The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-12-23
COST A MILLION.
For the Vanderbilts to Save the
Family Name.

Tacoma, Wash, Dec. 23.-George Van
derbilt, William X Vanderbilt and
Frederick Vanderbilt today deposited
$500, 900 in a New York bank subject to
the order of Charles McNamee, their
legal adviser and representative, who is
now here. This money will be used in
paying off in full depositors of the
Metropolitan bank, which suspended
November 10 after two days run
This generous action the part of
the Vanderbilts results simply from a
desire to keep the family name abso~
lutely spotless In the business world
The Vanderbilt family had neither legal
nor moral responsibility in the Metro
politan bank failure Their only con-
nection with it is the fact that 1t was
managed by Philip Vanderbilt Caesar
and Jacob Vanderbilt, third and second
cousins of the men who today advanced
half million dollars to pay of depos-
itOrs.
In May, 1898, George Vanderbilt per-
sonally advanced $500, 900 under almost
similar circumstances to assist the Met
ropolitan Savings bank. He took the
assets and has since realized something
on them, leaving his net loss about $780,
0OO
The only difference between the stu
alton then and now was that Mr.. Van
derbilt was a stockholder in the Metro
politan Savings bank. having become
to help his nephew, Philip V. Caesar.
Finding the banks affairs in bad shape
he then had Mr.. McNamee come to Ia
coma and iQuidate. The latter also is
Mr.. Vanderbilt had no interest in the
Metropolitan bank, which was immedi-
ately organized and opened by Caesar,
Jacob Vanderbilt and T. w. Enos, who
had been officers of the old bank
Liquidation of the old debts and
knowledge that these men were con-
nected with the Vanderbilt family in
spired public confidence to such an ex-
tent that the institution did a large
business from the start; considering
that the bank had a capital of only
$4,000. Of which $4,000 was paid up.
Early in November it had deposits of
nearly 100000. At that time the Ma
tiona1 Exchange bank of New York
sued for receiver for the remaining
assets of the old Metropolitan bank.
claiming to be dissatisfied with the set
tlement offered by George Vanderbilt's
representatives. A ten-line notice of
this suit in local paper caused mis-
A large number of Scandinavian deposit
orss believing that a receiver was wanted
run and in a few DAYS deposi tcsuse had
Witnorawn $4,000. leaving only $1,000 in
Two days after the bank failed Presi-
dent Phillip Caesar went to New York to
derstood here that he was not cordially
welcomed. but nevertheless, through Mr.
N1C4Nalees VINO Is business manager for
George Vanderbilt, negotiations were COM
menced looking toward a settlement of
the bank affairs Mr.. McNamee arrived
here two weeks ago and began a thorough
investigation He reports, together with
the recommendation that money be adj
vanced to pay all depositors was for
Warued by mail. reaching New York two
days ago.
George Vanderbilt considered that it
would be unfair for him to stand the loss
to William noq ana PesSHafeS 5hs ma5tar
WITH the result that they voluntarily Of
Tered to aid in advancing the necessary
money. Mr.. McNamee received a teie-
gram stating that the necessary money
had been deposited In New York subject
to his order.
The amount advanced today, together
With that paid by George K. Vanderbilt
-FOUR years ago, makes over 81 600 600 which
the Vanderbilt family has advanced to
pay Tacoma depositors in the two Metro
pOlitan banks. Assets of new banks are
valued at about $500. 000 which will leave
a net loss after settling both banks of
about $500. 0O0- The new bank had s, 200 de-
positors, most of whom were working
people
The bank failure has greatly affected
christmas trade and there is much re-
1oicing IN Tacoma over the second whole
sale act of generosity on the part of the
There has been talk among the depos-
1torS or possibility of criminal proceed
lngS against the officers of the new bank
out ITS liquidation by the Vanderbilts will |
undoubtedly fOreStall any such action