busines done has always been small, and has decreased so greatly in the last few weeks that its failure is almost without significance. It in no way involves any other national banks. The Equitable had practically no business with banks outside of New York city.

2. February 10, 1904 The Evening World New York, NY
Article from The Evening World, February 10, 1904

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EQUITABLE BANK ORDERED CLOSED Institution Organized by Postmaster Van Cott and Political Associates Put Out of Business by Comptroller Ridgely. The Equitable National Bank of the City of New York, at No. 803 Broadway. was closed to-day by order of Comptroller of the Currency Ridgely. This action followed a meeting of the officers and directors of the bank yesterday. at which it was decided that the bank was not even self-supporting and that with the handicap of having to carry $42,000 of worthless paper, a heritage from the old management, there was no use in keeping up the struggle any longer. It was, therefore decided to ask the Comptroller of the Currency to appoint a receiver, and a message to this effect was sent to Washington yesterday. Comptroller Ridgely acted promptly, appointing his. own brother. National Bank Examiner Edward Ridgely, receiver. There was a small run on the bank yesterday when the fact that it might close became known. Depositors who appeared before the regular closing time were paid off promptly and it was said at the bank to-day that others would be paid by the receiver as fast as they presented their claims. Postmaster Van Cott and a number of his associates in his political district organized the Equitable National Bank in May. 1902, and it opened for business the following month. Mr. Van Cott was President of the bank. which never did very much business. The present management and the bank examiners have denounced the old management repeatedly. especially because of the injudicious loans that it made. The methods of the Van Cott management certainly got the bank into difficulties. and last August It was decided to reorganize. Carl Randolph Schultz. son of the soda-water man, and a boy of twenty-seven, was made President. Much was published at the time about the young man, who was said to be the youngest bank president in the world. Julius Hammerslough was elected First Vice-President, E. G. Gilmore Second Vice-President and Owen T. Reeves. ir., cashier. The new officers made a desperate fight to save the bank. but could not. They ware too heavily bandicapped by the weight of worthless paper. At the meeting yesterday Mr. Van Cott and a number of others were present and after going thoroughly over the situation they agreed that there was nothing to do but liquidate. A statement was issued that all depositors would be paid in full and. then the Comptroller was asked by wire to act. The Equitable National Bank is capitalized at $200,000. It has 322 depositors, to whom $185,000 is due. The assets are said to be $385,000, not including $42,000 in bad paper. President Schultz when seen to-day at his residence, No. US West Ninth street, made this statement of the trouble: "It is simply a case of getting out. We decided yesterday that we would have to do it.' The appointment of Mr. "Zidgely as receiver is only temporary 250 will n/: act until the depositors have been paid off. and then we expect the appointment of Mr. Reeves, our cashier. as permanent receiver. , "At least we have petitioned for his appointment. Mr. Reeves was once a National bank examiner and fully competent for the task. I think we have paid off about a half of our depositors and the others are well covered by our assets. No one will lose anything so no one need get in the least excited." "How about this talk of bad paper and bad management?" asked an Evening World reporter. "The so-called bad paper," answered Mr. Schultz. "is an heirloom from the old management. You see, we have only been in since Sept. 1, and we found " this paper here when we came. amounts to $42,000. and we have instigated suits for the recovery of a large

3. February 10, 1904 Evening Star Washington, DC
Article from Evening Star, February 10, 1904

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NEW YORK BANK CLOSED. The Equitable of That City in Hands of a Receiver. The Equitable National Bank of New York city was closed today by direction of the controller of the currency, and Edward Ridgeley, national bank examiner, has been appointed receiver. The failure of this bank is due to bad loans and injudicious management. The volume of business done by this bank has always been small, and has decreased SO greatly in the last few weeks that its failure is almost without significance, and in no way involves any other national banks. It had practically no business with banks outside of New York city. The following is a statement of the resources and liabilities of the bank as shown by the last report of condition, dated January 22, 1904: Resources-Loans and discounts, $379,678.31; overdrafts, $12,954.11; United States bonds to secure circulation, $50,000; stocks, securities, etc., $6,689.31; banking house, $6,000; due from banks and bankers, $37,475.10; cash and cash items, $159,984.62. Total, $652,781.45. Liabilities-Capital stock, $200,000; circulation. $47,300; due to banks and bankers, $10,207.91; deposits, $395,273.54. Total, $652,781.45.

4. February 10, 1904 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, February 10, 1904

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From Washington. (Correspondence of the Alexandria Gazette.] Washington, Feb. 10. The Comptroller of the Currency announces the closing of the doors of the Equitable National Bank of New York city and the appointment of National Bank Examiner Edward Ridgely as temporary receiver. The failure of this bank is due to bad loans and injudicious management. It had practically no bus-. iness outside of New York city. The resources and liabilities on January 22, amounted to $652,781.45 each. The opinion is entertained by the State Department officials that the time is approaching when the United States will be forced to establish a protectorate over San Domingo. Upon Admiral Wise's report will hang the precise action taken by the administration. He was ordered to Porto Plata from Guantanamo, Cuba, two days ago, and will have at his disposal a fleet of several vessels. The Senate committee on public lands today made a favorable report on the bill proposing to give to each State five per cent. of the net proceeds of the sales of public lands in those States. This is esimated to involve an expenditure of the $8,182,000. A total of $28,000,000 deFived from this source is now held by Stat S and the bill proposes .0 allow em to keep this money. Admiral Evans, commanding the Asiatic station. has been ordered to take his cruiser quadron to a point on the Chinese coast about 400 miles from the Philippines, and to keep his battleship squadron in Philippine waters. This means that the cruisers will go to Hong Kong or vicinity. Senator Platt, of New York, today introduced in the Senate a proposition to appro priate two million dollars for the purchase of a site for a post office building in New York city, subject to the right of the Pennsylvania railroad to use it for platforms and trackage on a plane twenty feet below the curb line of the adjoining streets. The President today nominated C. E. Welch to be postmaster at Phoebus, Va.

5. February 10, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, February 10, 1904

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BANK IN TROUBLE. Caused bv Bad Loans--Receiver Now in Charge. New York, Feb 10.-By unanimous vote the directors of the Equitable National bank have decided to ask the controller of the currency for the appointment of a receiver. The depositors, according to the officials of the institution. will not lose a cent, but the stockholders may lose more than 30 cents on the dollar on an aggregate amount of between $30,000 and $40.000. The bank, situated in the dry goods district at Broadway and Eleventh street, was organized only two year's ago. Many changes have occurred in its official roster and a few months ago C. R. Schultz was chosen president. He is the youngest head of a national bank in the country. "The earning capacity will not meet the running expenses of the bank in its present condition and will not warrant further continuance," said one of the directors. "We have taken this action to avoid further loss. The depositors will be paid in full." The bank is capitalized at $200,000, with claimed assets of $175,000 in excess of deposits. Washington, Feb 10.-The Equitable National bank of New York city was closed to-day by direction of the comptroller of the currency, and National Bank Examiner Edward Ridgeley has been appointed receiver. The failure of this bank is due to bad loans and injudicious management. The volume of business done by this bank has always been small and has decreased so greatly in the last few weeks that its failure is almost without significance. and in no way involves any other national banks. It had practically no business with banks outside of New York city

6. February 10, 1904 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, February 10, 1904

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SAME AS FRENCH POLICY. Paris, Feb. 9.-United States Ambassador Porter called at the foreign office today and conferred with M. Deleasse, the foreign minister. The principles of Secy. Hay's note to the powers are identical to those which have been the features of France's Chinese policy: but in view of the outbreak of hostilities it is believed here that M. Deleasse will want to inform himself of the views of the other powers, and especially Russia, on this matter before definitely committing the French government. Equitable Nat'l Bank Closed. Washington, Feb. 10.-The Equitable National Bank of New York city, was closed today by direction of the comptroller of the currency and National Bank Examiner Edward Ridgeley has been appointed receiver. The failure 18 due to bad loans and injudicious management. The volume of business done has always been small, and has decreased 80 greatly in the last few weeks that the fallure is almost without significance. It in no way involves any other national bank. The Equitable had practically no business with banks outside of New York city, The asserts and liabilities are given at $652,781. The bank's capital was $200.000, and It had deposits of $393,273.

7. February 10, 1904 The Providence News Providence, RI
Article from The Providence News, February 10, 1904

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NATIONAL BANK IS CLOSED BY ORDER OF COMPTROLLER. Washington Feb. 10.-The Equitable National bank of New York was closed today by direction of the comptroller of the currency and national bank examiner Edward Ridgeley has been appointed recelver. The failure of this bank is due to bad loans and injudicious management. The volume of business done by this bank has always been small and has decreased so greatly in the last few weeks that its failure is almost without significance and in no way involves any other national banks. It had practically no business with banks outside of New York city.

8. February 11, 1904 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 11, 1904

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FAILURE OF A SMALL BANK AT NEW YORK WASHINGTON, Feb. 10.-The Equitable National Bank, of New York city, was closed to-day by direction of the controller of the currency and National Bank Examiner Edward Ridgeley has been appointed receiver. The failure of this bank is due to bad loans and injudicious management. The volume of business done by this bank has always been small and has decreased 80 greatly in the last few weeks that its failure is almost without significance, and in no way involves any other national banks. It had practically no business with banks outside of New York city. The assets and liabilities are given as $652,781. Its capital was $200,000 and it had deposits of $395,273.

9. February 17, 1904 The Star Reynoldsville, PA
Article from The Star, February 17, 1904

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TELEGRAPHIC BREVITIES. The senate passed the diplomatic and consular appropriation bill without debate. It is reported that hundreds of persons have been killed by a volcanic eruption in the Island of Javaa. George A. Rose, cashier of the Cleveland Produce Exchange Bank, who embezzled $187,000 of the bank funds, was sentenced to 10 years in the penitentiary. The Rev. William L. McEwan, D. D., pastor of the Third Presbyterian church, Fifth and South Negley avenues, Pittsburg, was unanimously elected president of the Central university of Danville, Ky., at a meeting of the trustees at Lexington, Ky. The Controller of the Currency announces the closing of the doors of the Equitable National Bank, of New York city, and the appointment of National Bank Examiner Ridgeley as temporary receiver. Burglars entered the postoffice at Orleans, Ind., and blew the safe to atoms, shattering the plate glass windows of the building and securing $400 in money and stamps. One piece of the safe was blown through two walls. Paul Misik, convicted of murdering Charles OBrien in a dispute over 35 cents, was executed at Hartford, Conn. The Norwegian Parliament has passed a bill. almost unanimously, authorizing women to act as attorneys, solicitors and barristers in the lower as well as in the higher courts, on the same conditions as men. Rear Admiral O'Neil, chief of the bureau of ordinaance has ordered that two new 8-inch guns which have just been completed at the Washington navy yard be placed on the battleship Iowa in place of those which burst last Friday while at target practice.

10. February 18, 1904 The Cooperstown Courier Cooperstown, ND
Article from The Cooperstown Courier, February 18, 1904

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THE NEWS IN BRIEF. For the Week Ending Feb. 18. Bandits dynamited the safe of a bank at Ravia, I. T., and secured $1,700. Burglars wrecked the interior of the Millerstown (Pa.) bank and got $500. After a run of ten days the Bank of Dunn, N. C., a state institution, closed its doors. Paul Misik, convicted of the murder of Charles O'Brien, was hanged at Hartford, Conn. The Equitable national bank of New York city closed its doors, with deposits of $395,273. The Citizens' national bank, of McGruder, Tex., closed its doors with liabilities of $134,603. A national boxing association has been organized at Detroit to control professional boxing. Henry W. Oliver, of Pittsburg, capitalist, steel master and politician, died at the age of 64 years. Erastus Wiman, once a famous promoter, died poor on Staten Island, N. Y., at the age of 70 years. The 20,000 rural free delivery mail carriers in the United States will have a holiday February 22. Rev. Mr. Soden, a Baptist minister, a Miss Clinton and a child were killed in a tornado at Union, Ark. Four men were crushed to death at Steubenville, 0., by the caving in of a pile of iron ore at a mine. Fourteen persons were killed and more than a score injured in a railway collision near Sand Point, Ont. John A. Roche, mayor of Chicago from 1887 to 1898, died suddenly of heart disease, aged 60 years. Ice gorges in the Susquehanna river were causing great damage at Wilkesbarre, Pa., and other places. The new customs duties announced by Cuba practically prohibit American competition in many articles. Mayor Johnson formally opened the national bowling tournament at Cleveland by rolling the first ball. Andre Matteson, for 20 years editor of the Chicago Times, died at his home in Highland Park, Ill., aged 75 years. George Bearskin, principal chief of the Seneca Indians, was found frozen to death by the roadside near Cayuga, I.T. The Iowa convention to select delegates to the national democratic convention will be held in Des Moines on May 4. Four men were shot to death and three wounded at Coal Creek, Tenn., in a fight between union and nonunion miners. James McDonald, a teamster, was arrested at Bedford, Ind., on suspicion of being the murderer of Miss Sarah C. Schafer. Rev. G. Campbell Morgan, former London preacher, has been called to the Second Presbyterian church in Chicago as pastor. Two twin baby sisters named Black were so badly bitten by rats at the Logan county children's home in Ohio that they died. Owing to a shortage of $57,500 in the cashier's accounts the savings department of the Wolfboro (N. H.) Loan bank closed. Twenty persons leaped from the thirdstory windows of a burning factory building in Brooklyn, N. Y., and five were fatally injured. August W. Machen, the central figure in the postal trial in Washington, took the witness stand and denied all the charges preferred against him. Rev. James Warden, who for 60 years was an active Methodist minister, has at the age of 102 years been admitted to the Baltimore (Md.) almshouse. Two of the three great buildings of the Corn Products company were destroyed by fire at Oswego, N. Y., causing a loss exceeding $1,000,000. A banquet 40 feet under Jackson boulevard, in the Illinois Telephone company's tunnel, was given by the latter to 1,200 guests in Chicago. Secretary Taft told the house committee on insular affairs that slavery had been abolished in the Philippines by legislative action taken there. Advices say that the powers of the world are indorsing Secretary Hay's plan and that the integrity of China is assured no matter how the Russo- Jan-

11. February 18, 1904 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, February 18, 1904

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THE NEWS IN BRIEF. For the Week Ending Feb. 13. Bandits dynamited the safe of a bank at Ravia, I. T., and secured $1,700. Burglars wrecked the interior of the Millerstown (Pa.) bank and got $500. After a run of ten days the Bank of Dunn, N. C., a state institution, closed its doors. Paul Misik, convicted of the murder of Charles O'Brien, was hanged at Hartford, Conn. The Equitable national bank of New York city closed its doors, with deposits of $395,273. The Citizens' national bank, of McGruder, Tex., closed its doors with liabilities of $134,603. A national boxing association has been organized at Detroit to control professional boxing. Henry W. Oliver, of Pittsburg. capitalist, steel master and politician, died at the age of 64 years. Erastus Wiman, once a famous promoter, died poor on Staten Island, N. Y., at the age of 70 years. The 20,000 rural free delivery mail carriers in the United States will have a holiday February 22. Rev. Mr. Soden, a Baptist minister, a Miss Clinton and a child were killed in a tornado at Union, Ark. Four men were crushed to death at Steubenville, O., by the caving in of a pile of iron ore at a mine. Fourteen persons were killed and more than a score injured in a railway collision near Sand Point, Ont. John A. Roche, mayor of Chicago from 1887 to 1898, died suddenly of heart disease, aged 60 years. Ice gorges in the Susquehanna river were causing great damage at Wilkes. barre, Pa., and other places. The new customs duties announced by Cuba practically prohibit American competition in many articles. Mayor Johnson formally opened the national bowling tournament at Cleveland by rolling the first ball. Andre Matteson, for 20 years editor of the Chicago Times, died at his home in Highland Park, Ill., aged 75 years. George Bearskin, principal chief of the Seneca Indians; was found frozen to death by the roadside near Cayuga, I. T. The Iowa convention to select delegates to the national democratic convention will. be held in Des Moines on May 4. Four men were shot to death and three wounded at Coal Creek, Tenn., in a fight between union and nonunion miners. James McDonald, a teamster, was arrested at Bedford, Ind., on suspicion of being the murderer of Miss Sarah C. Schafer. Rev. G. Campbell Morgan, former London preacher, has been called to the Second Presbyterian church in Chicago as pastor. Two twin baby sisters named Black were so badly bitten by rats at the Logan county children's home in Ohio that they died. Owing to a shortage of $57,500 in the cashier's accounts the savings department of the Wolfboro (N. HI) Loan bank closed. Twenty persons leaped from the thirdstory windows of a/ burning factory building in Brooklyn, N. Y., and five were fatally injured. August W. Machen, the central figure in the postal trial in Washington, took the witness stand and denied all the charges preferred against him. Rev. James Warden, who for 60 years was an active Methodist minister, has at the age of 102 years been admitted to the Baltimore (Md.) almshouse. Two of the three great buildings of the Corn Products. company were destroyed by fire at Oswego, N. Y., causing a loss exceeding $1,000,000. A banquet 40 feet under Jackson boulevard, in the Illinois Telephone company's tunnel, was' given by the latter to 1,200 guests in Chicago. Secretary Taft told the house committee on insular affairs that slavery had been abolished in the Philippines by legislative action taken there. Advices say that the powers of the

12. February 19, 1904 The Ely Miner Ely, MN
Article from The Ely Miner, February 19, 1904

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After a run of ten days the Bank of Dunn, N. C., a state institution, closed its doors. Winsor T. White, of Cleveland, O., has been made president of the National Association of Automobile Manufacturers. Baltimore decided to ask for federal troops to patrol the fire-swept district, as the militiamen are needed by their employers in the effort to save business. Mayor McLane decided not to ask for outside aid at present. Secretary Taft told the house committee on insular affairs that slavery had been abolished in the Philippines by legislative action taken there. Charles F. Gould, aged 55, editor of the Evening Bulletin, fell dead while sitting at his desk in Evansville, Ind. Ice gorges in the Susquehanna river were causing great damage at Wilkesbarre, Pa., and other places. Paul Misik, convicted of the murder of Charles O'Brien, was hanged at Hartford, Conn. The Equitable national bank of New York city closed its doors, with deposits of $395,273. A banquet forty feet under Jackson boulevard, in the Illinois Telephone company's tunnel, was given by the latter to 1,200 guests in Chicago. James McDonald, under arrest at Bedford, Ind., charged with the murder of Miss Schafer, collapsed when taken to the scene of the crime. The Iowa antitrust law has been declared unconstitutional by Judge Pratt, of the Waterloo district court. Cattle raisers and shippers of the west charge railroads with conspiracy and with making freight rates excessive. President Roosevelt issued a proclamation, insisting that the citizens of the United States maintain strict neutrality in the Russo-Japanese war. August W. Machen in the postal trial in Washington concluded his testimony and the defense announced that it rested its case. In a fit of insanity at Fort Dodge, Ia., Miss Hulda Nelson killed her mother, a wealthy widow, and then committed suicide. Harlan W. Whipple, of Chicago, has been elected president of the American Automobile association. Two children, aged three and five years, of John E. Butler, were cremated in his home at Superior, Wis. Continued cold weather is a bar to spring trade in the west. Charles E. Kruger was hanged at Greensburg, Pa., for killing Constable Harry Bierer on July 9 last. At Syracuse, N. Y. the American exchange national bank closed its doors with liabilities of $500,000. Three students were expelled from McAllister university at St. Paul for hazing another student. Twenty-five independent tobacco manufacturers formed a league at a Boston meeting to fight the alleged combine. The South Carolina legislature has established a state department of commerce and immigration to secure desirable settlers. Secretary Hay's note regarding the integrity of China makes Washington the center of the world's diplomacy regarding the Russo-Japanese war. Baltimore will gain a more modern business district through the fire, according to the plans now being prepared. The banks have resumed operations and great progress was made in clearing the streets. A Great Northern passenger train at Pennock. Minn., collided with a freight train and four persons were killed.

13. February 20, 1904 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, February 20, 1904

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Dunn, N. C., a state institution, closed its doors. Winsor T. White, of Cleveland, O., has been made president of the National Association of Automobile Manufacturers. Baltimore decided to ask for federal troops to patrol the fire-swept district, as the militiamen are needed by their employers in the effort to save business. Mayor McLane decided not to ask for outside aid at present. Secretary Taft told the house committee on insular affairs that slavery had been abolished in the Philippines by legislative action taken there. Charles F. Gould, aged 55, editor of the Evening Bulletin, fell dead while sitting at his desk in Evansville, Ind. Ice gorges in the Susquehanna river were causing great damage at Wilkesbarre, Pa., and other places. Paul Misik, convicted of the murder of Charles O'Brien, was hanged at Hartford, Conn. The Equitable national bank of New York city closed its doors, with deposits of $395,273. A banquet forty feet under Jackson boulevard, in the Illinois Telephone company's tunnel, was given by the latter to 1,200 guests in Chicago. James McDonald, under arrest at Bedford, Ind., charged with the murder of Miss Schafer, collapsed when taken to the scene of the crime. The Iowa antitrust law has been declared unconstitutional by Judge Pratt, of the Waterloo district court. Cattle raisers and shippers of the west charge railroads with conspiracy and with making freight rates excessive. President Roosevelt issued a proclamation, insisting that the citizens of the United States maintain strict neutrality in the Russo-Japanese war. August W. Machen in the postal trial in Washington concluded his testimony and the defense announced that it rested its case. In a fit of insanity at Fort Dodge, Ia., Miss Hulda Nelson killed her mother, a wealthy widow, and then committed suicide. Harlan W. Whipple, of Chicago, has been elected president of the American Automobile association. Two children, aged three and, five years, of John E. Butler, were cremated in his home at Superior, Wis. Continued cold weather is a bar to spring trade in the west. Charles E. Kruger was hanged at Greensburg, Pa., for killing-Constable Harry Bierer on July 9 last. At Syracuse, N. Y. the American exchange national bank closed its doors with liabilities of $500,000. Three students were expelled from McAllister university at St. Paul for hazing another student. Twenty-five independent tobacco manufacturers formed a league at a Boston meeting to fight the alleged combine. The South Carolina legislature has established a state department of commerce and immigration to secure desirable settlers. Secretary Hay's note regarding the integrity of China makes Washington the center of the world's diplomacy regarding the Russo-Japanese war. Baltimore will gain a more modern business district through the fire, according to the plans now being prepared. The banks have resumed operations and great progress was made in clearing the streets. A Great Northern passenger train at Pennock. Minn., collided with a freight train and four persons were Filled,

14. February 21, 1904 New-York Tribune New York, NY
Article from New-York Tribune, February 21, 1904

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RAISING STOCK CHARGED. Ex-Cashier of Bank in Examiner's Hands a Prisoner. Following closely on the appointment of a receiver for the Equitable National Bank comes the charge by Assistant District Attorney Krotel that a portion of the stock of the bank has been systematically raised by Charles F. Broach while he was cashier. Breach was arrested yesterday by Detective Flood in the District Attorney's office. charged with grand larceny and forgery. Assistant District Attorney Krotel says that Broach. who was employed by the bank while Charles A. Nones was president. owned ten shares of the stock. made out in certificates of one share each. and that early in January Broach called on Harry C. Mott, president of the National Bank of Northport, Long Island. and offered him a certificate calling for ninety shares of stock of the Equitable National Bank alleged to be worth $3,000. or $100 a share. Mr. Mott. it is said, advanced $3,000 to Broach on the certificate. Later, it is alleged, the certificate was found to have been raised from one share to ninety. When this was discovered Broach went to Mott's book publishing establishment. at No. 76 William-st., it is alleged. and said he thuoght Mr. Nones would make everything right. Mr. Nones called on Mr. Krotel when he knew of the incident. and sald he knew of the ten shares which Broach owned, but did not know how extensively they had been raised. He denied that he had any especial Interest in Broach. Broach, it is said, called on Mr. Nones to furnish bail for him, and when It was not forthcoming the prisoner was sent to the Elizabeth-st. police station. He will be arraigned to-day, probably in the Tombs police court. In conference with Edward Ridgely, receiver of the Equitable National Bank, at No. 35 Nassau-st.. Mr. Krotel said he learned that other certificates bearing the name of Broach and alleged to have been raised had been found. The original sharebooks of the bank show that Broach was the owner of only ten shares. Broach admitted to Mr. Krotel, It is alleged. that he raised the certificates to cover speculation in Wall Street, but said he could make good Mr. Mott's loss. Broach was originally connected with the First National Bank of Lakewood. and when Charles J. Nones bought an interest in the Equitable National Bank. he took Broach with him as a confidential man, and made him cashier. Broach was succeeded last August by Owen T. Reeves. former'y a United States bank examiner. who was put in by the interests represented by the new president. Charles R. Schultz. The bank was closed a week ago last Wednesday by the Controller of the Currency. and Bank Examiner Edward Ridgley. on application of the directors. The cause of the closing was said to be the injudicious loaning of money by the old management. President Schultz said there was enough reserve on hand to pay all depositors in full. however, and that suits had been begun to collect the money out on insecure paper. The management asserts that this move means merely beginning afresh. and says the institution will soon be able to resume business. A few days ago Mr. Mott sent a letter to Receiver Ridglev saying that he held ninety shares of the bank's stock. on which he had lent $3.000 to Broach. and desired to have his assets recorded. Until about a week ago Broach boarded with his wife and two children at No 100 Park'st., Orange He then left there with his family Mrs. Broach and her children went to Mrs. W. T. Brown. her sister. at Madison. Broach was supposed to have gone to Jamaica. Long Island.

15. February 22, 1904 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 22, 1904

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FORGERY AND GRAND LARCENY Charged Against Late Cashier of a New York Bank. New York. Feb. 21. Charles F. Broach. who was cashier of the Equitable National Bank, S03 Broadway, until it was put in the hands of a receiver, Feb. 9, last. was arrested, Sunday. in the office of Asst. District Attorney Paul Krotel on charges of forgery and grand larceny. He had been escorted to the criminal court building by Detective Flood, who told him he was wanted there to explain a transaction connected with the affairs of the bank. but he was not taken into custody until after he had confessed. The complainant against Broach is Harry C. Mott. president of the National Bank of Northport, L. I. He alleges that he loaned $3000 to Broach on an altered certificate of stock of the Equitable Bank. It is charged that this certificate. which was originally for one share of stock, of the par value of $100. was raised to 90 shares giving it an apparent value of $9000. The raising of the certificate constitutes forgery in the first degree. which is punishable by 20 years in state prison. Upon receiving Pres. Mott's complaint, Mr. Krotel communicated with Nationaly Bank Examiner Edward Ridgely, who is the temporary receiver of the Equitable. Mr. Ridgely told Mr. Krotel that Broach owned 10 shares of the bank's stock, which had been issued to him in 10 one-share certificates. He said he had learned that Broach obtained loans on raised certificates from several other banks beside the Northport institutions and that the money raised by these transactions amounted to a large sum. Detective Flood. yesterday morning, found Broach at 76 William street, where the ex-cashier had an office since the suspension of the bank Broach willingly consented to go to the district attorney's office. He requested that Charles A. Nones. an expresident of the bank, be asked to meet him there. When the two former bank officers met in Mr. Krotel's office. Broach prompetly confessed his transactions with the Northport bank. He said he had lost the $3000 and much more in speculations in Wall street, but that he would be able to refund the money if he could have a little time to do so Mr. Krotel said no such offer could be considered and ordered Detective Flood to place the ex-cashier under arrest. Broach asked Mr. Nones to furnish bail for him. but the latter refused. He declared that Broach had betrayed the trust which had been reposed in him. Broach was taken to the Elizabeth Street station and locked up. He will be igued M

16. February 24, 1904 New-York Tribune New York, NY
Article from New-York Tribune, February 24, 1904

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BROACH'S CONFESSION. It Is Being Investigated-Bank to Pay Depositors in Full. Charles F. Broach, former cashier of the Equitable National Bank, who is in the Tombs unable to get bail and awaiting trial on charges of forgery and grand larceny, has made a statement to Distract Attorney Jerome, in the nature of a confession. Mr. Jerome will investigate the statement "A mere statement by such a defendant as Broach," Mr. Jerome said last evening, "Is worth nothing without corroboration. Investigations will have to be made, and they are already under way." Edward Ridgely, the receiver of the Equitable National Bank, said yesterday that all the depositors of the bank would be paid in full. The bank, he said, had not lost any money by the transactions of Broach in raising stock certificates and borrowing money on them. The liabilities of the bank appeared to be about $257,000, he said, and the assets were about $449,000. The bank's capital stock was $200,000, and the stockholders may receive over 70 per cent when the affairs of the bank are settled. "The stock of the bank," Mr. Ridgely said, "has been distributed among a rather large number of persons. Undoubtedly a good deal of it is held by banks which accepted it as security for loans. It is not an uncommon thing for a bank to be started by the aid of outside loans upon the issue of its stock. Charles A. Nones, who was president of the bank for a time, lost about $35.000 when he sold back to Carl R. Schultz at 70 the stock which he had bought for control at 107. He has declared that he was decelved about the bank's affairs, and he was glad to get out after five weeks' experience. His attorney. Alfred Lauterbach, yesterday said that when Mr. Nones bought control of the bank's stock he accepted an offer by Broach to lend $25,000 toward the stock purchase. Mr. Lauterbach added: "Broach produced his $25,000 and lent it to Nones on the latter's notes for, I think, one, two, three, five and eight months respectively. Nones had no Idea that Broach had borrowed the money. Nones, having obtained the stock and Broach's money, deposited both. together with some of his own money, with persons or institutions from which he had arranged to secure loans aggregating $107,000. The bank stock was collateral for the loans and the cash was for additional margin. In the mean time the First National Bank of Norwich, Conn., from which Broach had borrowed the money. let Broach know that it would expect his first note of $15,000 to be met on maturity. Broach then had to tell Nones where he had got his $25,000. Nones promptly assumed the loan, Broach turning over to the bank Nones's notes, which he held, and Nones has paid back to the Norwich bank all the $25,000 except $11,500. which is not yet due. but which will be paid as fast as the notes securing it fall due."

17. April 15, 1904 New-York Tribune New York, NY
Article from New-York Tribune, April 15, 1904

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At the weekly auction sale of some of its securities on Wednesday stock of the bank, with assessments on it, sold as low as $10 3. share, causing condiderable comment. One lot of this stock at $10 a share (hypothecated), assessment unpaid. fifty shares, was sold by order of Edward Ridgely, receiver of the Equitable National Bank. At the Clearing House It was said that the Federal Bank was not a member of the association and did not clear through any of its members. Wall Street had It that the bank did its own check collecLions, but It was also reported that by arrangements with a downtown bank it obtained the acceptance of its checks. It is also understood that persons behind the Institution have applied for a charter for di national bank at Manchester, Conn. Posted on the Federal Bank doors yesterday were two notices headed, "The Globe Security Company," "William M. Muirhead, treasurer," and saying that "all checks of ours on this bank present to above for payment." The failure was called to the attention of Mr. Jerome yesterday. He was told that Section 601 of the Penal Code makes it a misdemeanor for a bank to receive deposits after the examiner has taken charge of its affairs, and it was alleged that the Federal Bank received two such deposits yesterday. Mr. Jerome admitted that there was such a section, but said that It stated that the officials must wilfully and knowingly take such deposits before he could proceed against them. Mr. Rothschild has of late repeatedly repudiated any connection with the Globe Security Company. Late last night, at the Ansonia, it was said that Mr. Rothschild had left home in the morning and had not yet returned. It was added that Mr. Rothschild was probably in town.

18. January 6, 1905 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, January 6, 1905

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Business Failures Jan. 14-Auburn (Ind.) Farmers' bank. 16-Mt. Ayr (la.) Citizens' bank; $450,000. 22-Cleveland (0.) Produce Exchange bank and branches at Belford, Hudson and Defiance. 23-Elkhart (Ind.) Nat. bank. 30-New York, A. B. Baxter & Co., cotton brokers; $2,000,000. Feb. 2-New Orleans, Kirby Lumber Co. and Houston Oil Co. Clarksburg (W. Va.) Traders' Nat. bank. 9-McGruder (Tex.) Citizens' Nat. bank. 10-New York Equitable Nat. bank Bank of Dunn, N. C. 11-Syracuse (N. Y.) Exchange Nat. bank; $500,000. 15-Pella (Ia.) Savings bank. 28-Opelika (Ala.) bank; $150,000 Tanton (Mass.) bank; $600,000. Mar. 2-Le Sueur (Minn.) bank; $95,000. 11-Garden Grove and Coin (Ia.) banks. 18-Daniel Sully, New York cotton king; $17,000,000. 21-Lonaconing (Md.) Savings bank. 22-Riverside (Cal.) bank....E. O. Miller, banker, Providence, Ia National bank of Holdenville, Ind. T., suspends operaHons. B1-Union Trust, Boston; $1,600,000. Federal Trust, Cleveland; $1,000,000. Apr. 4-Capital Nat. bank, Guthrie, Okla.; $1,033,000.... W. B. Mack, New York.

19. January 6, 1905 Middlebury Register Middlebury, VT
Article from Middlebury Register, January 6, 1905

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Business Failures Jan. 11-Auburn (Ind.) Farmers' bank. 16-Mt. Ayr (la.) Citizens' bank; $450,000. 22-Cleveland (O.) Produce Exchange bank and branches at Belford, Hudson and Defiance. 23-Elkhart (Ind.) Nat. bank. BO-New York, A. B. Baxter & Co., cotton brokers; $2,000,000. Feb. 2-New Orleans, Kirby Lumber Co. and Houston Oil Co. Clarksburg (W. Va.) Traders' Nat. bank. 9-McGruder (Tex.) Citizens' Nat. bank. 10-New York Equitable Nat. bank Bank of Dunn, N. C. 11-Syracuse (N. Y.) Exchange Nat. bank; $500,000. 15-Pella (Ia.) Savings bank. 28-Opelika (Ala.) bank; $150,000 Tanton (Mass.) bank: $600,000. Mar. 2-Le Sueur (Minn.) bank; $95,000. 11-Garden Grove and Coin (Ia.) banks. 18-Daniel Sully, New York cotton king; $17,000,000. 21-Lonaconing (Md.) Savings bank. 22-Riverside (Cal.) bank E. O Miller, banker, Providence, Ia National bank of Holdenville, Ind. T., suspends operations. 81-Union Trust, Boston: $1,600,000 Federal Trust, Cleveland: $1,000,000. Apr. 4-Capital Nat. bank, Guthrie, Okla.; $1,033,000 W. B. Mack, New York.