Banks

Old Third District Courthouse, New Bedford, Massachusetts

by

The building at the northeast corner of William and North Second Streets in New Bedford, around the 1870s. Image courtesy of the New Bedford Free Public Library.

The building in 2022:

This small brick and brownstone building was constructed in 1853, and it has seen a variety of uses over the years. It was originally built for the New Bedford Institution for Savings, as shown on the signage in the first photo, which was taken around 1870. The bank would remain here throughout most of the 19th century, before relocating to a different building in 1897. This building here on William Street was then converted into a courthouse, and it was used by the Third District Court of Bristol County.

As it turned out, its time as a courthouse would be relatively brief. The court left the building around 1914, and over the years it was occupied by a variety of commercial tenants, including an auto parts store by the second half of the 1900s. However, it was eventually reacquired by its original owner, the New Bedford Institution for Savings, and subsequently operated as a branch bank. The Institution for Savings would later be merged into Fleet Bank, and in 1995 Fleet donated the historic building to the Waterfront Historic Area League (WHALE), a preservation organization that was focused on revitalizing downtown New Bedford.

A few years later, WHALE in turn donated the building to the National Park Service, following the establishment of the New Bedford Whaling National Historical Park. It now serves as the park visitor center, and despite the many changes in use over the years the exterior has remained well preserved throughout all of this, as shown in these two photos. It is one of several buildings that comprise the National Historical Park, where they stand as important reminders of New Bedford’s heyday as a prosperous 19th century whaling port.

 

Ocean Bank, Stonington, Connecticut

by

The First National Bank building, formerly the Ocean Bank, on the north side of Cannon Square in Stonington, in November 1940. Photo by Jack Delano, courtesy of the Library of Congress, FSA/OWI Collection.

The scene in 2021:

The first photo was taken in November 1940 by Jack Delano, a noted photographer who was employed by the Farm Security Administration in the late 1930s and early 1940s. In this capacity, he was part of a team of photographers who traveled around the country, documenting life in America during the Great Depression. He was in Connecticut during the fall of 1940, where he visited a number of cities and towns, including here in Stonington. His caption for this photo is simply, “A bank for sale in Stonington, Connecticut,” and he perhaps chose this subject as a way of representing the effects of the Depression on the once-prosperous whaling and fishing port.

Nearly a century before its demise in the Great Depression, the First National Bank of Stonington had its origins in 1851, with the incorporation of the Ocean Bank. This small Greek Revival bank building was constructed around this time, and the bank’s first president was Charles P. Williams, a former whaling ship captain. Williams had gained considerable wealth in the whaling industry, and he went on to further expand his fortune through real estate speculation. By the time he died in 1879, he was said to have been the wealthiest man in eastern Connecticut, with an estate valued at around $3 million.

In the meantime, the Ocean Bank became the First National Bank of Stonington in 1865, and it would remain in business here in this building for the next 75 years. However, the bank ultimately closed in February 1940, leaving the town of Stonington without any financial institutions. The bank’s president at the time, Judge J. Rodney Smith, explained in newspaper accounts that, although the bank itself was financially sound, the business conditions in town made the bank unprofitable for investors. He apparently did not cite specific reasons for this, but a likely cause was the ongoing Great Depression, along with the recent hurricane in September 1938, which battered coastal Connecticut.

As the sign in the first photo shows, the bank building was still for sale when Jack Delano took the photo some nine months after the bank closed. The building would ultimately be acquired by the Stonington Historical Society in 1942. The organization originally intended to turn the building into a museum and headquarters, but over the years it has instead been used as a rental property. Today, the historical society still owns the building, which has remained well-preserved in its 19th century appearance. It has also retained its original use as a bank, and it is currently a branch of Dime Bank, as shown on the sign on the left side in the 2021 photo.

North Main Street, Fall River, Mass

by

Looking north on North Main Street from the corner of Bank Street in Fall River, around 1914-1920. Image courtesy of the Library of Congress, Detroit Publishing Company Collection.

The scene in 2020:

Throughout the 19th century, Fall River was a prosperous textile manufacturing center. The city saw dramatic population growth during this time, particularly in the post-Civil War period. Between 1860 and 1900, the city grew nearly eightfold, from 14,000 to nearly 105,000, and by the turn of the century it was the third-largest city in Massachusetts, behind only Boston and Worcester.

However, the same textile industry that had brought such prosperity also led to the city’s decline, as mills closed and businesses relocated to the south starting in the 1920s. This, combined with a catastrophic fire that destroyed much of the downtown area in 1928, both hurt the local economy, and these problems were only exacerbated by the stock market crash at the end of the decade.

The first photo was taken in the final years of the textile industry’s heyday in Fall River, probably sometime between 1914 and 1920. The earliest possible date is 1914, when the Fall River Five Cents Savings Bank building was built on the far right side of the scene, at the corner of North Main and Bank Streets. The neighboring building to the left of it was also built in 1914, and in the first photo it was occupied by the Fall River Electric Light Company.

Just beyond the electric company building is the Mount Hope Block, which was perhaps the oldest building in the first photo. It was built in 1845, in the aftermath of a large fire two years earlier, and it was originally known as the Mount Hope House. At the time, it was one of two hotels in Fall River, and in 1847 a state gazetteer declared that “in the erection and furnishing no pains have been spared to make it a desirable place for any one disposed to spend a few days.” Later in the 19th century it was known as the Narragansett Hotel, and by the early 20th century it was the Evans House. The building initially occupied the entire length of the block between Bank and Franklin Streets, but the southern portion was demolished to build the bank and the electric company buildings, leaving only the northern half as shown in the first photo.

Beyond the Mount Hope Block, on the other side of Franklin Street, the largest building in the first photo is the Hotel Mellen. It opened in 1888, and was the city’s finest hotel throughout the first half of the 20th century. The building survived the 1928 fire, but it was subsequently gutted by a fire in 1943, leaving only the brick walls still standing. The hotel was rebuilt inside the brick shell of the old building, although the new one was six stories in height, rather than five.

Today, more than a century after the first photo was taken, there is very little that survives from the first photo, especially in the foreground. The bank is still standing at the corner, but the former electric company building and the Mount Hope Block are both gone. Both of these buildings were here when the Downtown Fall River Historic District was created in 1983, but they were demolished at some point after that, and the site is now occupied by a large wing of the bank building. This facility still serves as the main offices of the Fall River Five Cents Savings Bank, which is now branded as BankFive.

Further in the distance, the reconstructed Hotel Mellen is also gone. The hotel closed around the early 1960s, and the building was converted into a temporary city hall after the old city hall building was demolished to build Interstate 195. The current Brutalist-style city hall was completed in 1976, and the old hotel was then demolished soon after. Beyond the Hotel Mellen, there are several surviving buildings from the first photo, but for the most part this side of North Main Street has undergone signficiant changes, unlike the right-hand side of the street, which has been better-preserved over the years.

North Pearl Street from State Street, Albany, New York

by

Looking north on North Pearl Street from the corner of State Street in Albany, around 1904. Image courtesy of the Library of Congress, Detroit Publishing Company Collection.

The scene in 2019:

Pearl Street is one of the main north-south streets through downtown Albany, and these photos show the view looking north from the corner of State Street. When the first photo was taken, much of the streetscape consisted of four-story brick Italianate-style commercial buildings from the second half of the 19th century. However, the one major exception was the Albany Savings Bank, which stands on the left side of the scene. The building, with its Corinthian columns and large dome, was designed by noted architect Henry Ives Cobb, and it was constructed in 1898.

Just to the left of the bank was another notable downtown building, the Tweddle Building. It stood at the corner of State and North Pearl Streets, and it is more visible in a photo from an earlier post, which shows it from State Street. Here on the North Pearl Street side of the building, it had several different retail tenants on the ground floor. Starting on the far left side of the first photo, it housed “Cut Price Druggists,” which had a window advertisement for “Lime-Ade,” declaring it to be “First Aid to the thirsty.” Just to the right of the drugstore is the Whittle Brothers florist shop, and further to the right is the umbrella shop of J. McElwee, which had an outdoor display advertising for “Covering and Repairing” of umbrellas.

Elsewhere in the first photo, a number of signs adorn the sides of the buildings and extend outward across the sidewalk, hoping to catch the attention of the pedestrians. On the far right side near the foreground, these included the Albany & Troy Candy Kitchen, the Hallwood Cash Register Company, Harry Ellis’s men’s furnishings shop, the W. F. Antemann & Son jewelry shop, and the Joseph Feary & Son boot and shoe store. Antemann’s shop was marked by a large pocket watch sign, but many of his competitors apparently had the same idea, since there are at least three similar pocket watch signs visible across the street on the left side. Also on the left side, just beyond the bank, is Failing’s Apothecary, with a name that inspires even less confidence than the competing “Cut Price Druggists” a block away.

On the street, the traffic in the photo consists primarily of horse-drawn wagons. The most visible of these is the well-decorated wagon of the Grand Union Tea Company, on the far left side of the photo. The driver is perhaps delivering tea to the Cut Price drugstore, and the horse is staring directly at the camera. There are no automobiles visible in the photo, although by this point there were already thousands registered in the state of New York, and within just a few years they would largely displace the horse-drawn vehicles. In the meantime, though, the only sign of new transportation methods in the first photo is the electric trolley in the distance.

Today, around 115 years after the first photo was taken, very little remains of the early 20th century scene, especially here in the foreground. Cars now dominate the street, with not a draft animal in sight, and even the trolleys are long gone, having been replaced by buses, such as the one in the lower center of the 2019 photo. Most of the buildings here are also gone. Among the first to be demolished was the Tweddle Building on the far left, which was replaced by the 17-story Ten Eyck Hotel in the mid-1910s. This hotel was then demolished in the early 1970s, around the same time as the Albany Savings Bank building. The spot where the hotel once stood is now a modern office building, and the site of the bank is the Ten Eyck Plaza.

Despite all of the changes, though, there are a few surviving buildings near the foreground on the right side of the scene. Closest to the camera is the four-story building at 23-25 North Pearl Street, which was occupied by Feary’s boot and shoe store in the first photo. It was built in 1854, and it is still standing today, with few significant exterior changes aside from the storefronts. A little further north, just beyond Maiden Lane, are two other historic buildings, at 29-31 North Pearl Street. These were built in 1869 and feature distinctive cast iron lintels over the windows. The main facade of 29 North Pearl was altered at some point in the 20th century with a Tudor-style appearance, but otherwise the buildings are still recognizable from the first photo.

Overall, the best-preserved section of this scene is far in the distance. The two blocks between Pine and Columbia Streets are still lined on both sides with predominantly 19th and early 20th century buildings. These include the former YMCA building, site of the first basketball game played away from the sport’s Springfield birthplace, and the Kenmore Hotel, an ornate High Victorian Gothic building that opened in 1878. These buildings, along with the other historic buildings in this scene, are now part of the Downtown Albany Historic District, which was added to the National Register of Historic Places in 1980.

Second Bank of the United States, Philadelphia, Pennsylvania

by

The former Second Bank of the United States, on Chestnut Street in Philadelphia, around 1900-1906. Image courtesy of the Library of Congress, Detroit Publishing Company Collection.

The building in 2019:

The establishment of a national bank was one of the most controversial economic matters in the early years of the United States government, pitting Federalists such as Alexander Hamilton against Democratic-Republicans such as Thomas Jefferson. The Federalists, who generally represented urban and northern interests, favored a strong central government in order to promote trade and industry, while the Democratic-Republicans, who were primarily southern and rural, saw such a government as a threat, instead preferring a decentralized, agrarian-based economy.

Over the objections of prominent figures such as Thomas Jefferson and James Madison, the First Bank of the United States was established in 1791. At the time, the national capital was here in Philadelphia, with Congress meeting in Congress Hall, adjacent to Independence Hall. As a result, the bank was also headquartered in Philadelphia, where it operated out of Carpenters’ Hall until 1797, when a new bank building was completed nearby on South Third Street. The national government subsequently relocated to Washington, D.C. in 1800, but the bank remained in Philadelphia, and it continued to operate until 1811, when its twenty-year charter expired and Congress declined to renew it.

The country was without a national bank for the next five years, but in 1816 Congress authorized a new bank, the Second Bank of the United States. Ironically, this legislation was signed into law by President James Madison, who had come to recognize the need for a national bank after his earlier misgivings about the First Bank. Like its predecessor, the Second Bank was privately owned yet subject to government oversight, and its important roles included regulating public credit and stabilizing the national currency. This was particularly important in the years during and after the Madison administration, as the country recovered from the War of 1812 and began a series of ambitious internal improvements.

As with the First Bank, the Second Bank was located in Philadelphia, and it began operations in 1817. It also used Carpenters’ Hall as its temporary home, but in 1824 the bank moved into this newly-completed building on Chestnut Street. Designed by noted architect William Strickland, it features a Greek Revival exterior that is modeled on the Parthenon, with a pediment and eight Doric columns on both the north and south facades. This was an early example of Greek Revival architecture in the United States, and this style subsequently became very popular across the country in the next few decades, particularly for government and other institutional buildings.

By the time the building was completed in 1824, the bank had already faced significant criticism for its role in the Panic of 1819, the first major financial crisis in American history. Although part of a larger worldwide recession, it was also a consequence of the lending practices here at the Second Bank of the United States. Along with its role as the national bank, it also made loans to corporations and private individuals, and during its first few years it extended too much credit to borrowers. Then, in an effort to correct this, the bank began restricting credit, causing a nationwide rise in interest rates and unemployment, and a drop in property values and prices of farm produce. This ultimately triggered a financial panic in 1819, which was followed by an economic recession that lasted for several years.

The bank’s first two presidents were largely ineffective, but in 1823 Philadelphia native Nicholas Biddle became the bank president. He oversaw a slow but steady expansion of credit, along with an increase in banknotes, and during his tenure he managed to rehabilitate the bank’s image in the general public. This building on Chestnut Street opened about a year into his presidency, and he would continue to run the bank here for the next 12 years, until it closed in 1836 after its charter expired.

During these years, the bank — including its 25 branches across the country — played an important role in the nation’s economic growth. However, despite the bank’s success, it continued to generate controversy, becoming a central political issue during the presidency of Andrew Jackson. First elected in 1828, Jackson had a distrust of banks in general and the Second Bank of the United States in particular. He was skeptical of both paper money and lending, and he also opposed the bank on constitutional grounds. Echoing the earlier opposition to the First Bank, he argued that, as the Constitution does not explicitly authorize Congress to establish a national bank, it was an infringement upon the rights of the states.

In 1832, Congress approved a renewal of the bank’s charter, which was due to expire in four years. However, Jackson vetoed the bill, and Congress was unable to gather enough votes to override it. A year later, Jackson removed federal deposits from the bank and placed them into various state banks. Biddle subsequently made another effort to renew the charter, but despite his financial abilities he lacked strong political skills, and the bank’s charter ultimately expired in February 1836.

The bank itself did not close at this time, instead becoming the United States Bank of Philadelphia, with Nicholas Biddle still at the helm. However, the lack of a national bank soon became a factor in the Panic of 1837, which led to a seven-year recession. It was the worst economic crisis until the Great Depression, and it triggered a number of bank failures, including the United States Bank of Philadelphia. At the start of the recession, it had been the largest bank in the country, yet it ultimately went bankrupt in 1841.

A year later, Charles Dickens came to Philadelphia as part of his 1842 trip to the United States. He had few positive things to say about the country in his subsequent book, American Notes for General Circulation, and he painted a particularly bleak picture of the scene here at the old bank building with the following description:

We reached the city, late that night. Looking out of my chamber-window, before going to bed, I saw, on the opposite side of the way, a handsome building of white marble, which had a mournful ghost-like aspect, dreary to behold. I attributed this to the sombre influence of the night, and on rising in the morning looked out again, expecting to see its steps and portico thronged with groups of people passing in and out. The door was still tight shut, however; the same cold cheerless air prevailed: and the building looked as if the marble statue of Don Guzman could alone have any business to transact within its gloomy walls. I hastened to inquire its name and purpose, and then my surprise vanished. It was the Tomb of many fortunes; the Great Catacomb of investment; the memorable United States Bank.

The stoppage of this bank, with all its ruinous consequences, had cast (as I was told on every side) a gloom on Philadelphia, under the depressing effect of which it yet laboured. It certainly did seem rather dull and out of spirits.

As it turned out, the building did not remain vacant for very long. In 1845, it became the U. S. Custom House for the port of Philadelphia, and it was used in this capacity for far longer than it was ever used as a bank. It was still the Custom House when the first photo was taken at the turn of the 20th century, and this continued until 1934, when the present Custom House opened two blocks away. Then, in 1939, the old building was transferred to the National Park Service, which has owned it ever since.

The building has seen several different uses over the past 80 years, but it currently houses the Second Bank Portrait Gallery. It features a number of portraits by prominent late 18th and early 19th century artist Charles Willson Peale, including those of many important colonial-era leaders, such as John Adams, Thomas Jefferson, and Alexander Hamilton. Most of the interior has been heavily altered since its time as a bank, although the exterior has remained well-preserved, with few changes from its appearance in the first photo. It is now part of the Independence National Historical Park, and in 1987 it was designated as a National Historic Landmark.

Agawam National Bank, Springfield, Mass

by

The Agawam National Bank building, at the corner of Main and Lyman Streets in Springfield, around 1892. Image from Picturesque Hampden (1892).

The scene in 2018:

This building was completed in 1870 to house the Agawam National Bank, which had been established in 1846 and had previously occupied an older building here on this spot. The new building was designed by Henry H. Richardson, a young architect who would go on to become one of the leading American architects of the late 19th century. Although best-known today for Romanesque-style churches, railroad stations, and government buildings, Richardson’s early works included a mix of relatively modest houses and commercial building, many of which bore little resemblance to his later masterpieces.

Richardson’s first commission had been the Church of the Unity here in Springfield, which he had earned in part because of a college classmate, James A. Rumrill, whose father-in-law, Chester W. Chapin, was one of the leading figures within the church. Chapin was also the president of the Western Railroad, and when the railroad needed a new office building, Richardson received the commission without even having to enter a design competition. This building, which stood just a hundred yards to the north of here, was completed in 1867, and two years later he was hired to design a new building for the Agawam National Bank. In what was likely not a coincidence, Chapin had been the founder of this bank, and by the late 1860s, Richardson’s friend James A. Rumrill was sitting on its board of directors.

The design of the Agawam National Bank bears some resemblance to the railroad office buildings. Both were constructed of granite, and they both had raised basements, four stories, and mansard roofs. However, while the railroad building was purely Second Empire in its design, the bank featured a blend of Second Empire and Victorian Gothic elements. Perhaps most interesting were the rounded arches on the ground floor. Although this building could hardly be characterized as Romanesque in its design, these arches bear some resemblance to the ones that he would later incorporate into his more famous works of Romanesque Revival architecture.

Architectural historian and Richardson biographer Henry-Russell Hitchcock did not particularly care for the design of the bank building, criticizing its “square proportions, crude monotonous scale and hybrid detail,” and describing it as a “hodge-podge” that was “pretentious and assertive.” However, he did concede that the building’s virtues “are more conspicuous if one does not look at it so carefully and so hard. To a casual glance, it must have had certain granite qualities of solid mass and strong regular proportions which tend to disappear when it is studied in detail.”

These “qualities of solid mass” likely served the bank well, since 19th century financial institutions often constructed imposing-looking buildings in order to convey a sense of strength and stability. As shown in the first photo, the Agawam National Bank was located on the right side of the first floor, but the building also housed other tenants, including the Hampden Savings Bank, which occupied the basement. These two banks had shared the same building since Hampden Savings was established in 1852, and they would remain here together until 1899, when Hampden Savings moved to the nearby Fort Block.

Agawam National Bank remained here in this building until the bank closed around 1905. By this point, its architecture was outdated, with trends shifting away from thick, heavy exterior masonry walls. The advent of steel frames in the late 19th century had enabled commercial buildings to be taller while simultaneously having thinner walls, and this allowed for large windows with plenty of natural light. The bank building was ultimately demolished around 1923, and it was replaced by a new five-story building that exemplified this next generation of commercial architecture.

Known as the Terminal Building, it was the work of the Springfield-based architectural firm of E. C. and G. C. Gardner, and it was completed around 1924. It was built with four storefronts on the ground floor and offices on the upper floors, and it was designed to support up to seven stories, although these two additional stories were never constructed. Today, the building still stands here, with few exterior changes. It is a good example of early 20th century commercial architecture here in Springfield, and in 1983 it became a contributing property in the Downtown Springfield Railroad District on the National Register of Historic Places.