Other: Offered $10,000 reward for arrest of rumor-monger; stayed open beyond hours to meet demands.
Description
Multiple syndicated articles (dated July 30, 1921) report a run on the Northwestern Trust Company in Philadelphia started by a false rumor. The bank remained open, paid demands (had $1,000,000 cash), and a counter-deposit movement occurred; no suspension or closure is reported.
Events (1)
1.July 30, 1921Run
Cause
Rumor Or Misinformation
Cause Details
An unfounded/false rumor circulated about the trust company's solvency, prompting depositors to withdraw funds.
Measures
Remained open beyond regular hours to pay demands; had $1,000,000 cash on hand; solicited counter-deposits from local businessmen; offered $10,000 reward for information about the rumor's origin.
Newspaper Excerpt
A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw their funds today. When the bank opened this morning $1,000,000 in cash was on hand to pay all demands.
Source
newspapers
Newspaper Articles (10)
1.July 30, 1921The Ocala Evening StarOcala, FL
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Article Text
BANKS REFUSED TO BE BROKEN Philadelphia and Boston Institutions Firmly Withstand the Raid on Their Finances (Associated Press) Philadelphia, July 30.-The Northwetsern Trust Company today weathered the run that began yesterday. A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw their funds today. When the bank opened this morning there wa sone million dollars in cash on hand to pay all demands. During the run a counter movement started and many business men and others came to the bank to show their confidence by increasing their deposits.
2.July 30, 1921The Daily TimesWilson, NC
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Article Text
30. -The Philadelphia, July Northwestern Trust Company today weathered a run which began yesterday. A false rumor of the trust company's condition started a line of and timid depositors yesterday caused many to withdraw their funds today. When the bank opened there was one million in cash on hand to pay all demands. During the run a counter movement started and business men and others came to the bank to show their confidence by depositing large amounts. The deposits amounted to more than eight millions when the last statement was issued. The bank remained open beyond the closing time to pay out funds to depositors. All the Philadelphia newspapers today carried a notice offering a reward of $10,000 for information leading to the arrest of the person circulating the false rumor.
3.July 30, 1921New Britain HeraldNew Britain, CT
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Article Text
ANOTHER BANK RUN. Philadelphia Institution Offers Rcward for One Who Started Rumors. Philadelphia, July 30.-The Northwestern Trust Co., an up town institution, today weathered a run that Legan yesterday. A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw funds today. When ,the bank opened this morning, $1,000,000 in cash was on hand to pay all demands. All the Philadelphia. newspapers today carried an advertisement inserted to the trust company : offering a reward of $10,000 for information lead. ing to the arrest of the person who circulated the false rumors about the bank.
4.July 30, 1921Grand Forks HeraldGrand Forks, ND
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Article Text
Weathers Run. Philadelphia, July 30.-The Northwestern Trust company, an uptown institution, today weathered a run that began yesterday. Al false rumor of the trust company's condition started a line of timid depositors. yesterday and caused many to withdraw funds today. When the bank opened this morning one million dollars in cash was on hand to pay all demands. During the run a counter-movement was started and many business men and others came to the bank to show their confidence by increasing their deposits. The trust company offers a reward of $10,000 for information `leading to the arrest of the person who circulated the false rumor about the bank.
PHILADELPHIA TRUST CO. WEATHERS A HEAVY RUN STARTED BY FALSE RUMORS Philadelphia, July 30.-The Northwestern Trust company weathered a run that began yesterday. False rumors of the Trust company's condition started a line of timid depositors yesterday, and caused many to withdraw their funds today. When the bank opened this morning one million dollars in cash was on hand to pay all demands. During the run a counter movement started and many business men and others came to the bank to show their conldence by increasing their deposits.
6.July 31, 1921The New York HeraldNew York, NY
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Article Text
Trust Company Weathers Run. PHILADELPHIA. July 30.-The Northwestern Trust Company, an uptown institution. to-day weathered a run that began yesterday. A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw funds to-day. When the bank opened this morning $1,000,000 in cash was on hand to pay all demands. During the run a counter movement was started and many business men and others went to the bank to show their confidence by increasing their deposits. The trust company's deposits amounted to more than $8,000,000 when the last statement was issued. The bank remained open beyond the regular closing time to-day to meet demands upon it. All of the Philadelphia newspapers today carried an advertisement inserted by the trust company offering a reward of $10,000 for information leading to the arrest of the person who circulated the false rumor about the bank.
7.July 31, 1921The Washington TimesWashington, DC
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Article Text
RUN ON PHILA. BANK BROKEN BY DEPOSITS PHILADELPHIA, July 30.-The run on the Northwestern Trust Company of this city, caused by an unfounded rumor that the company was insolvent, was broken at noon today. William Freihofer, president of the trust company, has offered $10,000 reward for information leading to the arrest. and conviction of the person who started the rumor of the bank's alleged inability to pay. The offer will be announced from the pulpits of churches tomorrow. Local merchants made heavy deposits during the run to show their confidence in the institution.
PROPAGANDA STARTS RUN ON BOSTON BANK (By The Associated Press.) Boston, Mass., July 30.-Several hundred persons, influenced, the police say, by malicious propaganda, were in line to withdraw their deposits from the Boston Five Cents Savings bank when the doors of that institution opened today. Bank commissioners declared the bank absolutely sound. Philadelphia, July 30-The Northwestern Trust company, an uptown institution today weathered a run that began yesterday. A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw funds today. When the bank opened this morning $1,000,000 in cash was on hand to pay all demands.
9.July 31, 1921Pueblo ChieftainPueblo, CO
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Article Text
RUMORS START RUNS ON EASTERN BANKS Boston, July 30.-Several hundred persons influenced, the police say, by malicous propaganda, were in line to withdraw their deposits from the Boston Five Cents Saving bank when the doors of that institution opened today. Bank commissioner declared the bank absolutely sound Philadelphia, July 30.-The Northwestern Trust company. an uptown institution, today weathered a run that began yesterday A false rumor of the trust company's condition started a line of timid depositors yesterday and caused many to withdraw funds today. When the bank opened this morning $1,000,000 in cash was on hand to pay all demands.
10.August 1, 1921The Fitzgerald Leader Enterprise and PressFitzgerald, GA
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Article Text
Careless Street Talk Causes Run On Bank PHILADELPHIA, Pa., August 1. - The Northwestern Trust Company, an uptown institution, today weathered a run that began yesterday. All the city papers today carried an advertisement inserted by the Trust company offering a reward of ten thousand dollars for information leading to the arrest of the person who circulated the false rumor about the bank.
