In the meanwhile. I have just found a letter which I wrote to my brother, Cameron, I think about the year 1945. That has a number of facts which I have forgotten and tells the story on the whole well. I read it several days ago and now cannot remember all the exact statements in it. But I will continue my story as I remember it now putting some facts that I have relearned from that letter, and adding a few stories that were not recorded in that letter.
[In early February, Perkins had advised Forbes to appoint trustees of The Harvard Riverside Associates Trust which he did in early April. In addition to him self and Perkins, his board included Robert Bacon of New York (H '80 and the Secretary of State in the administration of Theodore Roosevelt), James Abercrombie Burden (H '93 and a man with access to the capitol markets of New York), and Agustus Hemenway (H '75, an Overseer, and donor of the Gymnasium in 1875). Although formed early in the year, the Declaration of Trust was filed only on June 30, 1903. The trust was designed to secure $400,000 from subscriber and authorized to secure mortgages up to $600,000. The plan for the subscription was to raise $200,000 from New York and a similar sum from Boston. The trust was to buy land, hold it for five years at which time further plans for the land would be developed. When plans developed, the College could buy the land from the Trust at cost plus interest.]
[By publishing a memorial volume in 1971 the Fogg Art Museum chose to celebrate the contribution Edward Forbes had made to fine arts, to Harvard and to city planning. This volume made clear that in the years 1903-04, Forbes, though consumed by fund raising, was also concerned with the utilization of the land that might be acquired by the Harvard Riverside Associates. Forbes had obtained "a large detailed map of Oxford, England showing the layout of the buildings, parks and fields in relation to the river as they existed in 1902..... Forbes... had obtained it from his friend Apthorp Fuller of Christ Church College, Oxford. His motivation... (Forbes' was> that someday Harvard would enjoy a new yard which would be at least reminiscent of the charms of Oxford and Cambridge. Forbes had (also) requested information about the population of the different colleges at Oxford as well as the acreage of the meadows, fields, and parks associated with these colleges".]
I have always remembered ......one morning in New York while Jay Burden was rounding up the 10-$20,000 men, that there was a meeting...in the office of Mr.(I have forgotten the name). Cam and I were both invited to be present. I was so amused at seeing 12 accomplished magnates and my poor little country boy self seated among them that I was very nervous. My nervousness on some occasions caused me to have "the giggling" as my brothers called it. But though I was nervous as a witch at finding my self sitting is such company yet, fortunately I did not disgrace myself and wreck my plans by a fit of the giggles.
[Forbes had asked Perkins to develop the Prospectus for the fund raising and draft the Deed of Trust. Probably unbeknownst to Forbes, Perkins was in correspondence with President Eliot as regards statements in both documents. On February 28, he wrote to Eliot, "I hand you a new draft of the prospectus..... I have changed [it] to meet your views," and on March 5th, said in another letter to Eliot: "I note the suggestion you made on the second page [of the draft Prospectus] and will incorporate it."[In the meanwhile, Forbes was experiencing difficulties in raising his portion of the subscription. He was asking donors for small sums, $1,00 to $5,000. Perkins wrote to him at the end of March, "You can get the money from Boston in small amounts. I must confess it seems to me necessary that we shall get some big subscriptions." Perkins at the same time wrote to Eliot: "Mr. Loring spoke to me on Friday.... He has succeeded in getting options on nearly all the really important land and now the question of getting money has become immediately pressing. It has become evident that someone with more experience than Edward Forbes is needed. Men who should be subscribing at least $10,000 are giving only $1,000." He then suggested that Lawrence Lowell should not only subscribe but get money as well and wrote, "what is needed is a man of property and sufficient age to be on intimate terms with other rich men." It is ironic that Eliot rejected the idea of engaging Lowell to assist in raising funds in the Boston area. Lowell, as President of Harvard was eventually the principal beneficiary of the land acquired by the Riverside Associates.]
[Perkins, still concerned, wrote again to Eliot: "I think Edward Forbes can be a great deal of use as he has time and is very zealous, but with $500,000 to raise at a time when money is so hard to get as it is now we have to get men who will give more than $1,000."]
[The plan was to raise money by selling shares in the Harvard Riverside Associates to subscribers. The largest subscribers were the ten men "on Wall Street" each of whom came in for $20,000. Forbes considered shares in H.R.A. an investment paying 3% per year. Eventually the capitol was to be returned to subscribers when the land was sold to Harvard at the original cost to H.R.A. A number of the New York subscribers did not really expect repayment on their $20,000, and many waived their interest payments. On the other hand, J.P.Morgan, among others, writing in 1908 felt that the Associates had been rather high handed in this matter and caused both Forbes and Perkins to scramble.]
[Jay Burden took charge of fund raising in New York and since he needed only ten subscribers, action moved with expedition and was probably complete by the end of March. Before he left to assume his responsibilities in the Philippines, Cameron Forbes had collected $40,000, to implement his proposal to build a park and boulevard along De Wolf Street from Quincy Square to the River. The plan had been held in abeyance in favor of the more extensive proposal of the Harvard Riverside Associates. Edward succeeded in getting the trustees of the De Wolf funds to divert them to his plan through the intervention of Dorr, Concomitantly, Dorr obtained a release for Harvard from the obligation to construct the boulevard which had previously been approved by the Cambridge City Council. Though negotiations for the transfer of these funds to the H.R.A had begun early on, but the actual transfer, now $50,000 was not executed until 1908. At the same time, Eliot promised the City of Cambridge that the land assembled by the Associates would not be takes off the tax roles. This proved to be true only during his presidency since no land title was transferred to Harvard until 1912 when Lowell was in charge.]
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We had to borrow a large sum of money from some banks.[Sidebars 20-22]
[To assemble the parcels, Loring and Coolidge had used both purchase and options with considerable success. On March 16, Loring was able to tell Forbes that he had already bought 322,709 sq. ft leaving only 135,405 more to be secured.] We had to find money to pay interest.... on these loans. Jay Burden suggested that I should find a large number of guarantors, some promised 100 a year for 10 years, some 100 a year for 5 years and some 50 a year for ten years and some fifty a year 5 years. I spent a great deal of time principally in Boston and New York in finding a large number of guarantors.
[On May 3, 1903 the Trustees initiated what was called the "Guarentee Fund" to be managed by the City Trust Company of Boston. The subscribers, eventually 100 in number, committed their sums as a maximum amount which could be called up annually by the Trustees to meet any deficiencies in the accounts of the H.R.A.. Apparently the guarantor program was successful. Account books of the H.R.A show substantial income from the guarantors.] At times things would move along smoothly. I was able to get a job of school teacher at Middlesex School in the winter of 1903-04. During those lonely weeks I thought of my interests and decided that I did not like school teaching.....However, .......in the spring of 1904 I decided to ......go from literature to art. I had for nine years or so felt that English literature would be my field and I had gone to Oxford to study that. However during the lonely years of the spring of 1904 I decided to change and go from literature to art. I went abroad that summer with my mother and aunt and [then] spent November again at Naushon on account of my health. In the next two years I went abroad to study art from February to June, all that my health would stand. And worked on Harvard R.A. while at home. In the summer of 1908 [it was actually 1906] my mother invited me to go with her and four girls to visit my brother in the Philippines. Before setting out, I got engaged to one of them, Margaret [Laighton of Boston] We were all to start in November but a crisis came in the affairs of the H.R.A. so I could not go with them, and stayed and begged money until well into September. [It turned out that he continued fund raising until December 7]We were all to start [on our trip to the Philippines] in November, but a crisis came in the affairs of the H.R.A., so I could not go with them, and stayed and begged money until well into December when I had got enough to make Nelson Perkins and Harold Coolidge allow me to go to join the others and get married in my brother's house in Manila.
[The record here is not clear and several versions of the events are available. In 1990 the Cambridge Historical Commission contracted with Sharon Cooney to write a detailed history of the Harvard Riverside Associates. Her excellent rendering when read in conjunction with details found in the Forbes Memorial published by the Fogg Museum in 1971 are helpful in gaining a useful picture of a very complex series of events .Both documents agree that in the fall of 1906 there was what Forbes saw as a crisis in the affairs of the H.R.A. demanding immediate and protracted fund raising. Income was insufficient to carry the large mortgage. Forbes' letters to Cameron and to his fiance written during the fall of 1906 give a perspective of events that no historian has been able to capture.] |
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[Records of that period indicate that the concern of Forbes was that there were insufficient resources to service the mortgage. The danger was that and the Mutual Life Insurance Company which held a mortgage of $485,000 might foreclose. The solution was to pay off the mortgage . Coolidge had paid $865,000 for the property. New York and Boston had given a total of $400,000. If Harvard could be persuaded to provide a $300,000 mortgage, execution of this plan meant that the H.R.A. had to raise $185,000 That was where Forbes came in.][This letter, appears to have been written in late summer, 1906, to Cameron, who presumably was awaiting his boat to carry him to Manila to take up his post as Governor General of the Philippians. "I am trying to get the DeWolf money. All the committee [men] that I have seen so far are in favor of the idea; but there is a complication in as much as Pres. Eliot has told the city authorities that the sum was ready and he will have to tell them that the plan is being withdrawn. We are not quite ready yet to have them know so much. But I think there will be no trouble eventually. I have been trying to get the University Associates to help us..... The best I have been able to get out of them at the present is that they will buy, if we like, such land as we cannot afford and verbally agree to let us have it at a reasonable price. An agreement that would not bind their successor. If that is the best they can do I think that we can only use them as a last resort,....Give my love to any San Francisco investor who want to come in on the ground floor of a hot stuff four percent investment".]
[To Cameron, now in the Philippines, September 3, 1906..."But the Harvard Riverside Associates will probably keep me hard at work for the next three months or so this winter and I ought to have a good long spell in Germany working on their language and their galleries. The H.R.A. thing is a thing that has got to be done; and I may be kept at it till the time when I must dash straight to Europe. Then there is the art museums, and my work in general. So, I do not yet see much chance of a loop hole." ]
[To Cameron. "Boston, Oct. 25th 1906 ..... I do not remember just how much I told you. I have since sent you a telegram telling of my engagement to Margaret Laighton. I asked you not to reply by cable because I do not want it known for some weeks. Margaret goes off with Mama and I have got to take of my coat and work for some weeks on the Harvard Riverside matter. Also, I am going to beg for the Art Museum [presumably the Fogg Museum]. I hope I can catch one of these boats Nov. 20 Nov.30 or Dec 7th or at worst Dec.14 or 21"]
[Forbes had written this note: "Letters from E.W.F. to Margaret Laighton who had gone to Manila with his mother who was waiting for him to come so that they could be married."]
[Pride's Crossing Nov.,1906 "Yesterday afternoon I came down here and spent an hour or two with your mother at Mrs. Swift's. Then she drove over with me to Harold Coolidge's where I spent the night"]
[ "I started in to beg day before yesterday. I made a bad beginning by getting 4 refusals. But one of them telephoned that he had changed his mind after Harold Coolidge had got after him. So that I got $10,000 the first day.... The second day I got 12,000 but 9000 came from our family...... I had rather an amusing time in the evening. I asked Harold and his wife whether there any people along the North shore who might give me money. Mrs. C. took to it like a duck to water and canvassed the whole shore in their minds telling me who had money."]
["As a result of my evening's entertainment I decided not to go to Boston in the morning... and went to Topsfield...... So I planned a novel day of dashing about among these swell houses. It proved to be a delicious clear cold northwest day. I took the train to West Manchester and walked up to the house of Cam's friend...... I ought to have phoned first. But it worked out well.... Wasn't home; but his mother came down. She offered me the automobile to take me to two other places which was just what I wanted. So, I gaily set forth talking French with the chauffeur. At one of the places I got 3,000 from a Philadelphian who would have been hard to catch elsewhere. At the other place I got nothing......... I telephoned Mrs. Proctor to tell her I planned to hired an automobile at Beverly Farms She said, "Oh no, I will send mine over" Of course I was duly surprised and humble, but again it was just what I wanted !!! You did not know what a horrible schemer you had accepted. So, I lightly leapt into the "bubble" and sped off through Wenham and Hamilton which I had never seen before, and stopped at two houses; alas- to find the victims out.."]
[ "He [Peter Proctor] took me out for a drive to the village of Topsfield and had just showed me the house of his great grand father, Emerson, the brother of my great great grandfather, Emerson, when the pair of horses took fright at something and got the jump on P and ran into the sidewalk throwing him out of the wagon. The horses started to run across an open common. I leaned way out forward over the dasher to try to catch the reins from the horses' backs; but just as I was almost touching them the horses wheeled at right angles, and of course I was off my balance so I was thrown out too. I landed on my hands and knees and bruised one knee..... I ran to Peter who was lying on the ground semiconscious and dazed. But he was not badly hurt. A kindly man took us into his wagon and drove us towards the house and presently the automobile came out flying to the rescue."]
[ "So, I did not have a very successful day as I missed several of the people I was trying for..... It must seem to you as if money was my only interest. I am thinking and talking money so much.... But I am like the person who is determined to get to a place and whose horse baulks and bucks and kicks and so perforce pay attention to the horse rather than to the distant city he sees ahead and longs to reach".]
[Milton, November 2,1906 "I wrote yesterday about my expedition in automobiles etc. and my well deserved retribution for my sins. My knee is very much better today. It was lucky that I did not hurt my tongue, n'est-ce pas? I can get along without my knee much better than by tongue just now. Think what a sad plight I would be in if I had dislocated my tongue and sprained my outstretched hand with the hat in it I had a record day and got $19,000 which brings me to $44,000, 4 ahead of time (time consists of ten a day).... I have now got up to $57,000 at the end of 5 day's work. It looks now as if I really might get off on the Dec 7th boat I go to New York on Wednesday night, and hope to have $100,000 before I start and to get $100,000 in three days there !!!. Nothing like having modest expectations."]
[New York, November 8th, 1906. "I have just arrived in here in New York + waiting for J. Burden our New York trustee to come and talk with me. I hope pretty definitely in a few days how things are going. I have got about $70,000 so far in Boston and several are undecided, I have not seen. So, I expect to get $100,000 out of the guarantors with some foundation. If so, all should go well"]
["New York, November 9 th My first day in New York was not a great success. I found only a few and only got one to accept. So, $1500 was my pitiful little day's work I hope for better things today."]
[ "November 10, .....I have only got $2,500 definitely as the result of three days work. But many are thinking it over and I think my three days work is really more $20,000 when they all decide I shall have to stay here at least two or three days longer. I have got only about $75,000 definitely promised, but I think I know where about $40,000 more is coming from among the people I have seen and others who are pretty sure to say "yes". And I want at least $200,000. When shall I be able to come ? I still hope for Dec. 7th."]
["November 13th I am doggedly working away and getting tired of my job" ]
[Also on November 13 to "Cam: I am at Mary Amorey's struggling away with my Harvard R.A. proposition. You know we are trying to put the thing on a sound basis. We have a $485,000 mortgage out, and if they foreclose we are likely to lose everything."] ["Milton, Nov.20th, I am disgusted tonight. Nelson Perkins and Harold Coolidge say it will be out of the question for me to go on the seventh...... About $110,000 raised---$140 more to raise. Desperation. Where is it all going to come from ? How can I do it even before the 14th ?? I am beginning to feel blue about it."]
[The money is coming in steadily and I am pretty sure I can succeed. But that is just the trouble. I foresee that by the 1st (when I should have to leave to sail on he 7th). I shall probably have about 130,000 or 150,000. On the 7th I shall probably have 180 or 200,000"]
["And then I fear it will drag on very slowly and if it proves that I must stay up to 250,000 it may take two or three weeks more to get that"]
["Concord, Nov. 20th, Despair? I don't think I can escape till the 14th."]
["Nov 30th, When will this end ? How long must I be sacrificed to this wretched great white elephant of a land ? It rides me like Sinbad's old man of the sea. If I could only meet it on a dark night ! But what is the use of bemoaning ? The only thing to do is to achieve, to accomplish, to arrive..."]
["The situation is very complex now,+ big interests are involved. I am so tired of talking and thinking about it that I will not say much; but you and Cam may like to know the outlines. I will give you the more technical part of the facts for Cam's benefit.]
[I had expected great things from J. Burden in New York about 10 days ago; perhaps 50,000 in two or three days. At last, word came that Mr. Twombly, and some of the original subscribers objected to our prfound [? proposed ] organization. Thereupon Nelson said he would force J. to bring them into line when he saw them at the Yale game. But he didn't. J. Made a proposition for the Harvard corporation to help us.]
[Nelson on the following day brought that to the Corporation and they refused and made another which we could not accept.. Then I went to New York to try to make J. Burden work. He said the situation was rather serious, that the rich men of Wall St. were rather hot with the Corporation. They have given very generously to the Teacher Endowment Fund and to this scheme, and they feel that the Corporation is small petty and narrow. They say that the Corporation must come forward and help us, and J. Burden says the Corporation must at least give us a mortgage of 300,000 at 3 1/2% to satisfy the New Yorkers."]
["He talked over the phone to Nelson and said Nelson seemed to understand and favor his point of view. So, I returned + then came thanksgiving. To day I have seen Nelson + he got Charlie Adams, the treasurer to come in and I point[ed] out to them the danger they were in from a row with Wall St."]
["Charlie is so very conservative that he saw all sorts of objections to the plan that didn't seem to me to have much force. Oh, if only they would brace up and do something or if the Wall St. people would not be insistent just at this point on small matters what a blessing it would be for me."]
["But here is a matter of some importance; in a way brought about by me and I have got to see it through. The principal thing that worries me and makes me mad about it is that it takes so much time. I am going to see the President (Eliot) to morrow and try to convince him and to make him hurry up."]
["The next Corporation meeting is not till Monday Dec. 10th so unless I can force them to have a special meeting before, I can not sail on the 14th. Damnation- And if the Corporation decides the wrong way I don't know when I can come. Hell Please excuse the above."]
["Of all pieces of miserable luck Nelson has just gone off an a vacation till Tuesday night. He says he will probably have to see the New Yorkers before the Corporation meeting. So, I don't see how we can have that meeting before Thursday in any case."]
["If the Corporation accepts the proposition however, I can go off flying for I have raised about 125,000 and can soon get some 20,000 more I think and J. Burden can easily get the remaining 20,000 or 30,000 that will be necessary."]
["Milton, Dec. 2nd I saw President Eliot yesterday + had an interesting talk. I hope I had some effect on him. I had the nerve to ask him to call a special Corporation meeting about this matter. He gave me leave to ask Charlie Adams to do it. If all goes well I may yet sail on the 14th..... I am now a little cheered up. I see by looking at the sailing list that even if I don't get off till Dec. 23 I can still get to Manila by Jan.26."]
[ At the end of this letter Forbes made the following notation
"December 6: Corporation Meeting
7: $130,000 promised
8: RR train
14: Sailed in the S.S. China" ][On the 6th of December 1906, the Corporation did indeed convene a special meeting and voted that the "the treasurer was at liberty to take a three and a half percent mortgage of $300,000 on the real estate held by the Harvard Riverside Associates" There is no record to indicate whether or not Forbes was privy to this information before he left for Manila. Certainly Perkins must have known. Two years had to pass before Harvard executed the mortgage and the Associated had to soldier on during that period .In 1908, the Income from rentals was $28,942 and guarantors paid $18,139, but fees, taxes and maintenance expenses continued to make foreclosure of the mortgage a threatening possibility.]
[On January 29,1907 Forbes married Margaret in Manila and set off on a European honeymoon. From Florence, ever attentive to the H.R.A.,he wrote to Cam in May of that year: "I have telegraphed home from Rome to ask if the H.R.A. needed me this June and the reply came to stay till July if I chose. So, I suppose things have either turned out well; or else it is not the best time for me to get to work owing to the panic [of 1907]"]
[Apparently, until the H.R.A had obtained all of the $185,000 in order to retire the New York mortgage Harvard was reluctant to proceed with its own mortgage of $300,000 .. When he left for Manila and for his wedding and European honeymoon, Forbes thought he had in hand $130,000 which he had so desperately collected along the North Shore of Boston and in New York. When he returned from abroad in early July, this sum had dwindled to $20,000, many of the promises of gifts apparently unfulfilled.]
[One explanation for this apparent difference is that of the $130,000 only $20,000 was deemed as a gift and the remainder was merely a pledge. In a letter, January 26,1907, which must have reached Forbes in Manila, or perhaps chased him as he traveled toward Europe with his new bride Perkins says "when you get home [you must] see whether you can turn about $100,000 of the $130,000 .... that you raised into an absolute gift".]
[Soon after he was back in the United States, Forbes began to consider his responsibility for "begging" for contributions. One of his first acts was to write to all the guarantors, asking that they fulfill their pledges immediately rather than waiting for five or ten years as originally intended.]
[In a letter to Cam, Forbes now in Milton, summarized the situation as he visualized in early March 1908: "I am going to telegraph you about the Harvard Riverside Associates, today probably. Nelson tells me I must be back to beg in spite of bad times; because an opera house is being started, and I must get ahead of it. I wish the opera house subscription would wait for another year because I can't wait." ]
["Our scheme is this. Last year you remember I worked on a scheme for keeping the thing going indefinitely by issuing preferred stock for new money and getting the University to take the mortgage. Twombly and others killed that just on the verge of success., Now. We propose once and for all to get rid of the land and have the College take it.]
["The mortgage is $485,000. The college will take 300,000. We have on hand $20,000. I must raise $165,000. Mr. Hemenway and I decided to start by trying to get 20 men at $5,000. So far I have only been at it a few days. I have begun with people I felt pretty sure of, so as to have an amount to start with that will encourage the others. I have got so far $30,000. I feel pretty sure I can get sixty or seventy thousand fairly quickly. Then will come the tug."]
[Perkins and Forbes considered letting the mortgage be foreclosed and then buying back the land at "fire sale" prices. They had paid $865,000 for the properties which in 1906 were worth only $515,000.This approach was rejected on several scores.]
[March 19,1908: Perkins decided that it was in the interest of Harvard to get the subscribers to assign their stock over to the trustees of the H.R.A because reorganization was about to occur when the Trust would expire in coming summer. " I have just gotten the paper which Nelson prepared. It was sent to Washington and New York for Bacon's (now Secretary of State) and Burden's signature. I am expecting it back from Amory Gardner today with signatures Then I can really take my coat off and start in."]
[March 19,1908 "We have at present $85,500"]
["We have got only 99,000 to raise. I feel sure the College will pay 25,000 more than their 300,000 though they have not committed themselves. I am trying to get 20 men at 5,000 but I doubt that I can. I think it will probably come in smaller units. We have decided that it is best to have the Trustees hold the land and the University the mortgage."]
[Letting the trustees hold the land reflected the desire on the part of the University to avoid exacerbating the tussle with the City of Cambridge whenever land was takes off the tax roles. At this time the H.R.A welcomed receiving the $50,000 remaining from Cameron's DeWolf project.] Concomitantly Coolidge had written to Forbes that the Associate controlled all but 17,500 sq. ft. of the original plan to acquire 468,114sq. ft.]
[On Independence Day, 1908, Forbes wrote to Cam: "The Harvard River Associates is practically finished. I had hoped to be able to telegraph you that all the money was raised but owing to J. Burden's failure to do anything we have not got all yet. I have raised about $154,000 and J. Burden 1,000. On Class Day J. told Nelson that he thought he could get ten thousand more. But I have not heard from him since. Though I have written to him begging him to let me know what he had got."] I cannot remember why, but I do remember that occasionally we had meetings and ....Lowell was with us. Speaking of President Lowell, the first time that I met him was while President Eliot was still at the helm. I had not known Mr. Lowell, but somebody told me that he was rich and generous. So, I called on him and begged for money. He immediately promised $5,000 ( or is it $8,000 ). Then we fell to talking. He had even then the idea of Freshmen Dormitories I am quite sure. That was surprise to me; for I had thought in terms of the Oxford Cambridge Colleges. But we both agreed that we ought to have the land. [Sidebar 23]
[The new Trustees made arrangements to convey part of their holdings to Harvard on January 5,1911 This first trench covered the property from Mill Street east to west from Boylston Street ( now J.F. Kennedy Street ) to De Wolf Street and south to the River This is the current northern boundary of Lowell House. This portion of the Trustees' holdings provided the land upon which President Lowell could build his long sought after Freshmen Dormitories.] |
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[4] Bainbridge Bunting and Robert H. Nylander, Survey of
Architectural History in Cambridge: Old Cambridge. (Cambridge,
Mass., 1973)
[5] Cambridge Planning Board Collection, Cambridge Historical Commission
[6] Cambridge Historical Commission
[10] Cambridge Historical Commission
[14] Cambridge Historical Commission
[15] Cambridge Historical Commission
The following photographs are courtesy of Harvard University Archives:
[1], [7], [13], [16]
The following photographs are courtesy of the Cambridge Historical Society:
[2], [3], [9], [12], [13], [19], [20], [21], [22], [24], [25]