-- Jun 23, 1899; Friday
Presidents [Lorenzo] Snow and [Joseph F.] Smith were at the office. ...
Elder B. H. Roberts called, having just returned from Alberta, Canada. He expressed himself as exceedingly well pleased
with the prospective settlements in that part, but stated that some dissatisfaction was felt by the engineer in charge of the canal work as to the ability of those who up to that time had come to fill the contract made by the Church with the canal company.
A Brother Nielson, of Cache Valley [Utah], called. He represented the cause of a Brother Hansen, who claims to have advanced to President W[illiam]. W. Cluff, while the latter was presiding over the Scandinavian Mission, one thousand rikdalers, for the purpose of emigrating worthy Saints, which means was used for that purpose. The claim was investigated by the Presidency of Cache Stake, it having been referred to them by the First Presidency in the time of President [Wilford] Woodruff; and Brother Cluff and Brother Hansen were both present at the investigation. The Stake Presidency, after the investigation, wrote to the First Presidency, stating that Brother Hansen was entitled to this means, with interest; and Brother George F. Gibbs, the President's Secretary, now explained that some time after receiving this report, he wrote to Brother Hansen at Logan [Utah], to know if he would be satisfied with the principal, and could use a produce order as payment thereof, but no answer was received. Brother Nielson there explained that Brother Hansen moved to Snake River, and the probability was that he never received the letter. President Smith then stated that President Cluff had told him that Brother Hansen gave this money as a donation, for the purpose for which it was used, and that the people thus assisted gave their notes to the P[erpetual]. E[migration]. Fund Company; that after that President Cluff, in order to satisfy Brother Hansen, went to Receiver Dyer, who had in charge the P[erpetual]. E[migration]. Funds and papers, and procured from him the notes of persons whom he thought were assisted by this means, and sent them to Brother Hansen in payment of his loan. Brother Gibbs remarked that Brother Cluff had told him this in part, his statement being that he had procured certain notes of parties whom he thought were the ones assisted, but was not certain, and that these notes did not fully satisfy the claim, or would not satisfy it, even if Brother Hansen succeeded in finding the parties and collecting from them. Brother Nielsen explained that the notes sent to Brother Hansen had partial payments endorsed on the back of them by the P[erpetual]. E[migration]. Fund clerk, and that the face of the notes was pretty well paid up, leaving quite an amount of interest due, and that said notes had been returned by Brother Hansen as valueless. Brother Gibbs added that he had the report of the investigating committee on his desk for quite a long time, and that he had tried many times to find it, but had failed.
President Snow felt that Brother Hansen, who is a poor man, should be paid, especially if he would accept the principal as payment in full, and a produce order in lieu of money in settlement of the claim. The interview closed with the understanding that Brother Nielson would correspond with Brother Hansen upon this point and call again. (1)
-- Jun 24, 1899; Saturday
Presidents [Lorenzo] Snow and [Joseph F.] Smith, at the Office, received the following telegram: signed by George Q. Cannon, LeGrand Young and R[obert]. S. Campbell, and dated yesterday at New York: ["]Have had daily sessions for five days, and have agreed to following terms, being the very best obtainable. Have not yet seen Banigans; will see them to-morrow. We now give you basis of proposed agreement. Retain present Union organization; issue three million four percent bonds; retire Union Consolidated bonds, amounting to two million and sixty thousand dollars, and in lieu of these deliver to Consolidated bond holders $1,133,000 of new bonds; retire also Pioneer bonds, amounting to $,500,000, [sic] and in lieu of these deliver Pioneer people $1,100,000. This will leave seven hundred and sixty-seven thousand of new issue of $3,000,000, out of which $750,000 will be used to redeem existing prior lien Union bonds. Second, the common stock to be left as it now exists, but there is to be an issue of two million preferred stock, which it is proposed to divide as follows: Give the Pioneer eight hundred and eight thousand five hundred shares, and the Consolidated bond holders one million one hundred and ninety-one thousand five hundred shares. The Pioneer people to keep the majority of common stock and have the majority of directors. Under the present conditions the company can pay the interest on the new issue of three million dollars of bonds, and after this year one percent on preferred stock, which can be increased from earnings, say, one percent per annum each year till eight percent per annum is reached, besides putting the company's affairs on stable and safe basis. This preferred stock being preferable to and in nature of an income bond. We send this proposed agreement for you to consider, as it is most important you decide on acceptance or non-acceptance at once. We will be guided by your decision".
Presidents Snow and Smith considered the contents of this telegram this forenoon and until 2 P.M., when the latter was excused to attend a funeral, leaving President Snow and Bishop [John R.] Winder to further consider the matter. Brother F[ranklin]. S. Richards was also sent for to join them in their deliberations, which continued until 4:45 p.m. Soon after President Smith left, it was decided to send the following reply telegram, which reflected his views upon the subject: "We understand proposition as directly affecting us, to be briefly this: Church will now only be responsible for seven hundred thousand Banigan bonds, and $46,000 yearly. This being so, we of course concur. Lorenzo Snow."
Before sending this telegram the question of liability was further considered, and the thought suggested itself to President Snow that this new deal would certainly affect present conditions, and it looked to him as if the liability of the Church would be increased. He therefore determined to be informed on this point before sending the prepared telegram. Accordingly another one was prepared and sent, addressed to Brothers Cannon, Young and Campbell, and reading as follows: "Will proposed changes increase
liability of the Church? Waiting answer. Lorenzo Snow".
This being done, it was decided to meet to-morrow at 4 p.m., to formulate an answer to the message, which it was presumed would be received in the morning. It was also decided that if the character of that message demanded it, President [Franklin D.] Richards and as many of the Apostles as could be reached would be got together, to join with the Presidency in any proposed increase of the Church's liability. President Smith had arranged to go to Bear Lake [Idaho], but President Snow thought it best for him to remain at home, in case the answer expected from President Cannon in the morning should make it necessary to call a council of the Apostles. Bishop Winder left, promising to return at 4 P.M. to-morrow, and he was asked to invite Bishop Preston to come also. (1)
Endnotes:
1 - First Presidency and Quorum of the Twelve minutes
LDS History Chronology: Lorenzo Snow
Mormon History Timeline: the life of Lorenzo Snow
http://lds-church-history.blogspot.com/
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