USA > Massachusetts > Middlesex County > Cambridge > History of Cambridge, Massachusetts, 1630-1913 > Part 37
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Thus, at last Harvard's library is to take the place in the eyes of the world which long it has held in the estimation of those who have expert information about books. There are but three libraries in the United States which contain more volumes than Harvard's, namely, the Congressional Library in Washington, the Public Library of New York City, and the Boston Public Library.
A word should be said about the treasures which Harvard will deposit in the rooms that are to flank, at each side, the room which will contain the Widener collection. In the fire-
proof quarters built in Gore Hall for the keep- ing of these precious things were to be seen beautiful specimens of early printing, many examples of the work of the famous presses of the Middle Ages, books printed on vellum and on parchment, illuminated books, rare Bibles and office books, and such splendid rarities as Racine's New Testament-fit companion to Samuel Johnson's New Testament which comes to Harvard with the Widener gift-Milton's Pindar and Bunyan's Bible; a quantity of Carlyle books with his blunt notes and com- ments all over their pages; a copy of the Aphor- isms of Hippocrates in the Greek character, worth, perhaps, $7,000; such priceless original manuscripts as that of Burns' "Scots Who Hae wi' Wallace Bled," and Shelley's "Ode to a Skylark"; nature books covered with the dainty drawings of the poet Thomas Gray; an auto- graph book containing a Milton signature and "sentiment," and hundreds more.
Now Harvard's treasures will have their fitting home. But not all the books owned by the university will go into this new building: the Harvard libraries contain about 1,000,000 books and 500,000 pamphlets, and many of these are in the libraries of the law school, the medical school, the divinity school, and the other de- partments that combine to make the university. There were in Gore Hall about 500,000 volumes; about 150,000 additional volumes are scattered about in various buildings belonging to the col- lege. These 650,000 volumes and some 400,000 pamphlets, which make up the college library proper, will be placed in the Widener building. Thus the new structure will take care of the library needs for many years. The special libraries of the departments will remain where they are.
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EDUCATIONAL
RADCLIFFE COLLEGE
In 1879, the Society for the Collegiate Instruc- tion of Women was organized for the purpose of providing systematic instruction for women by professors and other instructors in Harvard University. The work thus begun was carried on with increasing success, but in no official relation with the University, until 1894, when the name of the Society was changed, by act of the General Court of Massachusetts, to Radcliffe College. By the same act Radcliffe College is authorized "to furnish instruction and the op- portunities of collegiate life to women, and to
Radcliffe College may deem it wise to confer, and the said President and Fellows of Harvard College may consent to assume."
Under this provision, and with the consent of the Board of Overseers, the President and Fellows of Harvard College have been constituted the Board of Visitors of Radcliffe College; and they have authorized the President to counter- sign the diplomas of Radcliffe College and to affix to them the seal of Harvard University. The administration of the affairs of Radcliffe College and the powers and functions of all its
EXTERIOR OF NEW LIBRARY
promote their higher education"; and "to con- fer on women all honors and degrees as fully as any university or college in this Commonwealth is now so empowered respecting men or women, -provided, however, that no degree shall be so conferred by the said Radcliffe College except with the approval of the President and Fellows of Harvard College, given on satisfactory evi- dence of such qualification as is accepted for the same degree when conferred by Harvard University." Further, "it may confer at any time upon the President and Fellows of Harvard College such powers of visitation and of direc- tion and control over its management as the said
officers are subject to the direction and control of the Board of Visitors, and no instructor or examiner can be appointed, employed, or re- tained, without their approval.
The immediate government of the College is vested in a Council and an Academic Board. The Council, consisting of the President, the Dean, and the Chairman of the Academic Board, with seven other members chosen by the Asso- ciates, each for the term of seven years, has gen- eral control of all the affairs of the College, in- cluding the educational work, the government of the students, and the conferring of degrees. The Chairman of the Academic Board must be
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A HISTORY OF CAMBRIDGE, MASSACHUSETTS
a member of the Faculty of Arts and Sciences of Harvard University, and his election is sub-
ing members are appointed annually by the Associates, subject to the express approval of
P
EXTERIOR OF AGASSIZ HOUSE
FAY HOUSE FROM YARD
ject to the express approval of the Board of Visitors. The President and Dean are ex-officio members of the Academic Board. The remain-
the Board of Visitors, from the teachers or Asso- ciates of Radcliffe College who are also members of the Faculty of Arts and Sciences of Harvard.
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THE EPISCOPAL THEOLOGICAL SCHOOL
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A HISTORY OF CAMBRIDGE, MASSACHUSETTS
THE BROWNE AND NICHOLS SCHOOL
Impressed with the necessity for a thorough and progressive school for boys in Cambridge, Prof. Child, Prof. Norton, and others, in the fall of 1882, gave their encouragement and patronage to a small private class formed with a view to the establishment of such a school. With the co-operation of the late Edgar H. Nichols, the result was the organization the next year, at No. 11 Appian Way, of the Browne and Nichols School. The school was imme- diately successful, and in September, 1885, moved to more commodious quarters at No. 8 Garden Street, opposite the playground on the
Common. In 1887 the gymnasium was built and equipped by Dr. Sargent. A new building, now owned and used by Radcliffe College, was built in the rear. Experience satisfactorily tested the superior lighting, heating, and venti- lating of this building, and proved that in every detail it was admirably adapted to the growing needs of the School. Accordingly, in 1897, when the School moved to its present site, on the corner of Berkeley Street (then Phillips Place), the main features of this building were reproduced in the present substantial brick building. The gymnasium is in the basement; and the hall on the third story has the best dancing floor in Cambridge.
The School was originally called a "Fitting and Developing School for Boys." It was designed, however, not to be a mere fitting school, but to be a school in which the pupils should be trained to think for themselves. The founders believed that a school, to accomplish
this end, must be kept small enough to enable the teachers to do a great deal of individual work with the pupils. They also believed that the work of the different departments should be more evenly divided than had been custom- ary, and consequently adopted at the start a course of study that gave to science, history, English and other modern languages, as much time as to classics and mathematics.
They soon found that great economy of time and effort would result from beginning with younger boys, and they formed a preparatory department, which, while kept as distinct as may be from the upper school, has enabled the
teachers to plan continuous work for the whole course. This department is now under the supervision of Mr. William C. Gerrish. He is ably assisted by Mr. Augustus H. Smith, who directs the physical activities of the junior de- partment on Nichols Field, the new playground adjoining the Metropolitan Park, on the river, opposite Soldiers' Field.
This ideally situated playground, only a few minutes' walk from the School, provides not only home-grounds for football and baseball games, but an afternoon rallying place for the whole School, with ample facilities; also for tennis, basketball, running, jumping, and other field sports. The river offers opportunities for boating and other water and ice sports. The locker building, equipped with the latest and best appliances, provides room for indoor games and exercises in inclement weather, and also study-rooms for all-day pupils. In fact, this Nichols Memorial is not a mere arena for com- petitive sports, but an attractive outdoor center,
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in winter as well as in spring and fall, for the natural development of those physical and social activities that are such an important adjunct to the more intellectual training of the class- room.
In 1912 the School was incorporated with the following Board of Directors: Prof. F. Lowell Kennedy, president; George H. Browne, clerk; Rev. Willard Reed, treasurer; Dr. Joseph L. Goodale, and Lawrence G. Brooks, Esq. Mr. Reed, joint-principal, an old teacher in the School, whose experience in dealing with things and men in business and in church, in addition to his resourceful educational activities, fits him exceptionally for administrative school service, has introduced up-to-date business methods to the increased prosperity of the new School.
Though the School now offers the advantages of a country day-school, it is still true to its old traditions, which set intellectual and moral considerations above athletic and social; and consequently it still maintains the aims that have hitherto distinguished it for thirty years:
sound methods, high standards, permanent in- terest in work.
The Staff, 1912-1913 .- PRINCIPALS: George H. Browne (A.M. Harvard), 23 Chauncy St., English, Latin; Rev. Willard Reed (A.M. Har- vard), 103 Walker St., History, Greek, Latin. MASTERS: Frederick Phillips Smith (A.B. Har- vard), 3 Walker Terrace, French, Latin; Harry Davis Gaylord (S.B. Harvard), 98 Hemenway St., Boston, Mathematics, Physics; George Courtright Greener (E.M. in CER., Ohio State University, '07), 39 North Bennett St., or 198 Clarendon St., Boston, Arts and Crafts, Sloyd; William Churchill Gerrish (A.B. Harvard), Winthrop Hall, Junior Department and History; Augustus Henry Smith (A.B. Harvard), 1 West St., Arlington Heights, Natural Science and Physical Training in the Junior Department, German, and Faculty Director of Athletics; Alton Lombard Miller (A.B. Harvard), 36 Dana St., Chemistry; Edwin Martin Chamberlin, Jr., 2 Avon St., Assistant in the Junior Department; Miss Bertha C. Eaton, Registrar and Secretary.
For
Charles R. Greco
Architect
WYETH SQUARE FIRE STATION
Charles R. Greco
Architect
ELKS' TEMPLE
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A HISTORY OF CAMBRIDGE, MASSACHUSETTS
FINANCIAL
Cambridge has long been fortunate in the character and financial standing of its banks. While a considerable number of its citizens do business in Boston, and naturally make use of financial institutions of that city, there is still a large volume of local business which the Cambridge banks are called upon to handle. It is gratifying to be able to state that these institutions have done far more than merely await the business that might be brought them by the merchants and manufacturers of the city. They have in many instances shown an inclina- tion to aid actively in the development of the city by offering accommodations for intending borrowers and other facilities that are necessary to the upbuilding of a modern community. No factor is more potent in the life of a twentieth century city than its banks. Large enterprises
are dependent to no small extent upon their good-will, and they frequently have the making or breaking of a city in their hands. In Cam- bridge this power has been exercised wisely and with a keen appreciation of the duty owed by the bank to the community of which it is a part.
The banking facilities of Cambridge include four trust companies, two national banks and four savings banks. These institutions are all favorably located in the business centers of their respective sections. They have all attained that degree of stability which comes with long years of successful business life. Their deposits total far into the millions, and their resources are much more than sufficient to meet their liabilities. Their money is loaned very largely on Cambridge securities, and they are closely interwoven with the life of the city.
The organization of the Harvard Bank was first suggested by Benjamin Tilton, who had been for some years a director in the Cambridge Bank and president of the Cambridgeport Savings Bank. The desired capital of $200,000 was soon subscribed, and the first meeting of the stockholders was held at the City Hall, Novem- ber 3d, 1860. The largest subscribers were Benjamin Tilton and Wilkinson, Stetson & Co. for one hundred shares each. Other large sub- scribers were Harvard College, Cambridgeport Savings Bank, New England Mutual Life In- surance Company, Isaac Livermore, George Livermore, Edward Hyde, Newell Bent, Alanson Bigelow, John Sargent, Charles Wood, Daniel U. Chamberlin, Z. L. Raymond, Lewis Colby, William A. Saunders, Charles Theodore Russell, George P. Carter, George Fisher, A. E. Hildreth, John Livermore, J. Warren Merrill, Ira Stratton, Rev. William A. Stearns, Emery Willard and Robert Waterson.
After ratifying the Articles of Agreement, the stockholders elected the first Board of Directors, twelve in number, as follows: Ben- jamin Tilton, Z. L. Raymond, Lewis Colby, George Livermore, John Sargent, Estes Howe,
William A. Saunders, Alanson Bigelow, Newell Bent, Edward Hyde, Daniel U. Chamberlin and Charles Wood.
This Board of Directors met November 7th, 1860, when Benjamin Tilton was elected Presi- dent. It was decided to secure banking rooms in the Dowse Building, so called, on the corner of Main and Prospect Streets.
At a meeting of the Directors held December 17th, Willard A. Bullard was unanimously elected cashier and Edward G. Dyke messenger and bookkeeper.
On January 14th, 1861, the Directors voted to open the bank for business on March 1st. President Lincoln's inauguration was to take place March 4th. Predictions were freely made that he would never hold office. Threats of secession were rife, business was unsettled, the country was in a condition of intense excitement. In view of this, it was thought wise to postpone the opening of the bank. The morning of March 5th was selected, if a government were then in existence. The President having been peacefully inaugurated, the Bank was opened for business the next morning. On the day preceding, the special Commissioners appointed
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FINANCIAL
by the Governor came to Cambridge with specie scales and satisfied themselves, in the presence of the Directors, that the entire capital, $200,000 had been paid in, and was lying before them in gold coins of standard weight. This formality was then required by law.
The Harvard Bank was among the first to offer a loan to the State. This was done im- mediately after news came of the attack upon
Commonwealth of Massachusetts, Treasurer's Office, Boston, April 24th, 1861.
BENJ. TILTON, Esq.,
President Harvard Bank, Cambridgeport
DEAR SIR: Your communication of the 22d inst., containing the offer of your Bank of a loan of $50,000, has been placed in my hands by His Excellency, Gov. Andrew, for reply. He desires
THE HARVARD TRUST COMPANY
Fort Sumter. The correspondence was as follows:
Harvard Bank, Cambridgeport, Mass. April 22d, 1861.
To His Excellency, JOHN A. ANDREW,
Governor of the Commonwealth of Massachusetts.
SIR: At a meeting of the Directors of the Harvard Bank, held this evening, a full Board being present, it was unanimously voted that, in consideration of the present condition of the country and the necessity for prompt action, the President be authorized to tender a loan of fifty thousand dollars to the Commonwealth of Massachusetts. In compliance with said vote, I have the pleasure to notify Your Ex- cellency that the Harvard Bank will hold itself ready to respond in that amount to the call of the Commonwealth of Massachusetts.
I am, sir, very respectfully,
BENJ. TILTON, President Harvard Bank.
me to express to your Board of Directors his sincere gratitude for the intelligent patriotism which has prompted your liberality.
No immediate necessity existing for its instant acceptance, I am directed to say, as has already been done in the case of other similar offers, that, with your permission, he will hold your offer in reserve for such future emergency as may arise.
Very truly yours, HENRY K. OLIVER, Treasurer and Receiver General.
A dividend of three per cent. was paid on October 1st, 1861, less than seven months from the opening of the bank; and from that time to the present, dividends have been maintained varying in amount from six to twelve per cent. per annum. The amount of money thus dis- bursed to the stockholders to the present time has been, in dividends and profits, $997,000, or nearly five times the capital.
On March 10th, 1864, the Directors appointed
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A HISTORY OF CAMBRIDGE, MASSACHUSETTS
a Committee to consider the expediency of seeking a charter under the National banking law. Four days later this Committee reported, closing its report with these words:
If the Directors are of the opinion that it is best to make the change and wish to be the First National Bank of Cambridge, your Committee recommend immediate action with regard to it. BENJ. TILTON, Signed, CHARLES WOOD, Committee. ALANSON BIGELOW.
This prompt action secured for the Bank all the advantages accruing from becoming "The First National Bank of Cambridge."
On April 25th, 1864, the stockholders voted that "The Harvard Bank do become an asso- ciation for carrying on the business of banking under the laws of the United States."
The bank began business as The First National Bank of Cambridge, June 1st, 1864, under a charter expiring February 25th, 1883. Although the deposits in the Harvard Bank had seldom exceeded $75,000, the profit and loss account at the date of changing to a National Bank showed net profits of $67,971, $41,000 of which had been paid to the stockholders in dividends of from six to eight per cent. per annum.
About this time the bank was made a deposi- tory for U.S. Government funds.
In December, 1875, the bank removed, across Prospect Street, to its second home, corner of Main and Prospect Streets.
The first of the original Board of Directors of the Harvard Bank to be removed by death was George Livermore, who died in 1865. Ben- jamin Tilton, who had served as President from the beginning, died November 23d, 1882. His administration of nearly twenty-two years had been eminently successful, and his loss was severely felt by his associates in the Board of Directors. At a meeting of the Directors held November 27th, the vacancy in the Board of Directors caused by Mr. Tilton's death was filled by the election of his oldest son, Henry N. Tilton. He did faithful and valuable service until his death in 1904. He was a member of the Board the same length of time as his father, between twenty-one and twenty-two years. Daniel U. Chamberlin was elected successor to Benjamin Tilton, as president, January 9th,
1883. Mr. Chamberlin discharged his duties as president with marked ability until his death June 14th, 1898.
Willard A. Bullard, who had held office as cashier from the opening of the Harvard Bank, was elected president June 21st, 1898, and Walter F. Earle, who had been for some years an efficient officer of the bank, was elected successor to Mr. Bullard, as cashier.
For several years before action was taken, the advisability of becoming a Trust Company under the laws of this Commonwealth had been discussed from time to time. It was finally decided to apply to the Savings Bank Commis- sioner for a charter to do business as a Trust Company. It was resolved to revive the original name "Harvard," and to call the new corpora- tion the Harvard Trust Company. This peti- tion was granted. On July 8th, 1904, at a meeting of the stockholders, By-laws were adopted and officers of the Harvard Trust Com- pany elected as follows:
Directors: Henry Endicott, Erasmus D. Leavitt, Frederick W. Tilton, Willard A. Bullard, William W. Dallinger, Albert M. Barnes, Frank A. Kennedy. President-Willard A. Bullard; Vice-president, Erasmus D. Leavitt; Clerk, Walter F. Earle.
The Directors then elected Walter F. Earle treasurer. On July 14th, 1904, the charter was issued.
At a meeting of the stockholders of the First National Bank, held August 5th, 1904, it was resolved, two-thirds of the capital stock of the Association being represented, that the First National Bank of Cambridge be placed in volun- tary liquidation, under the provision of Sections 5220 and 5221 U.S. Revised Statutes, to take effect August 6th, 1904.
Caleb Wood served as a Director of the First National Bank from 1870 to 1877, having suc- ceeded Charles Wood. Dana W. Hyde served as Director more than twenty-five years, having succeeded Caleb Wood in that office. He died in June, 1903. Edward Hyde died in 1885, and Joseph A. Holmes held office, as his successor, till his own death in .1893.
The Harvard Trust Company opened for business on August 8th, 1904, in the old rooms.
It had already been decided to lease suitable banking rooms from the Cambridgeport Savings
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FINANCIAL
Bank in its new building, then in process of erection.
On July 29th, 1904, it was definitely decided to establish and maintain Safety Deposit Vaults.
As the result of the liquidation of the First National Bank by the Harvard Trust Company, its liquidating agent, the stockholders received the par value of their stock and sixty-five per cent. in addition. Semi-annual dividends had been paid regularly during the life of the Bank. Almost without exception the old stockholders transferred their interest to the Harvard Trust Company, taking the new stock at $150 per share. This enabled the new company to begin business with a surplus of $100,000, or fifty per cent. of its capital.
The business was transferred to the present commodious and well appointed banking rooms in the Savings Bank Building on Saturday, August 11th, 1906. On the opening of the doors at eight o'clock that morning, several customers were in waiting, each desiring to make the first deposit. This distinction fell to G. C. W. Fuller, who had been a depositor for more than forty years, having had an account in the Harvard Bank. The Safety Vault Department was opened at this time, many renters having selected boxes before the removal. The demand for boxes since that time has far exceeded expectations and has necessitated the addition of two nests of boxes, each nearly as large as that originally provided.
In addition to its regular banking business, the Harvard Trust Company acts as adminis- trator, executor, trustee, guardian, etc., and already has in its care trust property to the value of more than $400,000.
It is of interest to mention that the outlay for adequate vault and safe accommodations with fittings, etc., when the Harvard Bank com- menced business was $675.
Corresponding conveniences for the Harvard Trust Company, including its safety vaults, involved the expenditure of $50,000.
It is worthy of note that from the beginning in 1861 only four persons have held the office of president, the change in each case being caused by the death of the incumbent; and only three persons have held the office of cashier or treasurer, the changes being caused by the promotion of the incumbent.
The following table may be of interest as an indication of the growth of Cambridge and of the business of the Bank:
The amount on deposit in Harvard Bank, October, 1861, First National Bank, October, 1870, 152,000
$33,000
1880, 534,000
1890, 769,000
46
4 4
1900, 1,060,000
Harvard Trust Company, October, 1910,
2,055,000
The record of the Company during the half- century is an honorable one. Devotion, loyalty and strict honesty have been marked charac- teristics of its officers and employees in the past, and are equally so, we think, today. It has been and still is the aim, so far as prudence will allow, to use the resources of the Company locally, helping those who need and deserve aid from time to time in carrying on and developing business in Cambridge. The Company enjoys the confidence of the community and will make every effort to administer its affairs in such a way as to retain this confidence.
The present officers are: Walter F. Earle, president; Erasmus D. Leavitt, vice-president; Herbert H. Dyer, treasurer. The Directors are: Walter F. Earle, Henry Endicott, William W. Dallinger, Erasmus D. Leavitt, Frederick W. Tilton, Albert M. Barnes, Frank A. Kennedy, Edward D. Whitford, Warren H. Dunning, John H. Corcoran.
Mr. Bullard died November 12, 1912, and was succeeded by Walter F. Earle, November 19, 1912.
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The Cambridge Savings Bank, the oldest savings bank in this city, and indeed one of the oldest in this section of the State, was incorpo- rated in 1834, beginning business in 1835. The bank occupies a handsome building at 15 Dun- ster Street, a few steps from Harvard Square, in the center of a very large business, and whose assets total $7,449,404.09. During its existence the institution has enjoyed a period of uninter- rupted prosperity and has done splendid work in inculcating and encouraging the habit of saving in the community. During its existence
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