The San Francisco call., 1901-12-22

The only difference between the stu
alton then and now was that George Van
derbilt was a stockholder in the Metro
politan Savings Bank, having become in
terested in the concern through an effort
to help his nephew, Philip " Caesar.
Finding the banks affairs in bad shape
he had McNamee come to Tacoma and
liqCidate. McNamee issued public notice
to the effect that Vanderbilt had no in
terest in the Metropolitan Bank, which
was Immediately organized and opened by
Caesar, Jacob Vanderbilt and T.. w.
Enos, who had been officers of the old
bank.
The liquidation Of the old bank and the
XII owledge that these men were connected
with the Vanderbilt family inspired public
confidence to such extent that they did
large business from the start, consider
tng that the bank had capital Of only
S50,OOO of which $4,000 was paid up. Early
in November it had deposits Of nearly
$eGa, 900.
Depositors Start "Run."
At that time the National Exchange
Bank of New York sued for a receiver
! ship for the remaining assets of the old
Metropolitan Savings Bank, claiming to
be dissatisfied with the settlement offered
/ by George w. Vanderbilt's representa-
| tive. A ten-line notice Of this suit in a
! local paper caused misapprehension. A
! large number of Scandinavian depositorS
| believing that a receiver was wanted for
the new Metropolitan Bank, run" re-
suited and in a few days the depositors
had withdrawn $50 900, leaving only $4,000
! in cash on hand.
Two days after the bank failed Presi-
dent Philip Caesar went to New York to
consult the Vanderbilt family. 1t is un-
! derstood here that he was not cordially
welcomed, but, nevertheless, through Nc
Nance, who is business manager for
George W. Vanderbilt, negotiations were
commenced looking toward settlement
of the banks affairs.
McNamee arrived here two weeks ago
and began thorough investigation. His
report, together with the recommended
tion that the money be advanced to pay
all depositors, was forwarded by mail,
reaching New York two days ago. George
W. Vanderbilt considered that it would
be unfair for him to stand the loss en-
tirely alone and presented the matter to
| William K and Frederick W. Vanderbilt.
with the result that they voluntarily Of
fered to aid in advancing the necessary
money. McNamee received a telegra m
this afternoon announcing that the neces-
sary money had been deposited in New
York. subject to his order.
Price of Spotless Name.
The amount advanced to-day, together
with that paid by George w. Vanderbilt
four years ago, makes more than s1,OOO,-
600 which the Vanderbilt family has ad-
vanced to pay Tacoma depositors in the
! two Metropolitan banks. The assets of
the new bank are valued at about 5000 900,
which will leave net loss, after settling
( the affairs of both institutions, of about
/ 5000, ,000
The new bank had 1900 depositors, most
! of whom were working people. The bank
failure had greatly affected Christmas
trade and there was great rejoicing in
Tacoma tonight over this second act of
wholesale generosity on the part of the
| Vanderbilt family.
There has been talk among depositors
of the possibility Of criminal proceedings
against the officers of the new bank. but
its liquidation by the Vanderbilts will un-
! doubtedly forestall any such action.