Letter from Franklin Jenne Cannon, Nephi William Clayton, and Abraham Hoagland Cannon, 22 January 1896
Salt Lake City, .
Pres. Wilford Woodruff & Counselors,
City,
Dear Brethren:
Since our conversation with you yesterday, and the agree-
ment which was then made for the formation of a syndicate, and having
heard the expressions of yourselves and Brethren that you desired some
arrangements made whereby your mining properties in Southern Nevada
might no longer be a burden to you, which they have thus far been, we
have given the subject careful consideration, and hereby make the follow-
ing proposition to you for the management of the Sterling and Confidence
properties:
We will assume charge of both of these companies if you desire it on
the following conditions:
(1) You are to temporarily carry the financial obligations which
you have already contracted for this property, allowing us such reason-
able time as you may think proper to allow for us to place the mines
under competent supervision and management, when we guarantee to gradual-
ly relieve you of the debts incurred on these properties.
(2) We are to receive the unsold treasury stock for division among
the four members of the syndicate who now have no fincancial interest in
the company, viz: James Jack, Nephi W. Clayton, Frank J. Cannon and
Abraham H. Cannon, who are to receive equal shares of this stock, which
amounts to about four thousand shares; also an equal share in any other
stocks which they^,^ with your moral influence^,^ can induce Brothers Orson
Smith and J. E. Langford to donate, in view of the fact that we are to
assume all financial burdens with your heo^l^p, and to take active manage-
ment of the company's affairs.
(3) The sale of any or all of the property is only to occur with
your full approval and under your advice.
Our intention is, should this proposition be acceptable to you, to
immediately secure capable men to locate at Sterling and Confidence.
These men we would expect to for^e^see and provide for all necessities of
the company so that the mills might be kept in constant operation. We
would expect weekly reports from them, and all accounts, either for
wages or supplies would be paid direct from this city, where the accounts,
