Today the Presidency considered a request of Sister Jane S. Richards and concluded to grant it, namely, to appropriate to her the sum of $5,000. to enable her to meet Brother Franklin D. Richards' indebtedness for which her home was security. Brother Richards, a few years before his death, spoke to the late First Presidency in regard to this matter of rendering him assistance, and he afterwards made the request in writing, but nothing was done about it at the time, the reason being that the Church was also in straitened circumstances and the matter went over without action. Later Brother Richards, evidently disappointed, requested Brother George F. Gibbs, Secretary to the Presidency, to return his written application, which was done. In an interview with President Snow some time ago, Sister Jane S. Richards could not satisfy him as to the nature of the indebtedness, but asked that her son Franklin S. be allowed to explain it. This he did at the time to Presidents Snow and [Joseph F.] Smith, his information showing that President Franklin D. Richards, together with his sons Franklin S. and Charles C., borrowed money for the purpose of starting the Ogden Loan and Trust Company, which ended in failure; but before it failed, and when the bank was considered in good condition; but Abraham H. Cannon desired to control it in connection with a railroad scheme, and President Richards and his sons sold to Brother Cannon. They were invited to either buy out other stockholders or to sell, and not being able to buy they sold, realizing but sixty cents on the dollar, or a loss of some three thousand dollars on his investment, and this balance had been carried by him and his sons. During his lifetime he spoke to President Snow about this matter, feeling quite disappointed that the late First Presidency could not see their way clear to help him as it was the first time he had ever asked the Church for financial aid. President [George Q.] Cannon now informed President Snow that when Brother Richards made the application he was sorry it could not be granted, but that it was purely on account of the financial pressure at the time, but that he certainly favored it then and does now. Presidents Snow and Smith were of the same mind so the appropriation was made.
[Journal History, as quoted in Minutes of the Apostles of The Church of Jesus Christ of Latter-day Saints, 1835-1951, Electronic Edition, 2015]