-- Jun 29, 1899; Thursday
The following telegram, dated last night, at Providence, Rhode Island, and signed LeGrand Young and R[obert]. S. Campbell, was received by Presidents [Lorenzo] Snow and [Joseph F.] Smith in the Office at 10 o'clock this morning: "Modified agreement between English parties and ourselves, to-wit: In place of English parties getting eleven hundred thirty three bonds, they get ten hundred eighty-three. In place of Pioneer having eleven hundred, they have ten hundred and fifty, thus
reducing each one proportionately, so as to leave some in treasury for absolute construction needs. Second, in place of our getting eight hundred and eight thousand five hundred preferred stock, we get nine hundred and eight thousand five hundred. In place of English holders getting one million one hundred and ninety-one thousand five hundred preferred stock, they get one hundred thousand dollars less. Next, the settlement with the Banigan people, subject to your approval, to-wit: First, we give then the ten hundred and fifty bonds, four percent above mentioned. Second, give them two hundred and fifty thousand preferred stock, also twenty-five thousand dollars cash within thirty days, also Trustee-in-trust's secured note for two hundred thousand dollars, payable in one year, with five percent interest, the two hundred and fifty thousand preferred stock to be guaranteed earn two percent per annum for ten years, accruing from January 1, 1901. Banigans to surrender original guarantee. Think company will earn the two per cent on preferred stock guaranteed. This then leaves you six hundred and fifty-eight thousand five hundred of the company's preferred stock, which is now worth at least twenty-five cents on dollar. Again, to offset liability, of old one hundred and ninety thousand obligation, already paid or assumed by you, you get eighty thousand dollars in new four percent bonds and eighty thousand dollars in preferred stock, retaining the thirty nine thousand prior lien bonds you now hold. We know this is best settlement obtainable. English parties must have answer early to-morrow (Thursday) in order to publish prospectus in London [England] before July 1st. Wire care Imperial Hotel, New York".
The foregoing is the message that has been expected. Soon after its arrival President F[ranklin]. D. Richards and Apostle H[eber]. J. Grant came to the office, and President Snow decided to have the brethren of the Twelve meet there in council, instead of at the Temple, as usual on this day. The following named brethren assembled accordingly in the office: Franklin D. Richards, Brigham Young [Jr.], George Teasdale, Anthon H. Lund, Matthias F. Cowley, Abraham O[wen]. Woodruff, Rudger Clawson, William B. Preston, Franklin S. Richards and Robert R. Anderson. After considering the subject matter of the telegram from the East for an hour, the following answer was determined on, and on motion of President Joseph F. Smith, seconded by Bishop Preston, was voted upon unanimously: "Cannon, Young and Campbell, Imperial Hotel, New York City, N[ew]. Y[ork]. I understand from your telegram that the Church guarantee and all its existing liabilities will be surrendered and released; that twenty-five thousand dollars cash must be paid in thirty days, and the Trustee-in-trust give secured note for two hundred thousand dollars, payable in one year, with five percent interest, also guarantee two percent per annum on two hundred and fifty thousand dollars preferred stock for ten years from January 1, 1901, and that no guarantee is required on the new bond and no liability whatever is involved on the part of the Church, except as above specified. I also understand that the Pioneer people are to keep majority of stock and have the majority of directors. With this
understanding I sanction the settlement, but will not assume any further liability than herein stated. Lorenzo Snow". ...
Prof[essor]. Evan Stephens, leader of the Tabernacle choir, who had been waiting for some time, now appeared before the meeting and stated a proposition made to him by a Mr. Higbee, to take a hundred and fifty members of the choir on a tour of the Eastern States, that gentleman guaranteeing everything and making himself good for the entire expense, and then sharing equally with the choir the profits, after the expenses had been taken out. Out of this half of the profits--should there be any--Brother Stephens proposed to make special arrangements with soloists and instrumentalists. President Snow asked Brother Stephens if he were to receive anything for his services. He answered that that would be an after consideration, to be arranged with the choir. If this tour should prove a success, the same gentlemen proposed to take the same body of singers to Europe, including the World's Fair at Paris [France].
President Snow asked for the sense of the meeting upon the subject. All present expressed themselves unequivocally as in favor of it, and Brother Stephens was authorized to go ahead and perfect arrangements. (1)
-- Jun 30, 1899; Friday
Presidents [Lorenzo] Snow and [Joseph F.] Smith, at the Office, received the following telegram from LeGrand Young and Robert S. Campbell, dated at New York, last night (President [George Q.] Cannon being at Chicago [Illinois] on his way home)[:]
"Trustee-in-trust will have to pay $25,000 in thirty days; give its secured note for $200,000, due in one year, drawing 5 percent per annum; guarantee two percent interest on $250,000 of stock for ten years after January 1, 1901. You are not to guarantee the one million bonds. This settlement with Banigans has nothing to do with balance that may yet be due from Trustee-in-trust of the $180,000 heretofore borrowed in Salt Lake City to pay past interest. Answer quick".
President Snow, recognizing that this telegram virtually reiterated the conclusions arrived at yesterday by himself and the brethren in council, was ready to approve the settlement. He sent for Attorney F[ranklin]. S. Richards, who came and confirmed the President's view; as did Brother Heber J. Grant, who came in soon afterwards, and as did Brothers F[ranklin]. D. Richards, Brigham Young [Jr.] and Rudger Clawson, who came in and were apprised of it subsequently. All felt thankful that matters were no worse than they appeared to be. With this understanding the following telegram was sent, addressed to LeGrand Young and Robert S. Campbell, New York City: "Your telegram of yesterday is satisfactory. I approve of settlement. (Signed) Lorenzo Snow".
President Smith came to the office at noon. He was shown the received telegram and the answer thereto, and gave his concurrence.
Sister Emily S. Richards, wife of Attorney F[ranklin]. S. Richards, called, accompanied by Mrs. O. J. Salisbury, a non-
Mormon lady resident of Salt Lake City, who is interested in the culture of silk in Utah. The object of the call was to enlist the aid of the Presidency in that direction. Mrs. Salisbury stated that a market had been secured here for all the silk that might be raised here. Presidents Snow and Smith assured the ladies that they would be ready to do all they possibly could to aid in this matter.
Elder Theodore B. Lewis, the veteran educator, now residing in Ogden, called upon the Presidency. He is about to go to Boston for the purpose of being operated upon for the disorder known as hernia.
The sum of $365.60 in Church scrip was appropriated in favor of Orson Merrill, as payment for a quarter section of land situated in Portage, Boxelder [Utah] Stake, and to be added to the Indian farm at that place. (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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