The Cambridge of eighteen hundred and ninety-six: a picture of the city and its industries fifty years after its incorporation, Financial and manufacturing.

Home Collections/Texts Perseus Catalog Research Grants Open Source About Help

Hide browse bar Your current position in the text is marked in blue. Click anywhere in the line to jump to another position:

This text is part of:

19th-Century American

View text chunked by:

chapter : page
page

Financial and manufacturing.

George Howland Cox.

Financial.

Cambridge Bank.

It was not until the year 1826 that Cambridge had any banking facilities of its own, although it had long been a wealthy town. In March of that year the Cambridge Bank was chartered. The first meeting of its stockholders was held in Ebenezer Kimball's tavern, March 22, 1826. William I. Whipple was elected moderator, and Thomas Foster clerk. The act incorporating the ‘Cambridge Bank’ had been passed by the General Court, March 4, and at this meeting the charter was accepted. Subscriptions for the stock were opened, and a board of directors elected as follows: James P. Chaplin, William Hillard, Newell Bent, Levi Farwell, William Fiske, John Trowbridge, Charles Everett, Isaiah Bangs, and S. P. P. Fay. Judge Fay declined to serve, and at a later meeting, March 31, Asahel Stearns was elected in his place.

The bank was capitalized at $150,000, and the stock was taken by residents of Boston, Natick, Watertown, Brighton, Sudbury, and many of the towns of eastern Massachusetts, but the larger portion was placed in Cambridge. In 1833, shortly after the organization of the Charles River Bank, it was voted to reduce the capital stock to $100,000, and in the following year, 1834, the reduction was made. It has remained at this figure ever since, although there were attempts made to raise the capital to $150,000 in 1853, and to $200,000 in 1854.

The board of directors held its first meeting March 27, at the house of Dr. Chaplin (corner of Austin and Inman streets). Dr. Chaplin was elected the first president of the bank. Martin Lane was elected cashier, and Luke Hemenway's store was purchased for the bank's quarters. The cashier was ordered to report for duty Monday morning, May 22, but it is probable [302] that the bank did not begin business until the following Monday, the 29th. It is said that it opened for business simultaneously with the inauguration of hourly coaches between Cambridge and Boston. The bank occupied Mr. Hemenway's store until it bought the brick building numbered 689 Main Street, where it had its rooms on the second floor. The bank remained there until 1870, when the brick building, which it now owns and occupies, was erected.

The young institution prospered. In less than a year it paid a four per cent. dividend, and its stock was at a premium. In 1843 an attempt was made to wind up its affairs, but the attempt did not succeed. The bank reorganized as the ‘Cambridgeport National Bank’ in June, 1865.

Dr. Chaplin, the first president, died in October, 1828. He was succeeded by Deacon Levi Farwell, who resigned in January, 1832, to accept the presidency of the newly organized Charles River Bank. Judge Fay followed Deacon Farwell, resigning in December, 1842. Rev. Thomas Whittemore held the presidency till his resignation, March, 1860. Benjamin Tilton finished out the year, and in the following October Rev. Dr. Lucius R. Paige, at that time filling the position of cashier, was elected. In March, 1863, Dr. Paige resigned the presidency to accept the cashiership again, and Robert Douglass was made president. He carried the bank through the trying period of the reorganization, and resigned, on account of ill health, in January, 1882, and was succeeded by Hon. Asa P. Morse, the present incumbent.

Since the organization of the bank, the following persons, in addition to those named elsewhere, have served on the board of directors: Thomas Foster, E. T. Hastings, E. W. Metcalf, B. Bigelow, N. Childs, Francis Bowman, John Hayden, Ebenezer Kimball, Charles Haynes, Abel W. Bruce, Phineas B. Hovey, Hiram Brooks, Leonard Stone, Henry Potter, Flavel Coolidge, W. B. Hovey, Daniel U. Chamberlin, Jeremiah Wetherbee, Charles Wood, Edward Hyde, Ira Stratton, Alexander Dickinson, Curtis Davis, Samuel James, and Martin L. Smith. The number of directors has changed several times in the bank's history: at first nine members constituted the board, later this was increased to twelve, then it dropped back to nine again; a little later it was reduced to seven, and finally to five, the present number. Of the first board of directors William [303] Fiske served the bank the longest; he resigned in 1851, after twenty-five years of service. The present board consists of Lucius R. Paige, Asa P. Morse, Charles James, Frank H. Jones, and Charles Bullock. Dr. Paige was elected cashier in 1857, and he has served the bank continuously, in different capacities, since that time. Mr. Morse has been connected with the bank since 1860.

Mr. Lane served the bank as cashier from its inception, 1826, till March, 1855, when he resigned on account of ill-health. Dr. Paige held the position till March, 1860. Joseph Whittemore, late principal assessor, followed Dr. Paige, resigning in February, 1863. Dr. Paige took the office again temporarily, until Seymour B. Snow was elected in August, 1864. Mr. Snow held the position just twenty years. He resigned in 1884, when Mr. Will F. Roaf, the present cashier, was promoted to the position. The report of the bank at the close of business February 28, 1896, showed a surplus fund and divided profits of $41,307, and deposits amounting to $171,919.

Middlesex Bank

Middlesex Bank was chartered in 1832, and was located in East Cambridge. William Parmenter was elected president, and William Whitney cashier. The bank, after a short existence, was obliged to wind up its affairs; it redeemed its circulation, paid its depositors in full, and forty-two per cent. of its capital to its stockholders.

Lechmere Bank

In 1853 the

Cambridge, 1896.

Tufts University provided support for entering this text.

3% of the text is displayed below. If you wish to view the entire text, please click here

This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

An XML version of this text is available for download, with the additional restriction that you offer Perseus any modifications you make. Perseus provides credit for all accepted changes, storing new additions in a versioning system.

Greek Display:
Arabic Display:
View by Default:
Browse Bar:

The Cambridge of eighteen hundred and ninety-six: a picture of the city and its industries fifty years after its incorporation
Arthur Gilman, Ed.

This text is part of:

View text chunked by:

Table of Contents:

Financial and manufacturing.

George Howland Cox.

Financial.

Cambridge Bank.

Middlesex Bank

Lechmere Bank

The Cambridge of eighteen hundred and ninety-six: a picture of the city and its industries fifty years after its incorporation Arthur Gilman, Ed.

This text is part of:

View text chunked by:

Table of Contents:

Financial and manufacturing.

George Howland Cox.

Financial.

Cambridge Bank.

Middlesex Bank

Lechmere Bank

The Cambridge of eighteen hundred and ninety-six: a picture of the city and its industries fifty years after its incorporation
Arthur Gilman, Ed.