The sun., 1901-11-20
ERROR WRECKS TACOMA BANK
NEW YORK SUIT STARTS 4 RUN
ON WRONG INSTITUTION.
George vanderhilts Former Bank, the
Metropolitan Savings, Which He
closed at Loss. Was Sucd-Metro-
politan National. With Vanderbilt
Cousin as President, Forced 70 Close.

politan National. With Vanderbilt
Cousin as President, Forced 70 Close.
TACOMA. Wash. Nov i9.-The Metro
politan National Bank Of this CITY failed to
open for business this morning. The bank
experienced a heavy run yesterday. caused
by q suit brought for the appointment
OF a receiver for the Metropolitan Savings
Bank, which went into liquidation in May,
1898. Small depositors confused the names
OF the two banks and thought legal troubles
were threatened for the Metropolitan
bank.
Some began by drawing their funds on
Saturday, and yesterday the run became
general. Between $50 900 and $50 900 was
paid out during the day TO small depositors.
Business firms did not become alarmed,
because they were assured by President
Caesar that the bank had sufficient con-
vertible assets To provide funds for an or
binary run. The Clearing House banks
yesterday provided the Metropolitan with
$50, 900 in gold. taking in return its best Sc
curities.
The Clearing House Committee met last
night and decided to furnish further funds
provided the bank itself could obtain a
esihOuis oy
Philip Caesar is a cousin Of William X. and
George Vanderbilt, and has other influ-
entail Eastern connections. Apparently
he expe cted last night to obtain money
from this source, but failed, and in conse-
quence the Clearing House would not ad-
vance more cash. The bank accordingly
failed to open and on the application Of
President Caesar. Dwight Phelps, a pawn
broker. has been appointed receiver by
Judge Chapman.
No statement Of the banks condition
has been made. Its capital stock is 5000
and it had deposits nearing half million.
Part OF its assets comprise notes and real
estate, which the other banks did not believe
of the amount ii will pay out through the
receivership vary from thirty to eighty
per cent.
The failure OF this bank is directly due
TO the liquidation Of the affairs of the old
Metropolitan Savings Bank by George
Vanderbilt during the summer of 1893.
He became interested in this bank through
loan on the banks building and eventually
acquired a controlling interest to protect
himself. Mr.. Vanderbilt finally decided 10
close the bank out and sent Charles MoNa,
NEE OF North Carolina, his confidential
business agent here, TO carry out the liquida-
ton plans. Mr.. Vanderbilt advanced
money to pay every depositor in full.
Only four claims remained unsettled,
the chief one being note for 600 pledged
as security to the New York National Ex-
change Bank. In November of last year
In the sum Of 5000 II was dissatisfied
and on Friday last began a suit in the SUI
perior Court for tho collection OF the full
amount on Judgment obtained last
August In this suit, Il alleges that the debts
OF the Metropolitan Savings Bank are $780,
600 In excess OF It's assets, nd requests
the appointment Of a receiver. 1en-line
notices of this suit appearing in local
paper on Saturday morning started yes
terdays run on the Metropolitan Bank.
Phillip Caesar and T. W. Enos were Presi-
dent and vice-President Of the Metropolitan
Savings Bank. On May !, 1898, when the
announcement was made that this bank
would 60 into liquidation they opened the
Metropolitan Bank, themselves being chief
stock kholders II is understood that George
Vanderbilt paid them $4,000 for permitting
him to liquidate the AFFAIRS OF the old bank.
With this money they started the new
hank. II cost George Vanderbilt over 500
OOO 20 liquidate the Metropolitan Savings
Bank Affairs and close out other Tacoma
property obtained through this hank.
Through the bank he obtained the owner
ship of the Tacoma Theatre building, which
had also been mortgaged 10 an Eastern
Insurance. company. He gave the In
surance company quit claim deed 20 his
interest and 10y this transaction lost So, ,JDO.
In this manner he closed out all hi- Tacoma
property excepting the Vanderbilt Build
ing at Pacific avenue aud Thirteenth street.
which cost him $3.50 Both Mr.. Van
derbiIt and Mr McName- were dlsgusted
with their banking cXp"neuco here.
The property on which Mr. Vanderbilt =
losses occirr,d waz acquired on lnans
made before Mr.. Caesar b"caIn" President.
Ilis pssdeo.ssor was IAnus D.. Post v ho
suddonly disappeared Ia 1895 owing the
bank large sum and ho has never bosn
hs~n siuo~.
Jame- ls.baron johnson 81 New lork 4,
who created sensation lat summer 10y
slup.ug a. EToI- With Mi>- May llurm
81 San lTahasoo, " az raHllfef ~ The Met
ToIahtan Savings bsnk fur several years
before returning a. New iork 90 study