251bd8f8Borrowed from banks or large institutions, Capital injected, Full suspension
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Metropolitan Bank, Tacoma, Fails. Tacoma, Wash., Nov. 19.-The Metropolitan bank failed today as a result of a run which started over a misunderstanding with regard to a suit filed against a defunct bank of similar name. The deposits amount to $500,000. Dwight Phelps has been appointed receiver.
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TACOMA BANK FAILS. No Statement Given Out by the Recelvers of Metropolitan. TACOMA, Wash., November 20.-No statement of the liabilities and resources of the Metropolitan Bank, which has passed into the hands of a receiver, has yet been given out. After the run on the bank yesterday the clearing house met and after an examination of the securities of the bank offered to advance money to carry it over, provided President Caesar raised $25,000. This was not done and the clearing house declined assistance.
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BANK CLOSES ITS DOORS. Run Was Started Through a Misunderstanding. Tacoma, Wash., Nov. 19.-The Metropolitan Bank, H. V. Caesar, President, closed its doors today after standing a run all day yesterday. The run began as the result of a misunderstanding, the small depositors believing that a suit filed Friday against the receivers of the Metropolitan Savings Bank, which failed five days ago, had something to do with the present Metropolitan Bank. About $40,000 was withdrawn yesterday, and today the bank applied for a receiver. Dwight Phelps was appointed. The fact that the school children's savings accounts, amounting to $12,000, was in the bank, helped to spread the rumor started by the suit. The Metropolitan's total deposits are about $500,000. The failure is due entirely to the above mentioned misunderstanding. President Caesar says he is negotiating with New Yorkers and believes he will be able to perfect arrangements to pay every depositor in full. The school savings are secured by school warrants held in trust by the School Board.
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Was the Victim of a Run Caused by Confusion of Name with a Defunct Concern. WAS CAPITALIZED AT $50,000 It Is Stated the Securities of the Bank Are Below Amount Credited to Depositors$6,000 in Vaults. TACOMA. Nov. 19.-The Metropolitan Bank falled today as a result of a run which started over a misunderstanding with regard to a suit filed against a defunct bank of a similar name. The deposits amount to $500,000. Dwight Phelps has been appointed receiver. The officers of the Metropolitan. which is a succesor to the old Metropolitan Savings Bank, are: P. D. Caeear, president: T. W. Enos, vice-president, and O. B. Selvig, cashier. The bank was capitalized at $50,000. No statement of the liabilities and resources has yet been given out. After the run on the bank yesterday the clearing house met and offered to advanoe the money to carry It provided President Caesar raised $25,000. This was not done and the clearing house declined assistance. It is unofficially stated that the securities of the bank are below the amount credited to depositors and that there was only $6000 cash in the vaults this mornig.
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RUN ON A BANK CAUSES FAILURE A MISUNDERSTANDING AMONG THE SMALL DEPOSITORS AS TO EFFECT OF A SUIT CAUSES THE METROPOLITAN TO SUSPEND. Tacoma, Wy., November 19.-The Metropolitan Bank, H. V. Caesar, president, closed its doors today after standing a run all day yesterday. The run began as the result of a misunderstanding, the small depositors believing that a suit filed Friday against the receivers of the Metropolitan Savings Bank which failed five days ago, had something to do with the present Metropolitan Bank. About $40.000 was withdrawn yesterday. and today the bank applied for a receiver. Dwight Phelps was appointed. The fact that the school children's savings accounts. amounting to $12,000. was in the bank helped to spread the rumor started by the suit. The Metropolitan total deposits are about $500,000. The failure is due entirely to the above-mentioned misunderstanding. President Caesar says he is negotiating with New York parties and believes he will be able to perfect arrangements to pay every depositor in full. The school savings are secured by school warrants held in trust by the school board.
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MADEARUN ON THE BANK UNWARRANTED PANIC CAUSED A SOLVENT BANK TO CLOSE. TACOMA, Wash., Nov. 19.--The Metropolitan bank, P. V. Caesar, president, closed its doors today, after standing against a run all day yesterday. The run began as the result of a misunderstanding, the small depositors believing that a suit filed Friday against the receiver of the Metropolitan Savings bank, which failed five days ago, had something to do with the present Metropolitan bank. About $40,000 was withdrawn yesterday, and today the bank applied for a receiver. Dwight Phelps was appointed, with a bond of $10,000. The fact that the school children's savings acount, amounting to $12,000, was in the bank helped to spread the rumor started by the suit. The Metropolitan's total deposits are about $500,000. The failure is due entirely to the misunderstanding, President Caesar says he is negotiating with New York parties, and believes he will be able to perfect arrángements to pay every depositor in full. The school savings are secured by school warrants held in trust by the school board.
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Couldn't Stand the Run. Tacoma, Wash., Nov. 20.-The Metropolitan bank failed yesterday as a result of a run which started over a misunderstanding with regard to a suit filed against a defunct bank of a sim ilar name. The deposits amount to $500,000. Dwight Phelps was subse quently appointed receiver.
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Tacoma Bank Failure. Tacoma, Wash., Nov. 20.-The Metropolitan Bank failed yesterday as the result of a run which started over a misunderstanding with regard to a suit filed against a defunct bank of a similar name. The deposits amount to $500,000. Dwight Phelps was subsequently appointed receiver.
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depress values in the New York stock market Monday were at work again. The Metropolitar bank, Tacoma. Wash., was forced to suspend on account of a run.
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TACOMA BANK FORCED TO CLOSE ITS DOORS Tamoca, Wash., Nov. 19.-The Metropolitan Bank, P. V. Caesar, president, closed its doors today after experiencing a run all day yesterday. The run begun as the result of a misunderstanding, the small depositors believing that a suit filed Friday against the etropolitan Savings Bank which failed five days ago, had something to do with the present etropolitan bank. Today the bank applied for a receiver. Dwight Phelps was appointed with a bond of $10,000. The failure is due entirely to the misunderstanding. President Caesar says he is negotiating with New York people and he believes he will be able to perfect arrangements. to pay every depositor in full. The school savings are secured by school warrants held in trust by the schol board.
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TACOMA BANK FAILS TO OPEN Scared Depositors Begin a "Run" on the Metropolitan. George Vanderbilt Loses in Financial Operations on the Sound. Special Dispatch to The Call TACOMA, Nov. 19.-The Metropolitan Bank failed to open for business this morning. The bank experienced a heavy "run" yesterday, caused by a suit brought for the appointment of a receiver for the Metropolitan Savings Bank, which went into liquidation in May, 1898. Small stockholders confused the names of the two banks and believed that legal trouble threatened the Metropolitan. Some began withdrawing their funds on Saturday and yesterday the "run' became general. Between $80,000 and $90,000 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 convertible assets to provide funds for any ordinary exigency. The clearing-house banks yesterday provided the Metropolitan with $50,000 in gold, taking in return its best securities. The clearing-house met last night and decided not to supply further funds unless the bank itself could obtain a certain sum by this morning. President Caesar is a nephew of William K. and George Vanderbilt and has other influential Eastern connections. He apparently expected last night to obtain money from this source, but failed. The bank accordingly did not open and on application of Caesar Dwight Phelps, a money-lender, was appointed receiver by Judge Chapman. Cause of the Failure. No statement of the bank's condition has been made. Its capital stock is $50,000 and the deposits nearly $500,000. Part of its assets comprise notes and real estate -security which other banks did not believe could be realized upon quickly. Estimates of the amount it will pay out through the receivership vary from 30 to 80 per cent. The failure of the bank is directly due to the liquidation of the old Metropolitan Savings Bank by George Vanderbilt during the summer of 1898. He became interested in this bank through a loan on the bank's building and eventually acquired a controlling interest. Vanderbilt finally decided to close the bank and sent Charles McNamee of North Carolina, his contidential business agent here, to carry out the liquidation plan. Vanderbilt advanced money to pay every depositor in full. Only four claims remained unsettled. the chief one being a note for $18,000 pledged as security to the New York National Exchange Bank. This bank at first declined to accept settlement offered by McNamce, but in November of last year accepted such settlement in the sum of $5000. according to allegations of the officers of the defunct Metropolitan Savings Bank The bank was dissatisfied with this and on Friday last began suit in the Superior Court for collection of the full amount on a judgment obtained last August. In this suit it is alleged that the debts of the Metropolitan Savings Bank were $300.000 in excess of its assets and requested the appointment of a receiver. Vanderbilt Loses Heavily. Philip Caesar and T. W. Enos were president and vice president of the Metropolitan Savings Bank. On the day the announcement was made that the bank would go into liquidation they opened the Metropolitan Bank, themselves being the chief stockholders. It is understood that George Vanderbilt paid them $50,000 for permitting him to liquidate the old bank. With this money they started the new bank. It cost George Vanderbilt $200,000 to liquidate the Metropolitan Savings Bank and close out the other Tacoma Through the bank he obtained ownership property. of the Tacoma Theater, which had been mortgaged to an Eastern insurance company for a large sum. He gave the insurance company a quit claim deed to his interest, and by this transaction lost $60,000. Both Vanderbilt and McNamee were disgusted with their banking experience here. The property on which Vanderbilt's losses occurred was acquired on loans made before Caesar became president. His predecessor in that office was Linus 1895, E. Post. who suddenly disappeared in has and owing the bank a large sum, never been heard from since. James Le Baron Johnson, who created a sensation last summer by eloping to Euwith Miss Mary Hoffman of San rope Francisco, was cashier of the MetropoliSavings Bank for several years betan fore returning to New York to study theology under Rector Huntington of Grace Church.
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FALSE REPORTS START RUN ON TACOMA BANK Tacoma, Wash.. Nov. 19.-The Metropolitan bank, P. V. Caesar, president closed its doors today, after standing against a run all 'day yesterday. The run began as the result of a misunderstanding, the small depositors believing that a suit filed Friday against the receiver of the Metropolitan Savings bank, which failed five days ago, had something to do with the present Metropolitan bank. About $40,000 was withdrawn yesterday and today the bank applied for a receiver. Dwight Phelps was appointed, with a bond of $10,000. The fact that the school children savings acocunt, amounting to $12,000, was in the bank, helped to spread the rumor started by the suit. The Metropolitan's total deposits are about $500,000. The failure is due entirely to the misunderstanding. President Caesar says he is negotiating with New York parties, and believes he will be able to perfect arrangements to pay every depositor in full. The school savings are secured by school warrants held in trust by the school board.
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TACOMA BANK CLOSES DOORS. Run on the Metropolitan Was More Than It Could Stand. Tacoma, Wash., Nov. 19.-The Metropolitan Bank, P. V., Caesar president, closed its doors to-day after experiencing a run all day yesterday. The run began as the result of a misunderstanding, the small depositors believing that a suit filed Friday against the receiver of the Metropolitan Savings Bank. which failed five days ago, had something to do with the present Metropolitan Bank. About $40,000 was withdrawn yesterday and to-day the bank applied for a receiver. Dwight Phelps was appointed with a bond of $10,000. The Metropolitan's total deposits are about $500,000. The failure is due entirely to the misunderstanding.
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also expended $80,000 in connection with the election. Peter Reid, a wealthy mill man has been sentenced to hang for high way robbery. This is the first case in the state involving the death sen tence for this offense. The court of appeal of Kentucky has decided that Clifton J. Pratt (re publican) is entitled to the position of attorney-general held by Robert B Breckinridge (democrat). A warrant for the arrest of Willi Sweet, former congressman from Idaho, was issued at Lewiston or complaint of Mrs. E. W. Baughman who alleges embezzlement. The Fort Worth brewery, at Austin Tex., pleaded guilty to the charge o violating the antitrust law and was fined $5,500. The other accused breweries will do the same. Four sisters were burned to deatl at Pittsburg in a blaze caused by at attempt to start a fire with kerosene A factory girl at St. Joseph, Mo., re ceived a bequest of $20,000. An unknown person who declare he owed the government $18,66 turned that amount into the United States treasury. It is supposed to b the duty on an importation. Three men were placed in th pillory for an hour and flogged at th New Castle (Del.) workhouse, thes being the first criminals punishe under the new Delaware law. The Virginia constitutional conver tion adopted the report of the con mittee on education which allows th legislature to enact what is practica ly a compulsory education law. Because the smoke seriously affec ed his throat Ferdinando Avendan tenor of the Southwell opera company has entered suit against the smok inspector and city of St. Louis. The Sunny South, a leading south ern literary paper, has discontinue the publication of Walter Besant' serial story because the heroine 1 made to marry a negro criminal. Clem Studebaker, president of th Studebaker Manufacturing compan and one of the best-known vehicl manufacturers in America, is in a dy ing condition at South Bend, Ind. Thomas Meehan, a noted horticu turist and botanist, died at his hom in Germantown, Pa., aged 75 years He was the first to succeed in flower ing the victoria regia in this country The contest between union and nor union men at the Allis-Chalmer shops, Chicago, resulted in the killin of a union man supposed to be Georg Trapp, who was patrolling the factor district. Bay View strikers who left th employ of the rolling mills last sun mer, during the great steel strik are suffering the pangs of hunger an many families are in a pitiable con dition. Mgr. Thomas B. Conaty was cons crated titular bishop of Samos. After fifteen hours on the bottom ( the bay, the submarine boat Fulto came to the surface, with all well o board. At Tacoma, the Metropolitan Banl with deposits of $500,000, failed as result of a run which started over misunderstanding with regard to suit filed against a defunct bank of similar name. Hoboken police claim that they an forging a strong chain of evidenc against Mrs. Elizabeth Dale, of Ch cago, and Elbert Waller, who are su pected of having poisoned Mrs. Dale 5-year-old daughter. The Danish minister, Mr. Brun, i working with the state department officials in giving the finishing touche to the treaty which provides for th acquisition of the Danish West Indie by the United States. Two companies of state troops cap tured a camp of striking miners a Nortonville, Ky., and arrested twenty three men belonging to the Unite Mine Workers. The tents and cam equipage were confiscated. The Omaha supreme court hande down an opinion affirming the injune tion issued four years ago by the dis trict court restraining the city fron giving away valuable franchises This probably means municipal owner ship. A strong attempt will be made at the coming session of congress to have Oklahoma, with its population of 398,331, admitted as a state. Many congressmen favor it, but are opposed to the admission of Arizona and New Mexico. City officials of Pittsburg, Pa., appointed by Recorder A. M. Brown resigned rather than serve under the new recorder appointed by Govenor Stone after the removal of Brown. Quay is planning to make J. D. Camedon governor. In New York Acting Captain
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VANDERBILTS GET ASSETS OF BANK Three Thousand Tacoma Depositors - to Be Paid at Once. Financial Circles Marvel at the Generosity of the Millionaires. Special Dispatch to The Call. TACOMA, Dec. 23.-William K., George W. and Frederick W. Vanderbilt are made owners of the assets of the failed Metropolitan Bank by the action of Judge Snell of the Superior Court, who to-day ordered Receiver Phelps to turn over the property to Charles McNamee, representing the Vanderbilts. McNamee submitted to the court the certificate of Manager Jackson of the London and San Francisco Bank that half a million dollars was on deposit in the bank to McNamee's credit to pay the claims of depositors. The transfer will be completed to-morrow upon the filing by McNamee of a bond in the sum of $200,000. Receiver Phelps to-day made his first report to the court in which he stated that the bank's liabilities were $530,600. The face value of the assets was placed at $471,000, but the receiver said they were of comparatively small value, in that the largest sum which it was possible to realize from them, even though long time be allowed, would not even remotely approximate the amount of claims. By an arrangement between Judge Snell, McNamee and the receiver, the latter is allowed $1300 for his services and his attorneys $600. McNamee will commence paying the depositors not later than January 2. Three thousand depositors who were made happy by the Vanderbilts' announcement on Saturday that they would liquidate the bank are doubling and trebling their Christmas purchases. Bankers and other business men declare the action of the Vanderbilts in depositing half a million dollars to save poor depositors from losses incurred by a second and a third cousin of the Vanderbilt family to be an instance of generosity unparalleled in the history of banking.
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UTAH STATE NEWS According to the Railway Age, only 4.7 miles of railroad track was laid in Utah during the past year. The Richfield postoffice has been advanced from a fourth class to a third jelass office, the change taking effect on the 1st. The California excursion of the Tabernacle choir next March is now an assured fact, all the preliminary arrangements having been made, The members of the Salt Lake mining stock exchange closed the first year of the new century by a banquet at the Knutsford hotel, covers for sixty being laid, A voluntary weather station has been established at Johnson, in Kane county, with Joseph Chatterly in charge. This is the sixty-fifth station in Utah. A number of Idaho sheepmen are wintering their flocks on the desert in Utah this year, while Utah sheep are excluded from Idaho during the summer months. Senator Kearns, who has just returnjed from Washington, speaking of the building of the San Pedro railroad from California to Salt Lake, declares that the road will surely be built. The constitutionality of the inheretance tax law will be tested by the heirs of James M. Pichetts of Salt Lake, who left an estate of $25,000. The state claims $793.88 under the law. Joseph P. Anderson's, an Ephraim Ind years old, was painfully injured by falling upon a pair of seissors Friday. The seissors penetrated his ab. domen to a depth of one and one-half inches. Apostle Brigham Young, who left Salt Lake two weeks ago to visit Mexico for the benefit of his health, is sick at Fruitland, N. M., with 1% complication of stomach and nervous troubles. James H. Anderson, A Salt Lake earpenter, suffered the amputation of a leg last week from the effects of blood-polsoning caused by a scratch received while ciling a floor three weeks ago, The proposed intermonatain baseball league, comprising teams from Salt Lake, Ogden, Pocatello, Great Falls, Helena and Butte, has been standoned and it is probable a Utah-Colorado league will be In'the the Tacoma receiver of the Metropolitan Bank was directed to accept the offer of Charles McNamee to take the assets and property of the bank and pay the depositors and creditors in full. Arguments to the case instituted by Governor Wells to compel the payment of an increase of salary according to the law passed by the legislature were made in the supreme court last week. Decision was reserved. The University of California has been asked to recommend to the Philippine commission several men qualified by experience and scientifie training to take charge of agricultural experiment stations in the Philippines, Salt Lake will have improved postal facilities within a few weeks. The business delivery district will be enlarged and more frequent deliveries will be made. The mounted service in the outskirts will also be extended. Lieutenant Frank G. Hines, the young Salt Laker who recently recelved a commission in the regular army, has distinguished himself by assisting in quelling a dangerous riot which broke ont among the unassigned troops at the Presidio near San Franeiseo Wednesday night. A dispatch from Salem, Oregon, reports that the Mormon elders were held up and relieved of a small sum of money, last week, almost under the nose of the police, while they were looking for the offenders. who have been terrorizing the outskirts of the city by numerous holdups. A check for six cents drawn by the Utah Sugar Company to A. C. Larson, representing the net proceeds from his sugar beet crop, has been received at Salt Lake, bearing about fifty endorsements. The check has been traded as a matter of sport, and has been sold several times for a dollar. For the year 1900 the mines of Park City paid in dividends $1,577,500, out of a total dividend by all the mines of the state of $2,437,500. In 1901 the Park City mines have to their credit in dividends the sum of $2,631,500, an increase over 1900 of $1,044,000. A wholesale jail delivery was prevented by the confession of a released prisoner, who told the authorities that the prisoners in the Salt Lake jull had planned escape. Saws had been smuggled into the jail by friends of some of the prisoners. Sheriff Storrs of Provo is in receipt of a photo of M. E. Lemmon, the man