Family Helps During Times of Volatility

In the spring of 1929, my grandfather graduated from Harvard Dental School. Dr. Francis Vincent Lydon enthusiastically borrowed money to outfit his own dental practice in South Braintree, Massachusetts. You can imagine how proud his family was of him and what optimism he had as he embarked on offering the latest dental care to a population that had money to spend. 

A few months later, the stock market crashed, and the economy began one of the worst recessions in American history. Frank Lydon was in trouble. 

His father, Thomas Francis Lydon (The OG), represented Boston area shoe manufacturers in the Midwest. St. Louis and Cincinnati were used as his home bases for months at a time. Americans weren’t spending money on their teeth, and also making their shoes last longer before buying new ones. 

Frank and Tom kept in touch with letters. Frank would share his thoughts and look for his father’s guidance and support. On March 24, 1930, Tom wrote, “Don’t be hasty. Put me down for a set of teeth for which you will be well paid.” But within days, Tom received a letter from Frank saying he thinks he needs to sell his equipment. Tom responded, “...by all means, do it. You are smart enough to get a job in some dental office… I am willing to help you out financially… Keep in touch with me here.”

Grandpa Lydon enlisted in the US Navy and served as a dentist for the next thirty years. He and his family lived in fifteen ports over those years. They survived the hard times, saw many parts of the country, and made friends along the way. 

I can’t imagine how difficult it was for my grandfather during those early years, but having the support from his family in his decision-making must have been comforting. He made the right call at the right time. 

What we’re seeing in the markets and the economy now isn’t a prelude to another great depression, but we can’t discount the stress and consternation people are feeling. Talking about it with your family and friends can help. I’m not suggesting that you “sell your equipment,” but a call, a visit, a meal, or a letter can go a long way during these times.