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[ephi]. W. Clayton, Jerry Langford Asahel Woodruff and others were present. A General discussion of the affairs of the Stirling Mining Co[mpany]. was indulged in and President [Lorenzo] Snow finally agreed to assume a note of One hundred and odd thousand dollars due the Zions Savings Bank and Trust Co[mpany]., signed by the Stirling Mining Co[mpany]. and indorsed 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[mpany]. 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 business 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 regarding [?] able to reimburse the Church, but I think it would be a great hardship to ask them to do so under their present fin[anci]al 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.
[Source: Heber J. Grant, Diary]
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