by Bianca Dillard, dramaturg
Holiday was produced in 1928, just 9 months before the stock market crash. In a play that explores the effect of money on families and individuals, this detail seems particularly important. What could have happened to Edward Seton, big bank capitalist, after the stock market crash of 1929? (For more info on this question as it relates to the characters of Edward as well as Johnny check out my dramaturg’s note page 11.)
“Any charity work I do from now on is going to be for the rich, they need it more.”
– Linda Seton
While Linda’s comment may have been in jest, there was a man who was quite serious about charity work for the rich. Andrew Freedman was serious enough in his belief that economic hard times would be harder on the rich than on the poor that he set up a retirement home where those accustomed to the luxuries afforded the rich could retire in style even if they lost their fortunes.
The idea was prompted by a financial scare in 1907 (a run on the bank that caused panic, but less widespread economic damage). As Andrew Freedman was confronted with his potential loss of wealth, he wondered what he would do in his old age if he were out of money, so he set up a trust fund to build a luxurious retirement home for folks who were accustomed to a wealthy lifestyle but happened to be out of wealth.
“The sick and the poor are cared for by everyone else now. Nobody has offered any refuge for people of this kind, and they need one more even more than other unfortunates.”
– Andrew Freedman
Located in one of the most prestigious neighborhoods in New York (1125 Grand Concourse in The Bronx), the Freedman home’s residents would enjoy architecture reminiscent of an Italian Renaissance palazzo, well maintained English gardens, ornate interior design, grand dining, and servants–all at no cost. Open to a few in 1917, officially opened in 1924, and expanded in 1928 (the year our play is set and just in time for the Great Depression), it housed many of the formerly wealthy of retirement age who lost big in the stock market crash. At its height, the Freedman home housed 130 individuals.
All that is to say that if things had gone horribly wrong for Edward, at least he would have the Andrew Freedman House to cushion his fall.
The trust maintaining the house ran out in 1960 when the residents began to pay to live there. Since that time, the structure has gone through a number of transitions. It currently houses a daycare, and event’s center. It recently housed an art show that you can read more about here.
For more detailed reading about Andrew Freedman himself and his house. Here are a couple of places to go:
A Home for Bankrupt Millionaires (The Evening Tribute Nov. 23 1924)
Landmark Preservation Commissions Report–Andrew Freedman Home. (June 2nd, 1992)
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