The Newetowne Chronicle
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The Newetowne Chronicle Fall 2009 Cambridge Savings Bank Celebrates 175 Years Volume IX, Number 3 By Michael Kenney IN THIS ISSUE In the passbooks issued to its earliest depositors, the Cambridge Savings Bank (then known Cambridge Savings Bank as the Institution for Savings in Cambridge) proclaimed an altruistic belief in the value of Celebrates 175 Years saving money – especially for young people. By Michael Kenney 1 “A young man intending to marry at a future day, and young women, who may expect to New Grant Allows the Hooper- change their condition,” the passbook noted, “can here safely lay up a sum against a time Lee-Nichols House to Speak when they want it more.” By Gavin W. Kleespies 2 The bank, with its headquarters in Letter from the President Harvard Square, still makes an “effort By Jinny Nathans to get student accounts,” said Robert Recent Events 3 M. Wilson, its president and CEO. Interns and Projects 4 But the bank has grown up with its community and now has a more Rent Control Papers established clientele. It has grown its New Book Looks at Harvard commercial client base significantly, Square in the Past 50 Years focusing on commercial loans and By Daphne Abeel 5 cash management services. To contin- ue growing, the bank’s strategy is to Society News Online Architectural drawing of the first permanent home of the Cambridge Savings Bank Courtesy of the Cambridge Historical Commission keep its traditional account base and Cambridge Boat Club move ahead “with modern banking Celebrates Centennial technologies,” putting resources into electronic banking, according to Wilson. By Daphne Abeel 6 The recent proliferation of bank branches in Harvard Square, Wilson said, reflects large Collection News national banks “trying to get into a market” – the same market his own bank was looking Mark Time for in 1834. By Mark Vassar 7 The Cambridge Savings Bank was not the city’s first Samples from First Photo bank. Cambridge saw its first bank open eight years Scanning Day earlier, in Central Square, reflecting the role of Cam- Upcoming Events Back Cover bridgeport as the city’s commercial center. Harvard The Newetowne Chronicle Square got its first bank in 1832, the Charles River is published by Bank, a commercial bank at what is now 1414 Mas- The Cambridge Historical Society sachusetts Ave., for many years the site of the Harvard Editors: Gavin W. Kleespies and Trust Co. and now of a Bank of America branch. Roger Stacey In a history of the Cambridge Savings Bank, Charles Contributing Editors: M. Sullivan, executive director of the Cambridge His- Michael Kenney Daphne Abeel torical Commission, noted that many of the business and civic leaders who had been involved in organizing Copy Editor: the Charles River Bank came together two years later to Luise M. Erdmann incorporate a bank strictly for savings, and it is this bank that has survived almost for two centuries in Cambridge. Cambridge Savings Bank towering over the hole dug Continued on page 4 for the expansion of the Red Line c. 1980 Courtesy of the Cambridge Historical Commission The Newetowne Chronicle - 2 OFFICERS From the Executive Director Jinny Nathans - President Kathleen Born - Vice President By Gavin W. Kleespies Robert Crocker - Vice President Paula Paris - Vice President It takes an old house a long time to tell its Andrew Leighton -Treasurer story. This has been the case with the Hooper- Mary Webb - Secretary Heli Meltsner - Curator Lee-Nichols House. The Cambridge Historical Roger Stacey - Editor Society has been listening to whispers since the 1950s; however, in the past couple of years we COUNCILORS have heard many new stories. Charlie Allen Darleen Bonislawski Now, thanks to a $20,000 grant from the Cam- Thomas Bracken bridge Savings Bank, we are going to be able to Virginia Jacobsen Rebekah Kaufman tell these stories and allow the house to speak Frank Kramer to the public. The Society will be publishing a new history of the house that includes a recount- ADVISORS ing of all of our recent investigations and explorations of the structure. We will also be Daphne Abeel reinterpreting the museum spaces and making the rooms into an interactive experience M. Wyllis Bibbins for visitors, allowing them to look behind walls and under wallpaper and through the Carol Cerf plaster to see the history of the building. Lindsay Leard Coolidge Luise M. Erdmann Karen F. Falb The publication will be an accounting of the traditional history of the Hooper-Lee- George H. Hanford Nichols House, why that history was questioned, what we have recently discovered Ted Hansen through an innovative examination, and the mysteries that remain. It will recount the Chandra Harrington Swanee Hunt stories our house has revealed. From reviewing reams of microfilm, we have learned of Michael Kenney plans to demolish the building by the heirs of George and Susan Nichols in 1892. Our D. Eliot Klein paint analysis has revealed the many layers of renovations that led to the seemingly Ellen G. Moot Larry Nathanson, M.D. unified rooms we see today. Peeling back the patches and bandages has shown us both Brian Pfeiffer decorations that had never been seen by anyone alive today and mistakes and shortcuts Susan S. Poverman taken by tradesmen two hundred years ago. Our dendrochronology has given us a date, Maxwell D. Solet although it has not answered all of our questions. STAFF The displays in the rooms will use this new information, as well as windows left to Gavin W. Kleespies peek behind the walls, to show visitors both what we now know and what remains a Executive Director Cynthia Brennan mystery. The rooms will tell the stories of the house’s development, but they will also Assistant Director show the history of the community the house has grown with. The disturbance caused Victoria Hickey by our recent electrical work, paint analysis, repairs, and repainting, forced us to move Assistant Mark J. Vassar every item out of every room, and this gave us the opportunity to review how we are Resident Archivist using the space we make available to the public. We learned that we could be a more Shane LeGault effective museum through a shift from period displays to flexible and changeable ex- Resident Fellow hibits. This will allow the house to speak to the public, not only about its own myster- ies, but also about our city over the past 300 years. This house witnessed the American Revolution and the rise of Cambridge as an early industrial powerhouse, the confluence The Cambridge of America’s greatest literary minds, the development of immigrant neighborhoods, and Historical Society The Hooper-Lee-Nichols House the childhoods of millions of people, and it is ready to tell those stories. 159 Brattle Street Cambridge, Massachusetts It is hard to say why the house has revealed so much after years of being quiet; never 02138 the less, the house has fascinating stories. However, no matter how hard you listen, 617-547-4252 some mysteries will remain for future generations. We are excited about the chance to www.cambridgehistory.org let you hear these stories and ponder the remaining mysteries for yourself. We plan to [email protected] reopen the Hooper-Lee-Nichols House in December. The Newetowne Chronicle - 3 We Need to Talk: The Importance of Oral Histories Letter from the President By Jinny Nathans of these displays will use oral histories. One room will hold I used to think that oral history interviews were merely a minor objects related to childhood in Cambridge and will include five footnote to the real discussion of historical events. However, I different oral histories we conducted over the past year, as well now realize that the words of people looking back on the scope as material from the diary of a boy who grew up in the Hooper- and events of their lives add to the dimension and meaning Lee-Nichols House in the 19th century. A second room will of any historical period. Oral history interviews, when done look at the changing urban and industrial landscape of Cam- well, add flesh, bone, and sinew to the spine of facts. A rela- bridge. Until the 1940s, Cambridge was still one of the larg- tively new method of supplementing the primary documents est industrial cities in Massachusetts; however, much of that of history, oral history interviews were first employed on a industrial landscape is now gone. Similarly, the urban space in large scale as part of the Works Progress Administration in Cambridge has dramatically changed, from a city with a strong the 1930s. Interviewers collected remarkable accounts from working-class community to an increasingly professional surviving veterans of the Civil War and African Americans population. This room will look at how the urban/industrial who had lived as slaves. Over the years, this form of history landscape of Cambridge has evolved through the rise of high increased in prominence within the historical community, and tech and biotech firms, the disappearance of manufacturing, in 1974, when Studs Terkel published Working, it became an the end of rent control, and the change in the housing stock of accepted tool. the city. A part of this display will be interviews with some of the people on both sides of the rent control debate, along with Since that time, the use of oral history has become increasingly material from our collections. common and is used by an array of different institutions. Aca- demics and public historians are no longer alone in recording Both of these displays will have online components, where an people’s memories. Now clubs, professional organizations, and individual can learn more about these subjects and see larger even corporations are using these techniques to create accounts pieces of the featured oral histories.