gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7ed4fc82a2ea0d2f
Response Measures
None
Description
Later (Dec 1901) Vanderbilts took the assets to pay depositors; receiver was appointed.
Events (4)
1.November 18, 1901Run
Cause
Rumor Or Misinformation
Cause Details
Small depositors confused the Metropolitan Bank with the defunct Metropolitan Savings Bank after a suit for a receiver was filed, triggering withdrawals.
Random Run
Yes
Random Run Snippet
misunderstanding about suit against Metropolitan Savings Bank; depositors confused names
Measures
Clearing house advanced $50,000 in gold and offered further assistance conditional on bank raising funds; bank attempted to negotiate outside financing.
Newspaper Excerpt
the bank experienced a heavy run yesterday, caused by a suit brought for the appointment of a receiver for the Metropolitan Savings Bank
Source
newspapers
2.November 19, 1901Receivership
Newspaper Excerpt
to-day the bank applied for a receiver. Dwight Phelps was appointed receiver with a bond of $10,000; the bank's liabilities were $530,600 per receiver's report (Dec. 23).
Source
newspapers
3.November 19, 1901Suspension
Cause
Bank Specific Adverse Info
Cause Details
Run depleted cash; clearing house declined further aid when the bank could not raise additional capital and receiver was appointed.
Newspaper Excerpt
The Metropolitan Bank failed to open for business this morning ... the bank accordingly did not open and on application of Caesar Dwight Phelps ... was appointed receiver.
Source
newspapers
4.December 23, 1901Other
Newspaper Excerpt
Judge Snell ... ordered Receiver Phelps to turn over the property to Charles McNamee, representing the Vanderbilts; McNamee to pay depositors beginning January 2.
Source
newspapers
Newspaper Articles (18)
1.November 19, 1901The Seattle StarSeattle, WA
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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
2.November 19, 1901The Butte Inter MountainButte, MT
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TACOMA BANK FAILS. Tacoma, 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.
3.November 20, 1901The Daily Morning Journal and CourierNew Haven, CT
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Article Text
Bank Failure Caused by Mistake. 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 on 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.
4.November 20, 1901The Morning AstorianAstoria, OR
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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.
5.November 20, 1901Evening Times-RepublicanMarshalltown, IA
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Queer Error Closes Bank. Tacoma, Wash., Nov. 20.-The Metropolitan bank of this city failed to open for business yesterday after withstanding a run of two days, caused by a misaprehension concerning a suit filed Saturday asking a receiver for the Metropolian Savings bank, which went into liquidation in 1898. The similarity of name caused many depositors to suspect that the case involved the Metro politan bank. The institution has a 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 this city. He was largely interested in the bank.
6.November 20, 1901The Age-HeraldBirmingham, AL
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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.
7.November 20, 1901The Saint Paul GlobeSaint Paul, MN
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Article Text
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.
8.November 20, 1901Daily Kennebec JournalAugusta, ME
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Article Text
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.
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.
10.November 20, 1901The Worcester SpyWorcester, MA
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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.
11.November 20, 1901The San Francisco CallSan Francisco, CA
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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.
12.November 20, 1901The Savannah Morning NewsSavannah, GA
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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.
13.November 21, 1901Connecticut Western NewsNorth Canaan, Salisbury, Canaan, CT
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Misunderstanding Causes Failure. Tacoma, Wash., Nov. 20.-The Metropolitan bank, P. V. Cresar president, closed its doors after experiencing an all day run. 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, and the bank applied for a receiver. Dwight Phelps was appointed, with a bond of $10,000.
14.November 22, 1901Corvallis GazetteCorvallis, OR
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CLOSED ITS DOORS THE METROPOLITAN BANK, OF TACOMA, SUSPENDS. Has Deposits of About $500,000-Savings - of the School Children, Amounting to Over $12,000, Are Involved - Due to a Mis. understanding Regarding a Suit Brought Against the Old Metropolitan. Tacoma, Nov. 21.-The Metropolitan bank, P. V. Caesar, president, closed its doors yesterday after standing a run all of the day before. The run began as the result of a misunderstanding, the small depositors believing that a suit filed against the receiver of the Metropolitan Savings Bank, which failed five years ago, had something to do with the present Metropolitan Bank. About $40,000 was withdrawn and the bank has applied for a receiver. Dwight Phelps was appointed, with a bond of $10,000. The fact that the school children's savings account, amounting to $12,000, was in the bank, helped to spread the rumor started by the old 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 school are school warrants by full. by The savings held in trust secured the secretary of the school board. No statement of the liabilities and resources has been given out. After the run on the bank, the clearing house met and, after an examination of the securities, offered to advance 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 $6,000 cash in the vaults when the bank suspended.
15.November 22, 1901The Hood River GlacierHood River, OR
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CLOSED ITS DOORS THE METROPOLITAN BANK, OF TACOMA, SUSPENDS. Has Deposits of About $500,000-Savings - of the School Children, Amounting to Over $12,000, Are Involved - Due to a Mis. understanding Regarding a Suit Brought Against the Old Metropolitan. Tacoma, Nov. 21.-The Metropolitan bank, P. V. Caesar, president, closed its doors yesterday after standing a run all of the day before. The run began as the result of a misunderstanding, the emall depositors believing that a suit filed against the receiver of the Metropolitan Savings Bank, which failed five years ago, had something to do with the present Metropolitan Bank. About $40,000 was withdrawn and the bank has applied for a receiver. Dwight Phelps was appointed, with a bond of $10,000. The fact that the school children's savings account, amounting to $12,000, was in the bank, helped to spread the rumor started by the old 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 secretary of the school board. No statement of the liabilities and resources has been given out. After the run on the bank, the clearing house met and, after an examination of the securities, offered to advance 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 $6,000 cash in the vaults when the bank suspended.
16.November 23, 1901Eagle River ReviewEagle River, WI
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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.
17.December 24, 1901The Butte Inter MountainButte, MT
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TACOMA.-In the superior court today the 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.
18.December 24, 1901The San Francisco CallSan Francisco, CA
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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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
