Article Text
PROTECTED FAMILY NAME. Why the Vanderbilts Stood by a Tacoma (Wash.) Bank, The circumstances attending the recent large advances of money by the Vanderbilt family to pay off depositors of the Metropolitan bank at Tacoma, says the Wall Street Journal, were these: The Metropolitan bank managed by Philip Vanderbilt Caesar and Jacob Vanderbilt, cousins of William K. Vanderbilt and his brothers. In May, 1898, there was a run on the Metropolitan bank. and George Vanderbilt advanced about $500,000 for protection. Recently a rumor in regard to another Metropolitan bank started another run on the Metropolitan of Tacoma, and the bank failed. The president went to New York to consult with the Vanderbilt family and George Vanderbilt's business manager was sent West to investigate the situation. On his report, George Vanderbilt, William K. Vanderbilt and Frederick Vanderbilt advanced $500,000 to pay the depositors, although they were under no legal obligation to do so. It was partly, at least, as a matter of wishing to protect the family name.