Peoples National Bank - Southbridge, MA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 11388
Charter Number: 11388
Start Date: April 20, 1933
Location: Southbridge, Massachusetts (42.075, -72.033)

Metadata

Model: gpt-5-mini
Short Digest: 54cb73c4

Response Measures

None

Description

The article (Springfield Weekly Republican, 1933-04-20) explicitly refers to Reopening the People's Nation[al] bank of Southbridge and says $50,000 of new capital was subscribed to restore operations. The piece describes a prior suspension (bank closed) but gives no detailed date or explicit cause; OCR shows bank pension which is likely bank panic in context of 1933 failures. No run is described in the text. I therefore classify this as a suspension followed by reopening. I did not invent suspension date or a detailed cause beyond what's supported by the excerpt.

Events (3)

1. June 30, 1919 Chartered

Source: historical_nic

2. April 20, 1933 Reopening

Newspaper Excerpt: Reopening the People's Nationbank of Southbridge affords further evidence ... the people of Southbridge had to subscribe $50,000 of new capital in order to restore the bank's operations.
Source: newspapers

3. * Suspension

Cause Details: Bank had ceased operations and required recapitalization ($50,000 subscribed by local community) before resuming; article does not state a specific triggering cause (OCR 'bank pension' likely 'bank panic' but not explicit).
Newspaper Excerpt: Reopening the People's Nationbank of Southbridge affords further evidence of the resolution and generosity with which some of the towns and smaller cities have met problems created by the bank pension.
Source: newspapers

Newspaper Articles (1)

1. April 20, 1933 Springfield Weekly Republican Springfield, MA

Article from Springfield Weekly Republican, April 20, 1933

Click image to open full size in new tab

Article Text

STATE AND TOPICS Our Next Mayor is not too early to give serious consideration to the mayoralty tion, view of the election next autumn. Mayor Winter's reelection desirable from every public point of view. More than that, municipal interests would be served the Democratic and Republican parties would nominate and support him for another term. The mayor's experience in two terms now valuable municipal asset. He capable of better service hereafter than hitherto. The times still SO distressing that the city's claim upon his loyalty to its interests must be recognized commanding by the mayor himself, could not refuse, except the most urgent private reasons, isfy general public demand for his continuation in office. true that since the term was extended to two years, the political custom of confining mayor's service two terms has tended harden, but will be called that Mayor Parker actually served five years. Three terms for Mayor Winter would mean but six years in all for him, and objection to his reelection can be ably based on that fact. New Bedford has set good example keeping Mayor Ashley in office many years that he seems almost like mayor for life. The argument in support of the continuance in office of competent mayor, regardless of party interests personal ambitions, overwhelming when the immediate future in our municipal finances uncertain as today. While Springfield's present financial position far stronger than the position of many other cities in this no one can study the outlook without realizing that it bristles with possible difficulties. We need the best administrative service in the office of mayor that can be furnished in mayoralty term, and to say that Mayor Winter meets these specifications satisfactorily than one else merely to recognize the practical wisdom of not upsetting an administration that has the municipal business well in hand. The ideal way to meet an exceptional situation to make Mr ter the nominee of both parties. (April Some of Gov Ely's appointments are beyond praise, especially in his refusal to let political considerations control him. For example, his reappointment of Dr George H. Bigelow of Milton as state commissioner public health. Tax Payments in Advance The emergency act of the present Legislature providing for advance payment tax bills will be more flexible application than the ure enacted Under last year ago. year's law city which decided any to accept payments in advance was required to pay interest at the annual rate of cent instalments of tax bills paid before the legal date. This uniform interest rate enforced regardless of the credit standing of particular nicipality. Under this year's provisions cities which accept the act will be allowed to pay different interest rates accordance with their credit rating. The variability in rates will presumably correspond to the variability in rates charged by banks in accordance with their estimate of city's financial strength. As Springfield's credit rating good, it is probable that rate of approximately cent would be considered adequate for this city. What this means is that property owners who desired to pay taxes in advance would be in effect lending to the city at about per money cent. To the extent to which this was done the city would be relieved of borrowing in the general money market meet current expenditures. Present conditions in the money indicate that there might advantage to the city in borrowing from its own taxpayers. On the hand, money conditions may become easier later in the spring that the rate paid to property owners would be higher than the rate which money could be obtained from bankers. is the question of making this act operative for Springfieid which the city conside night. While emergenc conditions of the past two years have sulted in this authorization of vance tax payments, the borrowing which is involved represents new situation in municipal finance. So long was plentiful and money rates routine transaction with bankers. Early in 1932, however, account of the banking stringency then prevailing cities for time found practically impossible to tain accommodation from the banks. The bank holiday of last month has resulted new tightening of credit which has not yet been laxed. The question is how to obtain the money when wanted and reasonable rates. The problem of making city's inflow of revenue continuous with will not be solved until expenditure Massachusetts law changed low payments quarterly basis, instead of requiring lump payment November The tial adjustment new basis might cause confusion, but once put into effect its operation would be more satisfactory both the taxpayer and the municipality. The resolve, filed both branches of the Legislature, designed to secure uniform state laws regulating labor conditions the group eastern states comprisNew England and New York. Its purpose is most excellent, but depends the state compact vice authorized by the federal stitution. Several states may agree among themselves to do certain things, and compact becomes valid if ratified by Congress. The device has had little success our history. There are only cases of its The Colorado river states are acting under such compact in relation to the Boulder dam enterprise. But usually it has been very difficult to persuade eral adjoining states, each with selfish interest to conserve, to bind themselves in this way. Gov chot's effort to secure such agreement superpower between New York and New Jersey was complete fizzle. positions; this bill would exempt them entirely from examinations. One deplorable effect of the bill's passage the veto would be to remove the test of demonstrated technical fitness for such positions sanitary and building inspectors, police chiefs, directors of school giene, school physicians, technical engineers, medical inspectors, etc. Our Geographic Spellings Residents of Martha's Vineyard have won their claim to the apostrophe in the spelling of the island name. As far official Massachusetts usage concerned there has been no question about the use of the apostrophe. Whenever legislation pertaining to the island has been enacted in the past 75 years the form of the name invariabeen Martha's Vineyard. In UnitStates government publications, especially charts coast pilots, there has been tendency to eliminate the apostrophe from place names. Martha's Vineyard has been treated like other island Fishers island, Blackwells island, although there is really no parallel, since Martha's Vineyard much metaphorical designation Garden of the Lord, which the inhabitants doubt consider in all essentials be. very useful work of standardizing spellings in cooperation with state authorities been undertaken by the United States geographic board. This board has decided that Martha's Vineyard is titled the apostrophe. that this investigation of appear geographic names will result in general restoration of the apostrophe, but in United States government evidently intends adopt the form for which there the best local authority. There have been needless and irritatdiscrepancies between postoffice spellings and spellings approved the states, and real effort been made to determine the best form and make it identical in state and federal use. (April Reopening the People's Nationbank of Southbridge affords further evidence of the resolution and generosity with which some of the towns and smaller cities have met problems created by the bank pension. In this case the people of Southbridge had to subscribe $50,000 of new capital in order to store the bank's operations. larger places it has been necessary to vide new capital in greater In some places the plan of merging two small banks has been adopted. The new tendency to eliminate as many unnecessary banking units as possible, cities and towns which voluntarily take this step will be acting in harmony with salutary nationwide policy.