port of the Institute in the way that he felt they should have done. In a letter to Torrey on Sept. 18, 1914 Stewart said, “One source of disap pointment has been the apathy and indifference of our directors and other friends of the Institute. Very few have brought their tithes into th e f u n d of t h e Institute, and nearly everybody seems to feel very comfortable about the work, as though it were all provided for. Now it will be necessary, apparent ly, to pay some of our people in bonds, or have them wait for their money until we can repay them.” The financial crisis, due to the recession in business in general, became so acute in 1915 that the Institute, now in its new buildings, was faced with a problem of finding new sources of income or carrying out a program of retrenchment. Stewart wrote to Horton: “The in come from our dormitories and auditorium is falling so far short of what we anticipated, and will be so utterly inadequate to meet the run ning expenses of the Institute, that we are obliged to face the question of retrenchment.” |-| orton made a trip to the vicinity of Chicago, Philadelphia and New York during the summer of 1916 in an attempt to raise funds through the sale of Bible Institute Building Company bonds. He had confer ences with the founder of the Quaker Oats Company, the pub lisher of the Chicago News and with John Wanamaker, the mil lionaire Philadelphia merchant. In all these c on t a c t s , Horton was unable to interest anyone in the Bible Institute. Dining this time the Stewart family dug deeply into their per sonal fortunes to keep the school going. One accounting shows they gave $1,361,000. In addition to this amount the Bible Institute Building Company had sold over $400,000 of its bonds, and still the school was financially in trouble. This was due to the fact that the buildings had cost much more than had been an ticipated when they were planned. It wasn’t until 1919 that the debt incurred in the construction of the Bible Institute buildings was finally paid. Stewart announced to the board of directors of the Institute at its quarterly meeting in October
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Address____________________ - - City._____________________________ Zone____State_____ I am □ Pastor □ Director of Music Other----------------- Name Of P a sto r ______ ___ _ We expect to purchase new hymnals about_____________ (Date)
Kansas City 41, Missouri
The King's Buslness/Februory 1958
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