The New York Stock Exchange in the Crisis of 1914Noble, Henry George Stebbins
History
The New York Stock Exchange in the Crisis of 1914
Noble, Henry George Stebbins
New York Stock Exchange
"The request for subscriptions to the fund met with a hearty and
generous response. Some apprehension was felt in this regard, but the
splendid result proved to be an agreeable surprise. Appeals for
subscriptions to the fund were made only to Stock Exchange members and
firms, nevertheless, thanks to the general interest manifested, and
the widespread advertising consequent thereto, contributions were
received from generous friends outside of Wall Street, to an extent
that was simply astonishing. Checks for $1,000 each were not unusual
items, and as a rule the request was made, 'please do not publish my
name.' A well known artist, in addition to a cash subscription,
presented one of his paintings to the Committee. Through the kind
assistance of the Chairman of The Stock Exchange Luncheon Club, the
picture was sold for the substantial sum of $500.
"The Treasurer, with ample funds at his disposal, was able to meet
calls for financial help that were frequent and pressing, and
recognizing the desirability of experienced and competent assistance
in making the necessarily intimate inquiries, to determine if
applicants for relief were worthy, he applied to Mr. Robert W.
DeForest, President of The Charity Organization Society, for expert
advice in the matter, and was referred by Mr. DeForest to Mr. Frank
Persons, Manager of the New York Bureau, and Miss Byington, in charge
of the Brooklyn Branch, who rendered invaluable services in
connection with many of the applications, all of which were carefully
investigated. Much suffering and distress, and some cases of actual
destitution were found to exist, and while a detailed statistical
statement would seem uncalled for and not desired at this time, the
following brief resume of the Committee's 'relief work' will
undoubtedly prove to be of interest.
"Financial assistance was extended to about one hundred individuals
and families; rent was paid for thirty-nine; food purchased for
forty-six; clothing was furnished in seven instances; five persons
were placed in hospitals; there were a considerable number of cases
where the Committee in whole or in part took care of funeral expenses;
old debts for medical attendance and drugs; agency fees and surety
bonds; life insurance premiums, board and lodging, etc., etc. Many
applicants for assistance proved to be merely temporarily embarrassed,
they were willing and anxious to be helped but did not want charity,
so to meet that emergency a form of voucher was used, which
acknowledged the receipt of a 'loan' without interest, to be repaid at
the convenience of the 'borrower.' That applied to _cash_ of course,
payments for groceries, rent, etc., were simply receipted for.
"The results achieved, in the opinion of many, would seem to warrant
an amendment to the original idea that a return to normal conditions
would involve the dissolution of the Committee, and the proposition
that it be made a permanent organization is being seriously
considered."
Public-domain text, read in full here on John Shaqi.
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