Lorenzo Snow, Nov 28, 1898; Monday

-- Nov 28, 1898; Monday
Pres[iden]t. Lorenzo Snow, as President of Zion's Savings Bank, was served by a deputy-marshal with papers of garnishment, garnishing any moneys in the bank belonging or salaries due to Geo[rge]. M. Cannon, John M. Cannon and Angus M. Cannon their father.

Cashier Geo[rge]. M. Cannon of Zion's Saving Bank called at the President's Office to talk over a matter of business pertaining to the Sterling mine. The bank held a note for $86,500.00, signed by Wilford Woodruff, Geo[rge]. Q. Cannon and Jos[eph]. F. Smith and secured by 150 bonds of the Sterling company. The note upon its face was a personal note, and the question of the cashier was to what extent the Church was responsible for the indebtedness of that company. Pres[iden]t. Snow took it for granted that each stockholder was responsible for the amount of stock that each held, the company being incorporated and the stock issued in the regular way. This ended the conversation.

Geo[rge]. M. Cannon spoke about his private affairs, intimating that he was about to become an involuntary bankrupt. (1)

-- Nov 29, 1898; Tuesday
Pres[iden]t. [Lorenzo] Snow met with Pres[iden]t. [George Q.] Cannon, Bishop John R. Winder, LeGrand Young and R[obert]. S. Campbell, who explained to him the status of the Union Light and Power Company. Among other things, President Snow learned that there would shortly be due another $40,000 on account of the Pioneer Power Company, and that when this was paid, the Union Light and Power Company was to meet all future interest payments. Portions of the last two payments were still unpaid, that is, the payments were made, but the Church had to borrow the money from Zion's Savings Bank, and the Church still owed the bank. Referring to the Church guarantee of one million and a half dollars of the bonds of the Pioneer Company, the brethren informed Pres[iden]t. Snow that the Union Light and Power Company stood between the Pioneer Company and the Church guarantee and that before the Church could be pressed for payment of this guarantee, the Union Light and Power Company would have to fail, which would mean that the English stockholders would lose all their great interests in that company. This redeeming feature in the situation Pres[iden]t. Snow had not known before.

Elder Orson Smith, President of the Cache [Utah] Stake, called upon President Snow, and conversed with him in relation to a matter of personal business with the Logan Tithing Office. He (Elder Smith) having drawn a large amount from that office without authority. The Presiding Bishop had recently had a conversation with Pres[iden]t. Snow about this same matter, he suggesting that Bro[ther]. Smith give security as best he could for the amount of his overdraft, to which Pres[iden]t. Snow assented. The President, having this in mind, now referred Bro[ther]. Smith to Bishop Preston.

The Presiding Bishop obtained consent from Pres[iden]t. Snow to receipt for cash tithing to persons who might come with it to his office and might not have time to take it to the President's Office. (1)

1 - 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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