Metropolitan Trust & Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: October 29, 1908
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: ef4f8794

Response Measures

None

Description

Article (The Telegraph-Courier, 1908-10-29) lists receivers named and explicitly includes The Metropolitan Trust and Savings Bank among defendants with receivers referenced. There is no description of a depositor run or temporary suspension/reopening — rather a receivership is indicated. OCR punctuation makes the exact assignment of which receiver covers which defendant slightly ambiguous, but the text names receivers and implies the bank is in receivership/closed.

Events (1)

1. October 29, 1908 Receivership

Newspaper Excerpt: George M. Seward, receiver for Albert C. Frost, The Metropolitan Trust and Savings Bank, The Chicago and Milwaukee Electric Railway Company of Illinois and Wisconsin, ... are also named as defendants in the suit.
Source: newspapers

Newspaper Articles (1)

1. October 29, 1908 The Telegraph-Courier Kenosha, WI

Article from The Telegraph-Courier, October 29, 1908

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Article Text

# George Rockwell Brings Suit Against A. C. Frost to Collect Notes # CLAIMS LAND IN THIS COUNTY Notes Were Executed in 1907 Previous to the Naming of Receivers for the Chicago and Milwaukee Electric Railway One of the biggest suits ever brought in the Kenosha County Circuit Court, was filed with the clerk of the court this morning when Otto Hansen, a Chicago attorney filed a suit in which George Rockwell is the plaintiff and Albert C. Frost and Clara E. Frost, his wife, are named as the principal defendants. The suit is brought to collect notes aggregating $52,335.76 and interest due on them and to foreclose a lien which Rockwell claims against the property owned by Frost in Kenosha, Racine and Milwaukee Counties and as well on property in other states. George M. Seward, receiver for Albert C. Frost, The Metropolitan Trust and Savings Bank, The Chicago and Milwaukee Electric Railway Company of Illinois and Wisconsin, W. Irving Osborne, D. B. Hanna and George Moore as receivers for the Chicago and Milwaukee Electric Railway Company of Illinois and Wisconsin are also named as defendants in the suit. The summons and complaint in the action which covers many pages of typewritten matter sets forth the facts in regard to a number of loans made by Frost in 1907 just previous to the appointment of receivers for the Chicago and Milwaukee Electric Railway Company and it is claimed that all the property of Frost in Wisconsin with the exception of the right of way of the company was pledged to secure the payment of these notes. The notes on which the suits are based were five in number, and were issued to Otto R. Hansen by Frost, between the 30th of January 1907 and the latter part of August in the same year. They vary in amounts from $15,000 to $4,182.50. In August of last year Hansen claims that all of the notes were surrendered to Frost and in consideration of this a blanket mortgage or deed on the various properties named in the complaint was given to Hansen with the understanding that this was to be as surety for the former loans and for such other loans as might be made by Hansen to Frost in the future. The total of these loans for the future was placed at $100,000. Later Hansen turned the notes over to the Western Securities Company and this company in turn shifted them to Rockwell who now brings the suit in foreclosure. In the complaint it is alleged that a large amount of the interest due on the notes remains unpaid and that the taxes on the property for the present year have not been paid. This is the first big action that has been brought against Frost in this circuit. It is possible that the suit will not come up for trial until the March term of the Circuit Court. The money which was borrowed on these notes is alleged to have been used in the completion of the Chicago and Milwaukee Electric line between Waukegan and Racine.