cline in stock value the Institute I was not able to get sufficient funds from the stocks it was forced to liquidate to pay even a small per centage of its indebtedness. The next 10 years were nothing short of a financial nightmare. But out of this chaotic gloom emerged two pin-points of bright hope. One was the 4,000 shares of Union Oil stock and the other was Louis T. Talbot. But for them, humanly speaking, there would be no Bible Institute today. As early as December 1929, the board of directors began a serious study of how to curtail expenses. One of the first items they trained their sights upon was the Institute’s radio station, KTBI. This station founded in 1921, was one of the first in the nation. The directors felt it was best to sell the station and buy radio time. Negotiations were completed in late 1930 and KTBI became KFAC which today is known as “The Music Station of Los Angeles.” |jarly the next year, the board of directors authorized the Institute to go on the air with the “Pilgrims’ Hour,” conducted by the president of the board, Charles E. Fuller. The program was released over seven
still believed that the bulk of the money to run the school must come from a wide number of interested Christians. But he wanted to do all he could to insure extra income in the years to come. To carry out this desire he turned over to the school 4,000 shares of Union Oil stock and the major interest in the Western M a c h i n e r y Company. Within a few years this latter be nevolent act nearly proved fatal to the school. By the time Lyman Stewart died in 1923, the Western Machinery Company was in deep financial trouble. While the nation’s econ omy as a whole was booming, W e s t e r n Machinery floundered miserably. Finally the company faced bankruptcy. The Bible Insti tute directors were appalled. They had to save the machinery com pany or lose their largest endow ment. To keep the company going, the directors of the Institute voted to borrow large sums of money to pour into Western Machinery. But the pump-priming failed and when Western Machinery collapsed just before the 1929 depression, the In stitute was in trouble. Hard on the heels of this finan cial blow came the stock market crash of 1929. With the sharp de
"SPLIT-LEVEL F A M IL Y " Service - Christian Living - Stewardship 30 min. Rental: Color $12 - B&W $8 Large Film Catalog Free on Request (Give name ot your church) IHANSENS CHURCH FILMS HOIlywood 3 - 3 1 5 5
FILMSTRIPS - SUPPLIES 1 463 V I N E S T R E E T H n iiv w o o d 88. Californio
Proved by thousands of churches — loved by children and teachers alike ; PION EER ING WITH CHRIST O l Appealing Western-style course offers Bible-centered lessons designed to help youngsters learn more about Jesus. KING'S A D V E N T U R E L A N D Popular adventure course teaches children about Jesus —the King of kings and His kingdom. Each course is Christ-centered • planned for leader and teacher • carefully graded • evangelistic • low total cost— books and visual aid kits for Pre-school and Primary pupils are pre-cut, saving time and work. |M See your Christian bookseller or write:, , NELSON WILLIAMS DISTRIBUTORS ■p. 0 . Bo*846R , Minneapolis 1, Minn.
■¡AA:,'
I I I I I I
I Please send me . . . | Pioneering with Christ
King's Adventureland O Sample a Free K it w Literature
lo I
Free Literature
Sample
r \ u
K it
$2.75 ea.
$2.75 ea.
®Name_______________________________________-■ I I ■Address--------------------------- ------- ---------------— |
| City__ _____ __________________ State--------------1
®Your Church----------------------------------------- ------- ! ■ ■ ■ ORDER TODAY / ■ ■ ■ !
Horton on his left. President Stewart turns first shovel of dirt
35
The King's Business/February 1958
Made with FlippingBook HTML5