Institute but resigned in 1935 due to pressures of his church and radio work. Then in 1938 he came back as president and it was in that year that hope for the school’s survival began to brighten. farmers and Merchants Bank held a second mortgage a g a i n s t the school for $274,000. They also held the school’s 4,000 shares of Union Oil stock as collateral on the loan. At Talbot’s request, a committee, including R. B. Robinson, and Ray Myers, was formed to deal with the situation. To stall off foreclosure, the committee started bargaining with the bank. The bank agreed to settle the loan for the Union Oil stock and $100,000 cash. The stock was worth $88,000 ($300,000 to day). The committee bargained some more. The bank came down to $50,000 cash and the stock. The committee talked it over and then went back to the bargaining table. Money was tight and the bank knew the school’s plight. “The
stock and $25,000 cash— if you’ll stop bargaining,” said the bank official. “If this bargaining goes on,” there was a trace of a smile on his face, “you fellows will be coming down here and offering us a five dollar bill.” The committee agreed on the lat est terms. There was just one hitch in the deal: the school didn’t have a cent of cash on hand to pay the $25,000. But to Talbot this wasn’t as much of a hitch as it was a challenge. He went before his friends at a meet ing at the Church of the Open Door and candidly detailed the need for $25,000. The depression was still on but at that meeting church mem bers and radio friends of the school dug deep and came up with $13, 000. Talbot took to the radio and iri a short time had the additional $12,000. The Institute’s board could report on July 8, 1938 that the ac count with the Farmers and Mer chants Bank was closed. Now the biggest debt owed was $548,689.14
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Choose the Vacation Bible School course that’s ALL-BIBLE and all p lan ned for y o u ! W ith action - packed Bible stories, colorful work books, purposeful handicraft and message-filled music —it’s the 1958 VBS course by Scripture P ress! Order from your local
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S o n g s a n d C h o r u s e f o r H o y s a n d O i r l s ACTION No. 1 Fishers of Men. Heavenly Sunshine, and —others. ACTION No. 2 Deep and Wide. Noah and the Ark. and —others. ACTION No. 3
Everybody Ought to Know. Give Me Oil in My Lamp, and —others.
ACTION No. 4
Come to Jesus. Little Friends of Jesus, and —others.
SIZE: 6 " x 9". Each 40c A StetyOficta(ion PUBLICATION ORD ER FR O M Y O U R BOOKSELLER
Old engraving shows Bible Institute in about 1915.
The King's Business/February 1958
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