Norwood Will Finally Have a Bank-This Day in Norwood History-June 5, 1903

William R. Mitchell Tells the Business Association It Will Be Feasible and Profitable

The annual gathering of the Norwood Business Association on a June evening in 1903 filled the upper rooms of Odd Fellows Hall with the hum of civic ambition. The town was growing, its industries expanding, and its merchants increasingly confident that Norwood was ready for the next step in its economic evolution. That night, the message came through clearly: Norwood needed a bank — and, more importantly, Norwood was finally ready to have one.

The meeting opened with the reading of annual reports from Treasurer Edgar L. Bigelow and Secretary William T. Whedon, both of whom offered encouraging assessments of the Association’s progress. In his remarks, Whedon delivered a thoughtful summary of the organization’s accomplishments over the past year, underscoring its growing influence in shaping the town’s commercial life. New members — Melville G. Smith, N. L. Newman, H. C. Babcock, and Arthur G. Fogg — were welcomed into the fold, further strengthening the Association’s ranks.

Elections followed, bringing in a slate of officers whose names would become familiar in Norwood’s civic story: President J. A. Halloran, Vice President Harold E. Fales, Secretary William T. Whedon, Treasurer Edgar L. Bigelow, and an Executive Committee composed of Dr. F. H. Nutting, Francis E. Everett, James M. Folan, and Milton H. Howard. The new leadership represented some of the Association’s most dedicated workers, men who had already demonstrated their commitment to Norwood’s development.

A note of gratitude was extended to the Lawrence Board of Trade for inviting Norwood to its semi‑centennial celebration — a reminder that the town was increasingly recognized among Massachusetts’ commercial communities.

The evening’s most anticipated speaker, however, was William R. Mitchell of Middleboro, an official of the National Exchange Bank of Boston and formerly the cashier of the Middleboro National Bank. Mitchell, who had family ties in Norwood, delivered a lively and accessible address on the subject of banks, beginning with their ancient origins. He traced the lineage of banking from Greece and Rome, where early money‑handlers accepted deposits and issued drafts, to the money changers whom Christ drove from the Temple, and onward to the rise of modern banking in Italy. The term “bank,” he explained, came from the Italian banco, referring to funds raised through small public loans. The Bank of Venice, he noted, was the first great institution of the modern era.

Mitchell described how early banks operated as quasi‑public corporations, subject to legal oversight and government examination. He explained the essential functions of banking — safeguarding deposits, paying interest, and generating profit through loans — while emphasizing that “banking…is business and not philanthropy.” He outlined the four types of banks chartered in Massachusetts: savings banks, cooperative banks, trust companies, and national banks, detailing their differences in reserves, lending authority, and regulatory structure.

His discussion of trust companies was particularly timely. Traditionally created by special legislative acts, these institutions were now the subject of a proposed law that would allow any ten men to form one. Though originally intended to serve as trustees for estates, many trust companies had expanded into broader financial services, paying interest on daily balances and operating much like state banks. Mitchell contrasted them with national banks, which were required to maintain reserves and were prohibited from lending on real estate.

He then turned to the heart of the evening: the feasibility of establishing a national bank in Norwood. Drawing on examples from Middleboro, where a modestly capitalized bank had produced impressive profits within two years, Mitchell argued that Norwood had both the population and the business strength to support such an institution. He believed that the town would soon surpass 6,000 inhabitants and “be out of the $50,000 class,” making this the ideal moment to launch a bank with $50,000 in capital. A bank controlled by Norwood residents, he said, would bring tax benefits and strengthen local commerce. He assured the audience that Boston’s major banks would welcome and support such an endeavor.

The meeting continued with a communication from the Boston Chamber of Commerce regarding proposed changes to corporation laws, which was placed on file.

Transportation matters followed. M. H. Howard reported that the selectmen had approved a new turnout for the electrics between Nahatan Street and Railroad Avenue, and that the long‑discussed connection of the three streetcar lines would soon be realized — provided both citizens and railway companies agreed.

The Committee on Growth of the Town, represented by George Harding Smith, reported ongoing communication with John Babb of the Universal Grinding Machine company. Smith also read a letter from the manager of the Bassett Motor Vehicle Company, a firm boasting $2,000,000 in capital. The company’s promotional materials — complete with a portrait of Mr. Bassett — made ambitious requests of the town and its citizens. The committee accepted the report without recommendation.

President J. Edward Plimpton offered a brief update on new industries, noting that the Wisdom Publishing Company appeared to be “practically defunct.”

From the Committee on Public Schools, Dr. F. H. Nutting reported that the schools were performing well and recommended that the town retain the North Schoolhouse for future municipal use.

On public health, William Fisher urged the town to address the sewerage issue at one of its fall meetings.

The matter of a permanent home for the Association was addressed by Hon. F. A. Fales, who reported that a room in the Bigelow Block, formerly occupied by Robert Rogers, had been secured. The space would also be made available to committees of the Old Home Week Association, which had recently been formed.

The Elm Beetle Committee, represented by F. J. Rea, submitted its report and was continued for further work.

By the time the meeting adjourned shortly after 10 p.m., the Association had completed one of the most substantial and forward‑looking agendas in its history. The evening’s discussions — from banking to transportation, industry, public health, and civic organization — reflected a town on the cusp of transformation. Norwood was no longer merely a mill village; it was becoming a modern community with the confidence to shape its own economic destiny.

Reconstructed from the Boston Globe, June 5, 1903

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