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basis, he appealed to his brother for help. In mid-June, 1913, a lack of funds forced the discontinuing of construct- ion altogether • In the hope of alreviatinsrthe ~-·situation, the Board set up . a plan for the issuance of bonds to raise the necessary funds to complete the buildings. Again, Mr. Stewart appealed to his brother. He wrote: "We have decided to issue ten-year, 6 per cent bonds, for a half million dollars, with which to complete the buildings. Maybe you would like to use some of these bonds." To stimulate his brother's interest, he gave considerable de- tail concerning the buildings and the income expected in the future from the dormitories, which would be used to amortize the bond indebtedness. To further complicate the financial problems, there was a business re- cession in 1913, forcing the Union Oil Company to suspend dividends on its stock for the month of July. The dependence upon these dividends of Mr. Stew- art and several others of the Company who were helping finance the constructic of the buildings made it impossible to carry through on their good intentions. This left Biola totally without funds to continue the project. Mr. Stewart, in a letter to a personal friend, summed up the situation: "This practically ties our hands, so far as carrying on the work of the Institute is concerned. We have organized the Bible Institute Building Company to take over temper- arily the title to the Institute's property and issue $500,000.00, 6 per cent gold bonds to enable the Institute to complete the buildings." In order to interest his friends in the oil industry in the bond issue, Mr. Stewart prepared a letter, to be circulated among them, in which he statec ''The work of the Institute is the greatest work along spiritual lines prob- ably that has ever been organized on this Coast. It is strictly a Christian work, and the schooling and teaching will be absolutely free. An investment, therefore, in the bonds will give to the buyers of them a two-fold investment, namely a secure financial investment, and an opportunity to aid what we bel- ieve to be the greatest work for the saving of men ever undertaken on this
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