The evening world., 1904-02-10
EQUITABLE BANK
I ORDERED CLOSED
Institution Organized by Post
master Van Colt and Political
/ Associates Put Out Of Busi-
ness by Comptroller RidgeIy.

Tho Equitable National Bank of the
City OF New York, at No. SOC Broadway.
was closed to-day by order of Comptrol-
Ter of the Currency Ridgely.
This action followed n meeting OF the
officers and directors OF the bank yes
terday. ut which II was decided that
the bank was not even self-supporting
and that with the handicap Of having
TO carry $4,000 OF worthless paper. n
heritage from the old management.
struggle any longer.
1t was therefore decided 20 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. re-
ceiver.
There was q small run on the bank
yesterday when the fact that 1t might
close became known. Depositors who
appeared before the regular closing time
were paid of. promptly and 1t 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 dis
trict organized the Equitable National
Bank In May. 1902, and 1t opened for
business the following month. Mr.. Van
Colt was President OF the bank. which
never did very much business The
present management and the bank ex-
afniners have denounced the old man
aremont rep aa'eily. esoeciallv because
OF the inJudloi5is loans that 1t made.
The methods OF the Van Cott manage
ment certainly got the bank into Diff
hculties. and last August 1t was de-
cided TO reorgnnize. Carl Randolph
Schultz. son of the soda water man, and
n boy OF twenty-seven. vas made Presi-
dent. Much was published IN the time
about the young man. who was said
10 be the youngest bank president in the
world Julius Hammerslough was
elected First ce-President. T.. @. Gil
more Second Vice President and Owen
T. Reeves, jr., cashier.
The new officers made n desperate O
night to save the bank. but could not.
They were too heavily handicapped by
the weight OF worthless paper At The
meeting yesterday Mr.. Van Cott and IA
number OF others were present and
after going thoroughly over the situn-
tion they agreed THAI there was nothing
10 do but iiquidate. A statement was
issued that all depositors would Dc paid
in full ands then the Comptroller was
asked by wire to act
Tho Equitable National lianx In cap
TALKED at 500 900. IL has IL. dspOSlturs,
to whom slS5. 100 is due. rhe as'.'rts are
said to be tSSS.ooo. not including S::,OCO
President schultz when seen to-day
street, made this statement cf the
trouble:
lit is simply a case OF getting out.
We decided yesterday that We would
have to do IT, The appointment OF Mr..
.LIsgely as receiver is only temporary
sIe will M act until the depositors
have beer paid on, and then we expect
the appointment OF Mr.. Reeves. our
at least We have petitioned for his
appointment. Mr.. Reeves was once a
National bank examiner and fully COM
petent for the task I think we have
and the others are well covered by our
assets. No one will lose anything 80
no one need get In the least excited
How about this talk of bad paper
and had management" asked an Even
ing World reporter.
"The so. called bad paper" answered
Mr.. Schultz, lis an heirloom from the
did management. You see. we hnys
only been In since Sept. !, and we found
this paper here when we came. II
amounts TO $4,000. and we have insti.
gated suits for the recovery Of large
part OF this"
The other officers OF the bank declined
20 discuss the situation. Receiver
Ridgcly also refused to make anv
statement. There was no excitement Mt
the bank to-day. depositors having all
been assured by letter that they will
be paid off within n wos,..