22425. Metropolitan Bank of Tacoma (Tacoma, WA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 19, 1901
Location
Tacoma, Washington (47.253, -122.444)

Metadata

Model
gpt-5-mini
Short Digest
d9631574

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed; clearinghouse offered temporary aid if owner could post $25,000; eastern friends proposed payment to claimants later.

Description

Multiple contemporaneous papers report a run triggered by a misunderstanding about a suit against a defunct similarly named bank (Metropolitan Savings Bank). The run lasted about two days and the bank failed to open (suspended) and a receiver (Dwight Phelps) was appointed; later partial payments to depositors were made by the receiver. Classification: run → suspension → permanent closure/receivership. I infer 'state' bank from name and context (no 'National' or 'Trust' in title). Dates standardized to newspaper reports (Nov 19, 1901).

Events (4)

1. November 19, 1901 Receivership
Newspaper Excerpt
Dwight Phelps was subsequently appointed receiver.
Source
newspapers
2. November 19, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Run started from a misunderstanding/misapprehension about a suit filed against a defunct institution of similar name (Metropolitan Savings Bank), leading depositors to suspect their bank.
Measures
Officers decided not to re-open; clearing house reportedly held a meeting and offered temporary assistance if $25,000 could be provided.
Newspaper Excerpt
The announcement of the application started a run yesterday on the Metropolitan bank.
Source
newspapers
3. November 19, 1901 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank failed to open following the run triggered by the misunderstanding about the suit against a defunct bank of similar name.
Newspaper Excerpt
The Metropolitan bank did not open today ... The officers decided not to re-open.
Source
newspapers
4. January 4, 1902 Other
Newspaper Excerpt
Payment began yesterday to depositors in the defunct Metropolitan Bank of Tacoma, Wash. About $400,000 will be paid to claimants. This is in accordance with the proposition of Charles McNee representing Eastern friends of the bank, made to the receiver, which proposition was accepted by the Court.
Source
newspapers

Newspaper Articles (14)

Article from The Seattle Star, November 19, 1901

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METROPOLITAN BANK OF TACOMA FAILS TO OPEN affairs had not been properly settled though Vanderbilt furnished funds for the payment of all depositors. The announcement of the applicaEffects of a Run of Depositors Throws tion started a run yesterday on the Metropolitan bank. The officers deIt Into the Hands of a Receiver--cided not to re-open. The Tacoma clearing house held a Was Backed by Vanderbilt special meeting last night and upon investigation found that the bank's securities cover only half the amount the Metropolitan Savings bank of of the deposits. TÁCOMA, Nov. 19-The Metropoliwhich George Vanderbilt, of New The president is Phillip Caesar, a tan bank did not open today, Dwight York, was chief stockholder. On FriPhelps having been appointed receivnephew of George and William K. day attorneys began suit for a reer. Vanlerbilt. The bank has a capital ceiver for the old bank, alleging Its of $50,000 and deposits of $200,000. In May, 1898, this bank succeeded


Article from The St. Louis Republic, November 20, 1901

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GENERAL DOMESTIC. Involuntary bankruptcy proceedings have been begun against Tamblyn & Tamblyn, a large cattle firm of Kansas City. Liabilities are given as $250,000; no assets given. An English firm gets contract to make and lay first section of Pacific cable from San Francisco to Honolulu. Engineer Michael Sprath dropped dead at the throttle on a Lake Shore engine yesterday. The County Court at Van Buren, Ark., was opened for this term with prayer, an Episcopal rector officiating. Michael Dively, aged 73 years, a pioneer merchant of Kansas City, 19 dead. M:. Dively represented Missouri at the Vienna Exposition in 1873. Near Creston, Ia., a widow, Mrs. Charles Edwards, shot two men, one of whom may die. She had been ejected from a leased farm and the men left in charge of the premises. The woman regained possession of the place. Beaumont. Tex., lumber mills have taken an order for 200,000,000 feet of lumber. It will require their output for three years. Fire at Assumption, III., destroyed eight brick business buildings. causing a loss of $100,000. Insurance partially covers this. One of a party of burglars at Hutchinson, Kas., wno had wrecked a passenger station office with dynamite, while trying to open the safe. was shot and killed, supposably by his companions, who found that he had been stunned by the explosion and was liable to capture. They shot him through the heart. The Missouri State Conference on Charities and Corrections, in session at Columbia, Mo., was addressed by Missourians prominent in this work. Officers were elected for the coming year. The Republican factional fight in Missouri has assumed national import. and President Roosevelt must decide for one or the other faction. Colonel R. C. Kerens is pitted against State Chairman Akins and Secretary of the Interior Hitchcock. City Treasurer of Buffalo, N. Y., removed by Mayor, who charges misconduct and misuse of the city's funds. The charge is denied. Miss Ellen Terry has decided to retire from the stage at the end of the present season and has selected Cecella Loftus to succeed her. Two persons were killed and sixteen injured in nine collisions on Chicago elevated roads, caused by a dense fog. Mistake caused run on Metropolitan Bank of Tacoma, Wash., and caused It to fail. The fifty-fourth annual session of State Encampment. I. O. O. F., is now being held at Nevada, Mo. James L. Blair of St. Louis, in an address before the Missouri State Conference of Charities and Corrections, at Columbia, criticised the tendency to inject politics into the management of State institutions. Shipments of Beaumont oil so far this month have reached an unusually high figure. Missouri women are selected for important offices at the W. C. T. U. National Convention, in session at Fort Worth, Tex. The removal of the Minnesota Capitol may cause a reversion of the site to the neirs of Charles Babille, who DO provided when he deeded the property to the State. A negro in Alabama has been sentenced to death for highway robbery. It is the first case on record of capital punishment for such an offense. Mrs. Lola Bonine was arraigned in court at Washington yesterday on the charge of murdering James S. Ayres, and pleaded not/guilty. It is expected that the jury will be completed to-day or to-morrow.


Article from Daily Kennebec Journal, November 20, 1901

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NEWS NUGGETS. by the Wires From North, East, South and West. Rev. Dr. H. Greer, rector of St. Bartholomew's church. New York, was, Tuesday, at Springfield. Mass., elected bishop of the new Episcopal diocese of western Massachusetts, His name was the only one presented to the conven tion. Four cases of smallpox were reported from various parts of Boston, Monday. The victims are a 3-year-old boy, who lived at the South End, an unmarried man 37 years of age. and a negro, 34 years old. living in Roxbury, and a married woman who lives on Waltham street. The Metropolitan Bank of Tacoma, Wash. failed. Tuesday, 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. Col. J. B. Rawles, artillery corps. will be commanding officer of the department of the Pacific during the absence of Gen. Young. who has gone to Washington to serve on a board appointed to make redommendations for the establishment of new army posts, the abandonment of others and the improvement of some which are not adequate to meet the present needs of the army. It is expected that the general will return about the middle of December. The American Bridge Co. of Philadelphia. has secured a contract for the construction of 20 steel bridges along the line of the Uganda Railroad in East A1rica. The amount of the contract is about $1,000,000. Several English continental firms offered bids, but that of the Philadelphia company was not only the lowest but guaranteed the completion of the work in a shorter space of time that its competitors. The new bridges will replace wooden structures which were built several months ago and since found to be inadequate.


Article from Eagle River Review, November 23, 1901

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QUEER ERROR CLOSES A BANK. Suit Against Defunct Institution on Similar Name Causes Run. The Metropolitan Bank of Tacoma, Wash., failed to open for business the other day, after withstanding a run of two days, caused by a misapprehension concerning a suit filed asking a receiver for the Metropolitan Savings Bank, which went into liquidation in 1898. The similarity of name caused many depositors to suspect that the case involved the Metropolitan Bank. The institution has capital of $50,000, and assets of nearly half a million. The liquidation of the Metropolitan Savings Bank was caused by the withdrawal by George Vanderbilt of his investments in that city. He was largely interested in the bank.


Article from Iron County Register, November 28, 1901

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The Metropolitan bank of Tacoma, Wash., failed, on the 19th, as a result of a run which started under a misunderstanding with regard to a suit filed against a defunct bank of similar mame. The deposits amounted to $500,000. Dwight Phelps was subsequently appointed receiver.


Article from Oxford Eagle, November 28, 1901

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MRS. E. A. THOMPSON VOL. XXV. The most important position in the edition the of the London Spectator of 22d, was occupied by a discussion a that Great should of proposition give Britain its formal adherence to the Monroe doctrine. In the session of the Methodies Episcopal conference of News, on the against of those divorced on Newport but the rial church providing 20th, admission Virginia. a memo to at scriptural grounds was unanimously approved. Sir Frederick Trevas, when the king at King teast Edward, to submitting surgeon banquet the to at Aberdeen, on the 20th. said to know that his never enjoyed such pleasant had excellent majesty it was health as at present. One hundred dollars reward to citizen for the capture of any burgian any dead or alive is the substance of . resolution passed by the Findlay (0.) city couneil on the 20th. The resoln tion was presented in good faith and carried unanimously. Santiago Iglesias. the agent of the American Federation of Labor. who was arrested in San Juan. P.R. on a of cently, been charge conspiracy, has re on $500 bail. by Samuel was furnished released Gompers The bail president of the American Federation of Labor. Gov. Hunt of Porto Rico says: "For the first time since the American ad ministration began. the last four months show a balance of trade in island. The are in not favor only of the acquieseing people American rule, but they are becoming enthusiastically American." The cabinet meeting. on the 19th lasted about two and a half hours The whole time was spent in the reading of the president's message and in commenting upon its various features. The message is long. in that respect at least, quite characteristie of President Roosevelt. The Metropolitan bank of Tacoma Wash.. failed. on the 19th. as a result of a run which started under a mis understanding with regard to a suit filed against a defunet bank mame. to $500,000. ilar The deposits amounted of sim Dwight Phelps was subse quently appointed receiver. President and Mrs. Roosevelt, accompanied by their children. left Washington, on the 22d. on the yacht Sylph for a brief eruise down the Potomae. A presidential salute of 21 guns was fired as the president went aboard the yaeht. The president and his family will be gone a day or two Mr. Diekinson, the diplomatic agent of the United States at Sofia, has gone to Constantinopie, there to confer with Spencer Eddy. the secretary of the United States legation. as to the best means of hastening solution in the deadlock which has arisen in the negotiations for therelease of Mise Stone. A large party of land and immigration agents left Chicago, on the 19th. for a tour of the southern states through which the Illinois Central railroad runs. The consume to the is trip. to which induce will immigation purpose eight of south days, the by showing its advantage to the home. seeker. Revenue Inspector Guy P. Cobb is in the Creek nation at the head of a strong force of Indian police, ejecting squatters and putting Creek eitizens in possession of allotments as designed by the government. The squatters are angry and threatening, and in many instances force is necessary to elect them. The friends of Joseph Chamberlain, British colonial secretary, have for some time been concerned with regard to his health. On the 20d Mr. Chamberlain wrote to the Hansworth school, declining to distribute prizes at that institution, "because," as he said, "it is absolutely necessary for me to confine myself to public work." By a decision handed down by Justiee Merwin, at Rome. N. Y. on the 22d. one-half of the estate of Mrs. Moses M. Davis, valued at $50,000, will go to the Christian seientists. The charge of manslaughter brought against members of the church for not allowing Mrs. Davis medical attention. the judge held. was too weak. The annual report of the commissioner of internal revenue, made publie on the 19th, shows that the total receipts for the year ended June 30, 1901. were $38,871,669. or $11,555,561 in excess of the estimates: about the same amount in excess of the receipts for the year ended June 30, 1900, and $33,000,000 in excess of the receipts for 1699. Another cabiegram received from


Article from Mexico Weekly Ledger, November 28, 1901

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Mistake caused run on Metropolitan Bank of Tacoma, Wash., and caused it to fail. i


Article from The Jasper Weekly Courier, November 29, 1901

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The Metropolitan bank of Tacoma, Wash., failed, on the 19th, as a result of a run which started under a misunderstanding with regard to a suit filed against a defunct bank of similar mame. The deposits amounted to $500,000. Dwight Phelps was subsequently appointed receiver.


Article from The Jasper Weekly Courier, November 29, 1901

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should give its formal adherence to the Monroe doctrine. In the session of the Methodist Episcopal conference of Virginia, at Newport News, on the 20th, a memorial providing against admission to the church of those divorced en any but scriptural grounds was unanimously approved. Sir Frederick Trevas, surgeon to King Edward, when submitting the toast to the king at a banquet at Aberdeen, on the 20th. said it was pleasant to know that his majesty had never enjoyed such excellent health as at present. Gov. Hunt of Porto Rico says: "For the first time since the American auministration began, the last four months show a balance of trade in favor of the island. The people are not only acquiescing in American rule, but they are becoming enthusiastically American." The cabinet meeting, on the 19th, lasted about two and a half hours. The whole time was spent in the reading of the president's message and in commenting upon its various features. The message is long, in that respect at least, quite characteristic of President Roosevelt. The Metropolitan bank of Tacoma, Wash., failed, on the 19th, as a result of a run which started under a misunderstanding with regard to a suit filed against a defunct bank of similar mame. The deposits amounted to $500,000. Dwight Phelps was subsequently appointed receiver. President and Mrs. Roosevelt, accompanied by their children, left Washington, on the 22d, on the yacht Sylph for a brief cruise down the Potomac. A presidential salute of 21 guns was fired as the president went aboard the yacht. The president and his family will be gone a day or two. Mr. Dickinson, the diplomatic agent of the United States at Sofia, has gone to Constantinople, there to confer with Spencer Eddy, the secretary of the United States legation, as to the best means of hasteningasolution in the deadlock which has arisen in the negotiations for the release of Miss Stone. A large party of land and immigration agents left Chicago, on the 19th, for a tour of the southern states through which the I!!!nois Central railroad runs. The purpose of the trip, which will consume eight days, is to induce immigation to the south by showing its advantage to the homeseeker. Revenue Inspector Guy P. Cobb is in the Creek nation at the head of a strong force of Indian police, ejecting squatters and putting Creek citizens in possession of allotments as designed by the government. The squatters are angry and threatening, and in many instances force is necessary to elect them. The friends of Joseph Chamberlain, British colonial secretary, have for some time been concerned with regard to his health. On the 22d Mr. Chamberlain wrote to the Hansworth school, declining to distribute prizes at that institution, "because," as he said, "it is absolutely necessary for me to confine myself to public work." By a decision handed down by Justice Merwin, at Rome, N. Y., on the 22d, one-half of the estate of Mrs. Moses M. Davis, valued at $50,000, will go to the Christian scientists. The charge of manslaughter brought against members of the church for not allowing Mrs. Davis medical attention, the judge held, was too weak. The annual report of the commissioner of internal revenue, made public on the 19th, shows that the total receipts for the year ended June 30, 1901, were $38,871,669, or $11,555,561 in excess of the estimates; about the same amount in excess of the receipts for the year ended June 30, 1900, and $33,000,000 in excess of the receipts for 1899. Another cablegram received from the United States consul general, Mr. Dickinson, at Sofia, on the 18th, indicated that while Miss Stone had not yet been ransomed, there was reason for feeling reassured as to her future. The dispatch furnished evidencé that Mr. Dickinson remained in indirect communication with the brigands or their agents. Mr. Dickinson, the diplomatic agent at Sofia, of the United States, has left that city for Constantinople. There was obviously no prospect of settlement with Miss Stone's abductors. The departure of Mr. Dickinsonis


Article from Macon Beacon, November 30, 1901

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Great that proposition dire its formal adherence Garoe doctrine. Methodist the de session of conference of Virginia, at News, on the 20th, a memoresiding against admission to arch of those divorced on any criptural grounds was unaniapproved. Frederick Trevas, surgeon to Edward, when submitting the the king at banquet at the 20th, said it was ben. on know that his majesty to erer enjoyed such excellent as at present. hundred dollars reward to any for the capture of any burglar alive is the substance of con passed the Findlay (O.) mail on the 20th. The resolupresented in good faith and renanimously digo Iglesias, the agent of the Federation of Labor, who min mested in San Juan, P. R., rea charge of conspiracy, has weased on $500 bail. The bail Anished by Samuel Gompers, Ant of the American Federation Funt of Porto Rico says: "For time since the American addrition began. the last four stow balance of trade in the island. The people are acquiescing in American they are becoming enthusi American tabinet meeting, on the 19th ab out two and a half hours whole time was spent in the of of the president's message commenting upon its various The message is long, in that quite characteristic resident Roosevelt. Metropolitan bank of Tacoma failed. on the 19th, as result run which started under a mis estanding with regard to sui gainst defunct bank of sim name. The deposits amounted Dwight Phelps was subse appointed receiver. esident and Mrs. Roosevelt, ac unied by their children, left lington, the 22d, on the yacht for brief eruise down the mac. A presidential salute of was fired as the president wen and the yacht. The president an daily will be gone day or two Dickinson, the diplomatic agen United States at Sofia, ha to Constantinople, there to con th Spencer Eddy, the secretary United States legation, as means of hastening solution deadlock which has arisen negotiations for the release of Mis large party of land and immigra agents left Chicago, on the 19tl a tour of the southern state which the Illinois Centra runs. The purpose of th which will consume eight day Induce immigation to the sout lowing its advantage to the home raue Inspector Guy P. Cobb Creek nation at the head of force of Indian police, ejec matters and putting Creek ci possession of allotments bed by the government. are angry and threatenin many instances force is ne ty elect them. friends of Joseph Chamberlai colonial secretary, have time been concerned with th is health. On the 22d cherlain wrote to the Hanswor declining to distribute priz institution, "because," as it is absolutely necessary confine myself to public wor decision handed down by J Merwin, at Rome, N. Y. on one-half of the estate of M M. Davis, valued at $50,000, the Christian scientists. of manslaughter broug members of the church Nowing Mrs. Davis medical the judge held, was annual report of the comn of internal revenue, made the 19th. shows that the pts for the year ended June were $38,871,669, or $11,555,561 of the estimates: about amount in excess of the recei ee year ended June 30, 1900, 100,000 in excess of the rece other cablegram received laited States consul general, itson, at Sofia. on the 18th, that while Miss Stone had ransomed, there was rea feeling reassured as to her The dispatch furnished evide Mr. Dickinson remained in communication with the briga agents. Dickinson, the díplomatic of the United States, that city for Constanting WAS Miss Stone's ab of Dickins eted have effect ement with departure obviously good Mr. no prospec brigands, as they may fea


Article from Macon Beacon, November 30, 1901

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Metropolitan bank of Tacoma failed, on the 19th, as a result run which started under a mis estanding with regard to a sui* against a defunct bank of sim name. The deposits amounted 10,000. Dwight Phelps was subse. ally appointed receiver.


Article from Wausau Pilot, December 3, 1901

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QUEER ERROR CLOSES A BANK. Suit Against Defunct Institution on Similar Name Causes Run. The Metropolitan Bank of Tacoma, Wash., failed to open for business the other day, after withstanding a run of two days, caused by a misapprehension concerning a suit filed asking a receiver for the Metropolitan Savings Bank, which went into liquidation in 1898. The similarity of name caused many depositors to suspect that the case involved the Metropolitan Bank. The institution has capital of $50,000, and assets of nearly half a million. The liquidation of the Metropolitan Savings Bank was caused by the withdrawal by George Vanderbilt of his investments in that city. He was largely interested in the bank.


Article from The Silver State, January 4, 1902

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CONDENSED TELEGRAMS. Brigadier-General Wililam H. Seamens, Adjutant-General of California, died in Washington, D. C., yesterday after an illness of three weeks. Miss Alice Roosevelt, the eldest daughter of President Roosevelt, will christen the German Kaiser's new yacht, now being built at Staten Island, New York. The Venezuelan Consul in New York City received the following cablegram from President Castro: "Caracas, Jan. 2.-Hernandez defeated; Pietri prisoner and revolution crushed." In Chicago yesterday anouncement was made of the final details in forming the combination of pneumatic tool companies, which is to control almost the entire output of the world. The American Line steamer St. Louis, which is to sail from Southampton Saturday next, will take among her pasengers Senator and Mrs. Chauneey M. Depew and Mr. and Mrs. Nat Goodwin. At Provo, Utah, yesterday Norley Hall any Ray Lepham, aged sixteen and eighteen years respecively, broke through the ice while skating near the shore of Utah lake and before assistance could reach them both were drowned. The bodies were recovered later. A dispatch from San Francisco states that the steamer Walla Walla was sunk off the Mendocino coast yesterday morning. The Walla Walla was one of the largest steamships plying between Seattle and San Francisco. Twenty-seven lives are believed to have been lost. Payment began yesterday to depositors in the defunct Metropolitan Bank of Tacoma, Wash. About $400,000 will be paid to claimantns. This is in accordance with the proposition of Charles McNee representing Eastern friends of the bank, made to the receiver, which proposition was accepted by the Court.


Article from The Nome Nugget, February 15, 1902

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OUTSIDE NEWS NOTES. John J. Hordsgaard, C. M. Hinkle, Ed Coeson, W. R. Thompson. E. Burns and W. A. Bruner. passengers from Nome to Seattle in September last on the steamer Senator, libeled the vessel for $3,600. The men alleged that they paid $25 apiece for passage and were to receive berths, meals, etc., second class. Instead they had poor food and slept on the floor, without bedding of any kind. The Metropolitan Bank of Tacoma closed its doors on November 22. On November 21.1 ere was a small run on the institution, $40,000 having been withdrawn, and next morning it failed to open. It had on deposit $500,000. Philip V. Caesar was its president. The clearing house association offered to tide Caesar over temporarily if he could put up $25,000, but failed to respond. The Northern Securities Company was organized in New York on November 14 with James J. Hill, of the Great Northern, a president. It is capitalized at $400,000,000, and is de-igned to se ure "harmonious co operation and unity of purpose between the Western railroads." In other words, it is a We-tern railroadtrust. The Olympic forestry reserve in Washington was thrown open to settlement on November 15, and 300 men obtained farms. The tract consists of 50,000 acres. There was no trouble. It was said squatters would be hanged. Jennie Bacon. a belle of Summer, Wash., was married on November 15, at Tacoma, to Eugene G. Washington, a colored waiter of the latter city. The bride's parents are heartbroken over the affair. A company with a capital of $10,000 has been formed at Victoria, B.C., to make another search for the treasure believed by many to be buried on Cocos island, off the coast of Costa Ri a. It is announced that Chauncey M Depew is to be married. The name or his bride-to-be is not given. Major Lyneb. who fought in the Boer war against British, has been elected to the British parliament from