Multiple contemporaneous AP dispatches (Mar 24–25, 1922) describe a large depositor rush on the Northwestern Trust & Savings Bank in Chicago caused by false rumors. The bank paid out funds, the Federal Reserve and another bank sent large cash shipments, police were deployed, and the run had largely ended the same day. No suspension, closure, or receivership is reported.
Events (1)
1.March 24, 1922Run
Cause
Rumor Or Misinformation
Cause Details
Widespread false rumors that the bank was unstable/insolvent; described as false rumor or idle gossip in articles.
Measures
Bank paid out funds as fast as possible; Federal Reserve sent $750,000 in cash in an armored car; Continental and Commercial National Bank sent $1,000,000; reward of $5,000 offered for person responsible; large police detail deployed.
Newspaper Excerpt
A special detail of police armed with rifles was called today to control thousands who besieged the Northwestern Trust & Savings bank to withdraw deposits following a false rumor that the institution was unstable.
Source
newspapers
Newspaper Articles (10)
1.March 24, 1922Palatka Daily NewsPalatka, FL
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Armed Police Are Called to Prevent Bank Run Rioters (By Associated Press) Chicago, March 24.-A special detail of police armed with rifles was called today to control thousands who besieged the Northwestern Trust & Savings bank to withdraw deposits following a false rumor that the institution was unstable. The bank offered a $5,006 reward for the arrest of the person starting the rumor. The bank is declared to be the strongest in Chicago of its size. The Federal Reserve bank sent it three quarters of a million dollars in cash to withstand the run and another bank sent one million dollars.
2.March 24, 1922Richmond Daily RegisterRichmond, KY
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NEEDLESS RUN ON CHICAGO BANK (By Associated Press) Chicago. Mar. 24-A special detail of 25 policement with rifles was called today to control thousands of persons who besieged the Northwestern Trust & Savings Bank to withdraw deposits, following a false rumor that the condition of the institution was unstable. The bank's resources are $20,000,000; deposits $18,000000. ,A'reward of $5,000 was offered'for identification of the person responsible for the rumors. The bank is declared the strongest in Chicago.
3.March 24, 1922The West VirginianFairmont, WV
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WOMEN INJURED IN RUN ON BANK False Rumors Results in Trouble for Chicago Concern CHICAGO, March 24.-A special detail of twenty-five police, armed with rifles, was called upon today to control thousands of persons who besieged the Northwestern Trust & Savings Bank to withdraw their deposits following a false rumor that the condition of the institution was not stable. Several women were crushed and trampled in the scramble to enter the bank. Their injuries and the fear of hundreds of other depositors were the outgrowth of false rumors concerning the bank's financial strength. Bank officials were paying out money as fast as the depositors could be served and other banks were said to be ready to supply all the cash needed. John F. the bank, announced an offer of a re ward of $5,000 for information or identity of the person responsible for the false rumor. Federal reserve banks of the city sent $2,000,000 in an armored car to the besieged bank.
4.March 24, 1922Tonopah Daily BonanzaTonopah, NV
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WOMEN INJURED IN WILD RUSH SECURE MONEY (By Associated Press) CHICAGO, Mar. 24-Several women were today crushed and trampled in a scramble of depositors of the Northwestern Trust and Savings bank on the Northwest Side of Chicago. The run is said to have resulted from false rumors concerning the bank's financial strength. Bank officials were busy paying out money as fast as depositors could be served, and other banks are said to be ready to supply all the cash needed. John F. Smulski, head of the bank, and national Polish leader, announced a reward of $5,000 for information leading to the identity of the persons responsible for the run. Twelve policement tried to keep the depositors in line. The jam became so great outside the bank that finally 100 policemen, 25 armed with rifles, were placed on duty there. Dozens of women were carried into the bank in a fainting condition. The Federal Reserve Bank, of which the Northwestern is a member, sent $750,000 in an armored car to the bank. The Continental and Commercial National bank sent $1,000,000
5.March 24, 1922Richmond Daily RegisterRichmond, KY
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NEEDLESS RUN ON CHICAGO BANK (By Associated Press) Chicago. Mar. 24-A special detail of 25 policement with rifles was called today to control thousands of persons who Desieged the Northwestern Trust & Savings Bank to withdraw deposits, following a false rumor that the condition of the institution was unstable. The bank's resources are $20,000,000; deposits $18,000000. A'reward of $5,000 was offered for identification of the person responsible for the rumors. The bank is declared the strongest in Chicago.
6.March 24, 1922Free Trader-Journal and Ottawa Fair DealerOttawa, IL
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END RUN ON BANK HEADED BY SMULSKI Chicago, March 24.-A run on the Northwestern Trust and Savings Bank, a large outlying state bank. that assumed serious proportions when the institution opened for business today, had virtually ended at noon. At that hour there was no line of depositors in front of the building, and a meet ing of directors inside the building had become a love feast. John F. Smulski, former state treasurer, is president of the bank. The run is traced to idle rumors. The bank has deposits amounting to $19,000.000.
7.March 25, 1922The Morning Tulsa Daily WorldTulsa, OK
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BANK WITHSTANDS RUN BY PATRONS Gossip Held Responsible for Withdrawals From Chicago Institution CHICAGO, March 24.-A run on the Northwestern Trust & Savings bank, a large outlying state bank, that assumed serious proportions when the institution opened for business today had virtually ended at At that hour there was no depositors and noon. line building of the meeting in front inside of the of the bank directors, their friends and depositors had become nearly a love feast. The bank is headed by John R. Smulski as president. Idle gossip was responsible for the rumors that caused the run which also extended in lesser proportions to a subsidiary, the Second Northwestern Trust & Savings bank. Women played a large part in the women were none crushed bank run. and Several trampled though of crowd was women seriously depositors depositors injured. fainted estimated Dozens in the of to 2,000 at one on a wagon, number Emily mounted Napieralski, covered president time. Outside, of Miss the Polish women's alliance, addressed the crowd and assured the frightened depositors that the rumors concerning the bank were groundless. One hundred Polish-speaking clerks from other banks were sent to the Northwestern to aid Mr. Smulski and his cohorts in prompthandling the throng. The solidity of the bank was vouched for not only by Mr. Smulski sums Many sent but by great of Chicago's the large to leading downtown the Northwest- bankers. banks ern to aid it in weathering the run and to assure the dépositors. When the throng was largest, 100 policemen, 25 of them armed with rifles guarded the bank. As the fears of the depositors were allayed and the crowd thinned out, the special police detail was withdrawn. "Everything is fine. We have paid out large sums, much of which already has been redeposited with us." August Kovalaski, cashier, said.
Aged Women Robbed of Life Savings When Run on Bank Rages Chicago Mar. 24.-Plckpockets plying their trade in a crowd of 2.000 depositors who stormed the Northwestern Trust and Savings Bank today. followthe circulation of rumors that the bank was insolvent. robbed two aged women of their life savings Police reports say one woman lost 81 000 when a man snatched her hand bar as she left the bank One hundred policemen twenty-five armed with rifles. who were on duty to keep order in the surging crowd of depositors failed to find the man. Later Mrs. I. Zubowsky reported to bank officials that A pickpocket stole $700 she had just withdrawn
9.March 27, 1922The Abbeville Press and BannerAbbeville, SC
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FALSE RUMOR CAUSES RUN ON CHICAGO BANK Special Detail of Police. Called On To Control Misinformed Depositors Chicago, March 25.-A special detail of 25 police, armed with rifles was called upon today to control thousands of persons who besieged the Northwestern Trust and Savings Bank to withdraw their deposits following a false rumor that the condition of the institution was unstable. Several women were crushed in the scramble to enter the bank. Their injuries and the fear of hundreds of other depositors were the outgrowth of false rumors concerning the bank's financial strength. Bank officials were paying out money as fast as the depositors could be served and other banks were said to be ready to supply all the cash needed. John F. Smulski, president of the bank, announced an offer of a reward of $5,000 for the identity of the person responsible for the false rumors. The bank was declared by bank examiners as the strongest bank in Chicago in proportion to its size. The last statement showed resources approximately of $20,000,000 and deposits of $18,000,000. The federal reserve bank of which the Northwestern is a member, sent $750,000 in an armored car to the M besieged bank. The Continental and Commercial National Bank sent $1,000,000.
10.April 7, 1922The Powder River County Examiner and the Broadus IndependentBroadus, MT
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FALSE REPORT CAUSES RUN ON CHICAGO BANK Women Are Crushed in Scramble of Depositors to Withdraw Deposits Chicago. - Several women were crushed and trampled in a seramble of depositors of the Northwestern Trust and Savings bank on the northwest side of Chicago Friday morning. The run was said to have resulted from false rumors concerning the bank's financial strength. Bank officials were paying out money as fast as the depositors could be served and other banks were said to be ready to supply all the cash needed. John F. Smulski. head of the bank. announced a reward of $5,000 for information of the identity of the person responsible for the run. The bank's last statement showed resources of $19,458,277. Early in the day depositors began gathering. The bank officials arrived early. Twelve policement tried to keep the depositors in line. The crush became so great outside the bank finally that 100 policemen, 25 of them armed with rifles, were placed on duty there. Dozens of women were carried into the bank in a fainting condition. The Federal Reserve bank. of which the Northwestern is it member. sent $750,000 in an armored car to the bank. The Continental and Commercial Na. tional bank sent $1,000,000.
