-- Apr 19, 1899
[Apostle Heber J. Grant Diary] From 2 p.m. till 5 p.m. I was in a meeting where all the presidency several of the apostles and brother John M. and Geo. M. Cannon, President Orson Smith, N.W. Clayton, Jerry Langford Asahel Woodruff and others were present. A General discussion of the affairs of the Stirling Mining Co. was indulged in and President Snow finally agreed to assume a note of One hundred and odd thousand dollars due the Zions Savings Bank and Trust Co., signed by the Stirling Mining Co. and indorsed [sic] by Wilford Woodruff, George Q. Cannon and Joseph F. Smith. Presidents Cannon and Smith and Asahel Woodruff all testified that although the indorsement was a personal one it was made on behalf of the first presidency and not as individuals. The loss to the church on account of the Stirling mining Co. will be between 3 and 4 hundred thousand dollars. In my heart of hearts I cannot help but feel that in as much as this buinsess [sic] was originally a personal one and turned out a failure that President George Q. Cannon who has been wonderfully successful in other mining ventures should at least make good one sixth of the loss sustained by the Church. as his original interest in the Stirling Mine was one sixth. I would feel just the same as this refaridng [sic] able to reimburse the Church, but I think it would be a great hardship to ask them to do so under their present finincal [sic] circumstances. Brother Orson Smith remarked that if he were able he would consider it his duty to pay one sixth of the Stirling mine losses. (1)
-- Wednesday, Apr 19, 1899
[Apostle John Henry Smith Diary] Salt Lake City
Heber J. Grant, W. Madsen, Chas. S. Burton, Geo. T. Odell and myself met and agreed to pay Zions Savings bank and Trust Co. $2,200.00 each on a Grant Bros. Livery note. Hyrum & Joshua Grant, Wm. H. Rowe, and Elias W. Smith to pay or give their notes for $1,450.00 each.
The Sterling Mining co. board of Directors, Lorenzo Snow, Franklin D. Richards, Myself, Heber J. Grant, and Rudger Clawson considered a debt owing to the Zions Savings Bank and Trust Co. by the Sterling mining Co. and endorsed by Wilford Woodruff, Geo. Q. Cannon, and Joseph F. Smlith. After hearing all of the facts to be reached, President Lorenzo Snow decided to accept and pay one note and interest amounting to $107,000,00.
I went with President Joseph F. Smith to the Theatre.
President Lorenzo Snow read Prest. Geo. Q. Cannon's settlement of the Bullion Beck & Champion M. Co. dedicated stock matter to Joseph F. Smith, Francis M. Lyman and myself. He had read it to me before. I advised him to accept it. (2)
Endnotes:
1 - Diary of Heber J. Grant, http://amzn.to/newmormonstudies
2 - Jean Bickmore White (editor), Church, State, and Politics: The Diaries of John Henry Smith, Signature Books in association with Smith Research Associates, Salt Lake City, 1990, http://bit.ly/johnhenrysmith
LDS History Chronology: Lorenzo Snow
Mormon History Timeline: the life of Lorenzo Snow
http://lds-church-history.blogspot.com/
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