Lorenzo Snow, Dec 15, 1898 (Thursday)

-- Dec 15, 1898 (Thursday)
Pres. Lorenzo Snow, as Trustee-in-Trust for the Church, announced in the Deseret Evening News that the Church would issue bonds to the amount of $500,000, running for a period of eleven years, and bearing interest at the rate of 6 per cent per annum. This method of raising means was resorted to in order to lighten the burthen of the Church indebtedness. (1)

-- Dec 16, 1898; Friday
At the President's Office this morning the subject of the Church bonds came up again for consideration. Besides the First Presidency, there were present Brothers H[eber]. J. Grant, and John Henry Smith, of the Council of the Apostles; Bishops William P. Preston and John R. Winder of the Presiding Bishopric and Bro[ther]. David Eccles, one of the proposed trustees. Brother Eccles waited upon the Presidency for the purpose of suggesting, inasmuch as the Church indebtedness amounted to over one million dollars, that that amount, instead of half a million, be borrowed, as the expense of issuing the bonds would be no greater and the entire issue would sell without doubt very readily. Pres[iden]t. [Lorenzo] Snow appreciated the suggestion of Brother Eccles, and doubtless would have acted upon it, had it not gone forth to the public by means of the Deseret Evening News that the bond issue would be for $500,000. He did not feel that it would be a good policy to make a change now. It was stated in this connection that a gentleman named Edwards Roberts whom Bro[ther]. Grant had met in this city, was trying to effect a loan of $500,000 in Chicago [Illinois], on the strength of the note of the Trustee-in-trust, at 6% interest, with the privilege of paying $50,000 each year on the principal; and that Mr. Roberts has a week's time in which to consummate this loan.

The Directors of the Deseret Telegraph Company met at the president's office at 1 o'clock this afternoon for the purpose of electing a President of that company. President Lorenzo Snow was elected to the position.

Mr. Ramsden, son of the late Geo[rge]. Ramsden of Liverpool [England], called upon and had a very pleasant interview with the First Presidency. He was accompanied by Brothers Carlson and Burrows. Mr. Ramsden, deceased, was for many years the Guion Company's emigration agent, with whom the Liverpool Office did business, and was therefore widely known by our Elders. The son was visiting friends in Chicago and came out West to see the people whom his father had done business with so long. (2)

1 - Jenson, Andrew, Church Chronology
2 - First Presidency and Quorum of the Twelve minutes

LDS History Chronology: Lorenzo Snow

Mormon History Timeline: the life of Lorenzo Snow


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