Galen Luther Stone (November 21, 1862 – December 26, 1926) was an American

financier An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of property. Types of in ...

and

philanthropist Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material ...

Early life

Stone was born in

Leominster Leominster ( ) is a market town in Herefordshire, England; it is located at the confluence of the River Lugg and its tributary the River Kenwater. The town is north of Hereford and south of Ludlow in Shropshire. With a population of almos ...

Massachusetts Massachusetts ( ; ), officially the Commonwealth of Massachusetts, is a U.S. state, state in the New England region of the Northeastern United States. It borders the Atlantic Ocean and the Gulf of Maine to its east, Connecticut and Rhode ...

. In his teens, he worked as an office clerk in

Boston Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

, Massachusetts.

Career

He became financial editor of the '' Boston Advertiser'' in his 20s. Together with Charles Hayden, he founded the stock brokerage firms of Hayden, Stone & Co. and Haystone Securities Corporation of Boston and

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

. In 1919, his firm hired fellow Bostonian

Joseph P. Kennedy Joseph Patrick Kennedy Sr. (September 6, 1888 – November 18, 1969) was an American businessman, investor, philanthropist, and politician. He is known for his own political prominence as well as that of his children and was the ambitious patri ...

. Stone held financial interests in numerous companies and was president of the Atlantic Gulf and West Indies Steamship Company, and in 1900 he and his associates formed the

Eastern Steamship Lines Eastern Steamship Lines was a shipping company in the United States that operated from 1901 to 1955. It was created through successive mergers by Wall Street financier and speculator Charles W. Morse.Robert F. Bruner and Sean D. Carr, ''The Panic ...

He was chairman of the Pond Creek Coal Company and the Pike County,

Kentucky Kentucky (, ), officially the Commonwealth of Kentucky, is a landlocked U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders Illinois, Indiana, and Ohio to the north, West Virginia to the ...

, mining town of

Stone In geology, rock (or stone) is any naturally occurring solid mass or aggregate of minerals or mineraloid matter. It is categorized by the minerals included, its Chemical compound, chemical composition, and the way in which it is formed. Rocks ...

was named in his honor.

Personal life

In 1889, he married Carrie Morton Gregg (1866–1945) of Boston and the couple eventually made their home in

Brookline Brookline may refer to: Places in the United States * Brookline, Massachusetts, a town near Boston * Brookline, Missouri, a village * Brookline, New Hampshire, a town * Brookline (Pittsburgh), a neighborhood in Pittsburgh, Pennsylvania * Brookl ...

, Massachusetts. An avid yachtsman, in his later years, Stone owned the

yacht A yacht () is a sail- or marine propulsion, motor-propelled watercraft made for pleasure, cruising, or racing. There is no standard definition, though the term generally applies to vessels with a cabin intended for overnight use. To be termed a ...

''Arcadia''.

Later life and recognition

Stone used his fortune for a number of

charitable Charity is the voluntary provision of assistance to those in need. It serves as a humanitarian act, and is unmotivated by self-interest. Various philosophies about charity exist, with frequent associations with religion. Etymology The word ...

causes, many of which centered on the arts and

education Education is the transmission of knowledge and skills and the development of character traits. Formal education occurs within a structured institutional framework, such as public schools, following a curriculum. Non-formal education als ...

. In 1915, through the fundraising efforts of the

educator A teacher, also called a schoolteacher or formally an educator, is a person who helps students to acquire knowledge, competence, or virtue, via the practice of teaching. ''Informally'' the role of teacher may be taken on by anyone (e.g. w ...

Charlotte Hawkins Brown Charlotte Hawkins Brown (June 11, 1883 – January 11, 1961) was an American author, educator, civil rights activist, and founder of the Palmer Memorial Institute in Sedalia, North Carolina. Early life Charlotte Hawkins Brown was born in Hender ...

, he became aware of

Palmer Memorial Institute The Alice Freeman Palmer Memorial Institute, better known as Palmer Memorial Institute, was a school for upper-class African Americans. It was founded in 1902 by Dr. Charlotte Hawkins Brown at Sedalia, North Carolina near Greensboro. The insti ...

, an

African-American African Americans, also known as Black Americans and formerly also called Afro-Americans, are an American racial and ethnic group that consists of Americans who have total or partial ancestry from any of the Black racial groups of Africa. ...

preparatory school in Sedalia,

North Carolina North Carolina ( ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, South Carolina to the south, Georgia (U.S. stat ...

. Stone became the institute's largest benefactor. As well, his

philanthropic Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material ...

work was recognized with the creation of the Galen Stone Professor of International Trade

chair A chair is a type of seat, typically designed for one person and consisting of one or more legs, a flat or slightly angled seat and a back-rest. It may be made of wood, metal, or synthetic materials, and may be padded or upholstered in vario ...

at the

Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...

Institute for International Development. A trustee of

Wellesley College Wellesley College is a Private university, private Women's colleges in the United States, historically women's Liberal arts colleges in the United States, liberal arts college in Wellesley, Massachusetts, United States. Founded in 1870 by Henr ...

from 1915 to 1925, he donated the funds to build the Galen Stone Tower at Green Hall. The high tower is a focal point on the campus and houses the 32-bell

carillon A carillon ( , ) is a pitched percussion instrument that is played with a musical keyboard, keyboard and consists of at least 23 bells. The bells are Bellfounding, cast in Bell metal, bronze, hung in fixed suspension, and Musical tuning, tu ...

which is actively played by a student guild of carillonneurs for major College events as well as between and after classes. He was once vice-president of the trustees of the

Boston Symphony Orchestra The Boston Symphony Orchestra (BSO) is an American orchestra based in Boston. It is the second-oldest of the five major American symphony orchestras commonly referred to as the "Big Five (orchestras), Big Five". Founded by Henry Lee Higginson in ...

. Stone was honored for his philanthropy by initiation as an honorary member of

Phi Mu Alpha Sinfonia Phi Mu Alpha Sinfonia (legally Phi Mu Alpha Sinfonia Fraternity of America, colloquially known as Phi Mu Alpha, PMA, or simply Sinfonia) () is an American collegiate social Fraternities and sororities, fraternity for men with a special interest ...

fraternity A fraternity (; whence, "wikt:brotherhood, brotherhood") or fraternal organization is an organization, society, club (organization), club or fraternal order traditionally of men but also women associated together for various religious or secular ...

in 1917 at the

New England Conservatory of Music The New England Conservatory of Music (NEC) is a Private college, private music school in Boston, Massachusetts. The conservatory is located on Huntington Avenue along Avenue of the Arts (Boston), the Avenue of the Arts near Boston Symphony Ha ...

in Boston. The fraternity's mission reflects Stone's values by developing young men to share their talents to create harmony in the world. Galen Stone died of heart failure at his home in Brookline in 1926. A

World War II World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

Liberty ship Liberty ships were a ship class, class of cargo ship built in the United States during World War II under the Emergency Shipbuilding Program. Although British in concept, the design was adopted by the United States for its simple, low-cost cons ...

, SS ''Galen L. Stone'', was named in Stone's honor. Stone's grandson, also Galen Luther Stone, served as

United States Ambassador to Cyprus United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two fi ...

References

{{DEFAULTSORT:Stone, Galen L. 1862 births 1926 deaths American financiers American investors American philanthropists Businesspeople from Massachusetts People from Brookline, Massachusetts People from Leominster, Massachusetts Stock and commodity market managers