Henry - A History of Biola University Since 1908

Henry - A History of Biola University Since 1908

A HISTORY OF

BIOIA UNIVERSilY

SINCE 1908

BY JAMES O.HEHRY J

PH ID

EDITED BY INEZ MiCGAHEY

(f) BIOLA UN VERSITY~

WESLEY K. WILLMER Vice President of University Advancement

Date

May 14 1996

TO:

Sue Whitehead

RE:

Dr. James 0. Henry Manuscript I am pleased to send you a copy of Dr. Henry's manuscript on the "History of Biola" for you to maintain in the Archives. Recently I met with Dr. Henry and he has given the manuscript to Biola. He would like to see it published sometime in the future. He is completely open to extensive editing or rewriting and he has no financial interest. He has no children and the majority of his estate will come to Biola. I would like to see us publish a Biola history for our 90th anniversary-February, 1998 and will try to work in that direction. Please feel free to contact me with your thoughts or reaction.

Enclosure

cc: Dietrich Buss

DEDICATION

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This book is dedicated to the memory of the two men most instrumental in the beginning and development of the Bible Institute of Los Angeles , now Biola University, Mr. Lyman Stewart and Rev. T. C. Horton. Humanly speaking, without these two men there would be no Biola University today, and this history would not have been written.

AC!m had increased the population of the quiet little town fran 400 to 6,000, and it was still growing. Lacking capital for investment, but determined to shake himself free from the life of a tanner, he enrolled in an accelerated course in Eastman's Business College, in Pougr.keepsie, New York. This training pro- ved to be a great asset to him the remainder of his life . Returning to the Venango Valley, Mr. Stewart opened an office on Pion- eer Run, near Titusvill, and began buying and selling oil leases. Suddenly, his boyhood experience of roaming over the hills and valleys, began to pay dividends, because of his first hand knowledge of the area. Hardly had he opened the office when a major boom hit Pioneer Run. Speculators, promoters, financiers, and drillers arrived en masse. Young Stewart was ready for them. Negotiating leases with the local farmers and then selling them to specul- ators, he began to make money. With his brother Milton, he started investing in wells already producing. In this manner he spread his meager capital over a maximum of opportunities and increased his investments considerably. The Stewart brothers were known in the Titusville area as Christian gentlemen. They dressed immaculately and were always courteous and soft spo- ken . A profane word never crossed their lips. Consequently, they earned an

23 ;. enviable reputation in business circles. Milton was not a good mixer, and stayed close to the office looking after the financial and administrative end of their business. On the other hand, Lyman could mix with the toughest and most foul mouthed men and still command their respect. He was in no way hypocritical, and ~en soon learned to respect him. Together, these two brothers made an excellent business team. The Christian character of the Stewart brothers so impressed one pro- ducer in the area, a Mr. Frank Andrews, that when he was in the process of forming the Claremont Oil Company, he invited them to join him in the project As partners in this venture, they made a substantial fortune. Mr. Andrews was so impressed with their business ethics that he also invited them to join him in the purchase of a lease on the Tallman farm. Within two years the oil produced from the wells on this farm had sold for almost a million dollars, and their net profit from this lease was quite large. In the six years, from 1866 to 1872, Lyman Stewart accumulated a private fortune of some $300,000 dollars, a sizeable amount in those days. He and his brother held shares in many oil wells considered to be good producers. While riding the crest of the wave of financial success, together with a friend, he agreed to underwrite the expense of a company to manufacutre and market agricultural equipment. He related later he had been "fast talked" into this venture without .investigating it thoroughly. Unfortunately, the business was a complete failure, and he and his friend had to make good its - losses. W4en the indebtedness was liquidated, Mr. Stewart had lost not only his money, but also his home and most of his oil leases. He was forced to take a job at a small salary to provide for his family. The old proverb, "the darkest hour is just before the dawn," was true in the life of Lyman Stewart. The statement in Ecclesiastes "Cast thy bread upon the waters: for thou shalt find it after many days," also proved true in his life and testimony. While he was in the high income bracket, he had