3:30 p.m. Bishop Parley Eccles called at the office and reported the following:
Segolite Company'Don B. Colton, Bishop Parley Eccles, and V. A. Olson, Directors. They interested President Grant in the project and he invested several thousand dollars. Company has gone broke. It seems that some blame President Colton for having induced President Grant to invest. Brother Eccles says President Colton is not to blame, but rather than have aspersions directed at either President Colton's or his name, Brother Eccles offers to pay back personally the money President Grant put in.
[David O. McKay Diary, as quoted in Minutes of the Apostles of The Church of Jesus Christ of Latter-day Saints, 1910-1951, Privately Published, Salt Lake City, Utah 2010]