4622. Northwestern Trust & Savings Bank (Chicago, IL)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
March 24, 1922
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
9694c20d

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

Thousands besieged the bank March 24, 1922 following false rumors. The Federal Reserve and another bank supplied large cash shipments; police were deployed. There is no mention of suspension, reopening, or receivership — the run subsided the same day.

Events (1)

1. March 24, 1922 Run
Cause
Rumor Or Misinformation
Cause Details
False rumor/false reports circulated that the bank was unstable; bank offered a $5,000 reward for the identity of the person who started the rumor.
Measures
Bank paid out deposits as rapidly as possible; Federal Reserve sent $750,000 in cash and Continental & Commercial National Bank sent $1,000,000; large police detail (including armed officers) deployed to control crowds.
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)

Article from Palatka Daily News, March 24, 1922

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Article Text

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.


Article from The Evening World, March 24, 1922

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Article Text

25 ARMED POLICE HOLD MOB IN RUN ON CHICAGO BANK False Rumor Spread That Northwestern Trust was in Unstable Condition. CHICAGO, March 24.-A special detail of twenty-five policemen, armed with rifles, was called upon to-day to control thousands of persons who besleged the Northwestern Trust and Savings Bank to withdraw their deposits. A false rumor had been spread that the condition of the institution was unstable. Several women were crushed in the scramble to enter the bank. Bank officials were paying out money as fast as the depositors could be served and other banws 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 WILS declared by bank examiners as the strongest bank in Chicago in proportion to its size. The last statement showed resources of approximately $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 besteged bank The Continental and Commercial National Bank sent $1.000,000. Before the bank's closing hour. the run had subsided somewhat. A run of smaller proportions started shortly before noon at the second Northwestern Trust & Savings Bank, a subsidiary of the Northwestern At this bank. also, depositors were being paid as rapidly as possible


Article from The Ocala Evening Star, March 24, 1922

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Article Text

RUN STARTED ON BIG CHICAGO BANK Sample of How Much Trouble One Foolish or Malicious Person May Cause (Associated Press) Chicago, March 24.-A special detail of police armed with rifles was called today to control the thousands who besieged the Northewstern Trust and Savings Bank to withdraw their deposits, following a false rumon that the institution was unstable. The bank offered $5000 reward for the arrest of the person starting the rumor. The bank is declared the strongest in Chicago of its size. The Federal Reserve Bank sent in three-quarters of a million in cash to withstand the run and another bank sent one million dollars.


Article from Casper Daily Tribune, March 24, 1922

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Article Text

WOMEN CRUSHED IN BIG RUN ON CHICAGO BANK False Rumors Regarding Finances Start Run on Northwestern Trust & Savings Institution and Many Are Trampled CHICAGO, March 24.-Several women were crushed and trampled in a scramble of depositors of the Northwestern Trust & Savings bank on the northeast side of Chicago this 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


Article from Tonopah Daily Bonanza, March 24, 1922

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Article Text

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


Article from The Lakeland Evening Telegram, March 24, 1922

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Article Text

FALSE RUMOR STARTS HEAVY RUN ON BANK Armed With Rifles Police Control Thousands Who Besiege Chicago Bank To Withdraw Deposits-Bank In Fine Condition 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 unstable. Several women were crushed in the seramble 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 but 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. Smulksie, president of the bank, announced an offer of 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.


Article from Great Falls Tribune, March 25, 1922

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Article Text

Chicago, March 24-Pickpockets, plying their trade in a crowd of 2,000 depositors who stormed the Northwestern Trust and Savings bank Friday, following circulation of rumors that the bank was insolvent, robbed two aged women of their savings of a lifetime. Police reports say a Polish woman whose name was not learned. lost $2,00 when a man snatched her handbag and disappeared in the crowd as she left the bank. Later Mrs. L. Zukowski reported to bank officials that a pickpocket stole $700 she had just withdrawn. The run was halted in the after noon after the 2,000 depositors had filed past a teller's cage in which $1,100,000 in currency lay piled on the counters. Several women were crushed and trampled in the scramble of depositors. The run was said to have resulted from false rumors concerning the bank's financial strength. Bank officails paid out money as fast as the depositors could be


Article from Norwich Bulletin, March 25, 1922

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Article Text

FALSE RUMOR CAUSED RUN ON CHICAGO BANK Chicago, March 24.-A special detail of twenty-five police, armed with rifies was called upon today to control thousands of persons who besiaged the Northwestern Trust and Savings Bank to withdraw their deposits following a false rumor that the condition of the institution was trustable.


Article from Bonners Ferry Herald, March 30, 1922

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Article Text

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 scramble 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 dépositors 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 policemen 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 a member, sent $750,000 in an armored car to the bank. The Continental and Commercial National bank sent $1,000,000.


Article from The Mellette County Pioneer, April 7, 1922

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Article Text

False Rumors Start Run. Chicago.-Several women were crushed and trampled in a scramble of depositors of the Northwestern Trust and Savings bank, on the north. west side of Chicago. The run was said to have resulted from false rumors concerning the bank's financial strength.