Business & Finance: Bank Test

Wall Street wisecrackers had a merry time last week, chortling over some wag's remark that "next we will hear of the failure of the Gloucester fishing bank." But in seaside Gloucester, where an ill wind is one which comes from the big Le Pages glue factory, nobody saw anything comical in that remark last week. For Gloucester's oldest bank, the Gloucester National, failed to open its doors, freezing fast more than $1,000,000 of good Gloucester cash. Even in old New England Gloucester National was a hoary insitution in its own right. When it was...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!