Word: trusts
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Dates: during 1970-1979
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GREAT ART collections, like great fortunes and empires, are often forged out of avarice, lust, tenacity and a craving for fame and glory. Unlike great fortunes or kingdoms, however, art treasures are often bequeathed to posterity as a public trust, a legacy of beauty donated to perpetuate an owner's name...
...businessman and his face lights up--it's like a code-word for action. They won't say whether it was beneficial action, but businessmen will admit it was progress just the same. "Crane was a catalyst--the person to whom people went when they wanted something done," Cambridge Trust President H. Gardner Bradlee '40 recalls. "He was a real leader. He had the respect of the whole community...
Edward A. Crane '35, poor son of a Cambridge cop, Harvard magna cum laude, successful Boston lawyer, director of Harvard Trust, Cambridge City Councilor for almost 30 years, was a power broker for as long as most Cantabrigians can recall. "He touched all the bases," says insurance man Jack Dyer, an inveterate political observer of Harvard Square...
With Harvard being at best naive, or reluctant to throw around the financial weight that its property ownership and endowment allowed, Crane and all other entrepreneurs looked across the street to Harvard Trust for fiscal leadership. Robert R. Duncan, president of the bank during the fifties, a man whom business people in the Square still remember as a "mover and a shaker," proved to be the perfect spearhead. Insurance man Dyer grumbles about the current leadership scene saying that if you asked him who could move things in Harvard Square today, ten minutes later he still wouldn't be able...
...even while Duncan was exercising considerable power as a native banker interested in the community. Brattle Street's Phil Eisemann, as president of the Bay State Holding Company, was maneuvering his way into majority ownership of Harvard Trust. En route to making Bay State the third largest banking conglomerate in Massachusetts with $1.8 billion in assets. Eisemann first got 51 per cent control of the bank's stock during Duncan's reign, and later expanded it to the present 98 per cent ownership...