Galen L. Stone
Encyclopedia
Galen Luther Stone was an American
financier
and philanthropist
.
Born in Leominster, Massachusetts
, in his teens Galen Stone worked as an office clerk in Boston
and went on to become a major figure on Wall Street
. Together with Charles Hayden
, he founded the stock broker
age firms of Hayden, Stone & Co.
and Haystone Securities Corporation of Boston and New York City
. In 1919, his firm hired fellow Bostonian, Joseph P. Kennedy, and later fired him when he discovered that Kennedy was "insider trading," according to his grandson.
In 1889 he married Carrie Morton Gregg (1866-1945) of Boston and the couple eventually made their home in Brookline, Massachusetts
. An avid yachtsman, in his latter years, Galen Stone owned the 188' vessel the Arcadia.
Stone held financial interests in numerous companies and was president of the Atlantic Gulf and West Indies Steamship Co, and in 1900, he and his associates formed the Eastern Steamship Lines Inc. He was chairman of the Pond Creek Coal Company and the Pike County, Kentucky
mining town of Stone
was named in his honor.
Galen Stone used his fortune for a number of charitable
causes, many of which centered around education
. In 1915, through the fundraising efforts of educator, Charlotte Hawkins Brown
, he became aware of Palmer Memorial Institute
, an African American
preparatory school
in Sedalia
, North Carolina
. Stone became the Institute's largest benefactor. As well, his philanthropic
work was recognized with the Galen Stone Professor of International Trade at the Harvard University
Institute for International Development. A trustee of Wellesley College from 1915 to 1925, he donated the funds to build the Galen Stone Tower at Green Hall. The 182 feet (55.5 m) high tower is a focal point on the campus and houses the 32-bell carillon
which is played for major College events.
Stone was honored for his philanthropy by initiation as an honorary member of Phi Mu Alpha Sinfonia Fraternity in 1917 at the New England Conservatory of Music in Boston, Massachusetts. The fraternity's mission reflects Stone's values by developing young men to share their talents to create harmony in the world.
A World War II
Liberty ship
, the SS Galen L. Stone, was named in his honor.
Galen Stone died at his home in Brookline, Massachusetts in 1926.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
.
Born in Leominster, Massachusetts
Leominster, Massachusetts
Leominster is a city in Worcester County, Massachusetts, United States. It is the second-largest city in Worcester County, with a population of 40,759 at the 2010 census. Leominster is located north of Worcester and west of Boston. Both Route 2 and Route 12 pass through Leominster. Interstate 190,...
, in his teens Galen Stone worked as an office clerk in Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
and went on to become a major figure on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
. Together with Charles Hayden
Charles Hayden (banker)
Charles Hayden was an American financier and philanthropist. He was the senior partner of Hayden, Stone & Co. and his influence was such that James W...
, he founded the stock broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
age firms of Hayden, Stone & Co.
Hayden, Stone & Co.
Hayden, Stone & Co. was a major securities firm founded in 1892 by Charles Hayden and Galen L. Stone. The firm was acquired by Cogan, Berlind, Weill & Levitt in 1972 and was part of what ultimately would become Shearson/American Express in 1981.-History:...
and Haystone Securities Corporation of Boston and New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. In 1919, his firm hired fellow Bostonian, Joseph P. Kennedy, and later fired him when he discovered that Kennedy was "insider trading," according to his grandson.
In 1889 he married Carrie Morton Gregg (1866-1945) of Boston and the couple eventually made their home in Brookline, Massachusetts
Brookline, Massachusetts
Brookline is a town in Norfolk County, Massachusetts, United States, which borders on the cities of Boston and Newton. As of the 2010 census, the population of the town was 58,732.-Etymology:...
. An avid yachtsman, in his latter years, Galen Stone owned the 188' vessel the Arcadia.
Stone held financial interests in numerous companies and was president of the Atlantic Gulf and West Indies Steamship Co, and in 1900, he and his associates formed the Eastern Steamship Lines Inc. He was chairman of the Pond Creek Coal Company and the Pike County, Kentucky
Pike County, Kentucky
Pike County is a county located in the U.S. state of Kentucky. As of 2010, the population was 65,024. Its county seat is Pikeville. Pike is Kentucky's largest county in terms of land area. Pike County is the 11th largest county in Kentucky in terms of population preceded by Bullitt County and...
mining town of Stone
Stone, Kentucky
Stone is an unincorporated community in Pike County, Kentucky, United States. It was established in 1912. Stone was a mining community named for Galen Stone, head of the Pond Creek Coal Company which was based in Stone. In 1922 the Pond Creek Coal Company was sold to Fordson Coal Company, which...
was named in his honor.
Galen Stone used his fortune for a number of charitable
Charitable organization
A charitable organization is a type of non-profit organization . It differs from other types of NPOs in that it centers on philanthropic goals A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals A...
causes, many of which centered around education
Education
Education in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
. In 1915, through the fundraising efforts of educator, Charlotte Hawkins Brown
Charlotte Hawkins Brown
Charlotte Hawkins Brown was an American educator and academic.Born Lottie Hawkins in Henderson, North Carolina, in the late 1880s her family moved north to settle in Cambridge, Massachusetts...
, he became aware of Palmer Memorial Institute
Palmer Memorial Institute
The Alice Freeman Palmer Memorial Institute, better known as Palmer Memorial Institute, was a school for upper class African Americans. was founded in 1902 by Dr. Charlotte Hawkins Brown at Sedalia, North Carolina near Greensboro. Palmer Memorial Institute was named after Alice Freeman Palmer,...
, an African American
African American
African Americans are citizens or residents of the United States who have at least partial ancestry from any of the native populations of Sub-Saharan Africa and are the direct descendants of enslaved Africans within the boundaries of the present United States...
preparatory school
University-preparatory school
A university-preparatory school or college-preparatory school is a secondary school, usually private, designed to prepare students for a college or university education...
in Sedalia
Sedalia, North Carolina
Sedalia is a town in Guilford County, North Carolina, United States. The population was 618 at the 2000 census.-Geography:Sedalia is located at ....
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
. Stone became the Institute's largest benefactor. As well, his philanthropic
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
work was recognized with the Galen Stone Professor of International Trade at the Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
Institute for International Development. A trustee of Wellesley College from 1915 to 1925, he donated the funds to build the Galen Stone Tower at Green Hall. The 182 feet (55.5 m) high tower is a focal point on the campus and houses the 32-bell carillon
Carillon
A carillon is a musical instrument that is typically housed in a free-standing bell tower, or the belfry of a church or other municipal building. The instrument consists of at least 23 cast bronze, cup-shaped bells, which are played serially to play a melody, or sounded together to play a chord...
which is played for major College events.
Stone was honored for his philanthropy by initiation as an honorary member of Phi Mu Alpha Sinfonia Fraternity in 1917 at the New England Conservatory of Music in Boston, Massachusetts. The fraternity's mission reflects Stone's values by developing young men to share their talents to create harmony in the world.
A World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
Liberty ship
Liberty ship
Liberty ships were cargo ships built in the United States during World War II. Though British in conception, they were adapted by the U.S. as they were cheap and quick to build, and came to symbolize U.S. wartime industrial output. Based on vessels ordered by Britain to replace ships torpedoed by...
, the SS Galen L. Stone, was named in his honor.
Galen Stone died at his home in Brookline, Massachusetts in 1926.