Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-05-15
following Ms Misfortune HI Leaves for Parts
Unknown, Presumably Alaska.
BIG SENSATION AT HIS HOME
Universal Regret Among Those who
Knew ssin'-No Dishonest Methods
Disclosed No Par ne Known.
Special per Dcreret Telearnph.

Logan. May is.-A tremendous scnsa.
lion was created here yesterday by the
announcement that President oreon
Smith. who IL also postmaster. had
failed in business and was unable TO
meet and settle with his creditors and
that he had left Tor Kiondlkc.
In Logan and vicinity u has been the
rolc topic Of conversation. and business
men are on the STREETS today In groups
discussing the matter. President Smith
some years ago built n grain elevator
here and since has engaged extensively
In the handling Of grain. storing inr.e
quantities of " on speculation. Last
year Cache county produced an cnor.
mouse crop and Mr.. Smith obtained
large quantities Of grain from farmers
throughout the county. agreeing In the
rprinE 10 pay a price In advance of
what wheat was then selling at. ~ he
figured on a spring raise In grain. the
slump that came
RUINED HIM
although from evidence obtainablc here
he made hcrculcan efforts TO keep his
head above water. sacrificing him
rclf and families In order to
try and meet obligations. lie
had purchased about four hundred
thousand bushels of grain. and two
weeks ago today h. lett for Salt Lake
10 Try and arrange for tldlng over tho
criAlH until a raise should come. No
one here know of hln financial straits
not even hts avn father. who II his
assistant Ia tho poatofilcc. aud hence
when the news came that Mr.. fmith
had departed for California no uncaHl-
ness was felt. when he got Co Han
Francisco, however. he found that In
disposlnE ~ his grain there would be n
loss Of clRht crntn per burhcl upon
nearly the whole amount purchased.
lie therrupon notified friends herr Of
his difficulty. stating that he felt his
failure 10 kccnly that he
COULD NOT RETURN
and face creditors. but that he Intended
going away until he could make money
enough 10 meet all obllg<,iunr, There
was no thought OF liquidation In the
letters. no regrets for the sacrifice he
Imposed on his families and assumed
himself but only frcnteat.nnxiciy and
the fcrvcnt wish that his creditors VIII
have patience, A letter was sent also
90 the memherr of the Illgh Council In
which he expresses his regret at having
10 leave the stake temporarily In order
10 atraightcn out financial difficulties,
Ills total liabilities win reach about
thirty thousand dollars, all his property
above exemption has been attached
by creditors. The First National bank
~ this city hold n mortgage on rial
estate and elevator building and 1x-
lures. In the elevator was consider
able quantity u grain belonging 60 the
bishops storchoure here. ana the BRIG
ham Young College
HAD RECENTLY SOLD
n considerable quantity. receiving part
payment therefor. The College has
attached considerable property. such as
horses. wagons. implements. etc, 10
secure payment of balance. ~ the Ma
tlonal bank claims 10 have chnttcl
mortgage on all grain stored In clcya-
TOT. There viii doubtless be legal com
plications over the nine hundred
bushels OF the bishops ntorchoune
grnln. aa that was special deposit
there. not having been sold to Mr.,
Smith. A. the postofiicc Mr.. Smith
len everything In first'ciaas shape,
Postal inHncctor Small having been
through the onice but two days ngo
and pronounced II one OF the bcHt ofii-
cca In the State. Mr.. Smith IN said By
those who are In position TO know 20
have
GONE TO ALASKA.
lie has mining property there. having
ttnked a proapector some time ago, who
located some claims that are be-
licyed 10 be- valuable. To dcvcl-
op this property II possible Is
believed 10 be Mr., Smiths object. In
letter TO his altorns here he an
nouncca that he viii sncrlno his health.
happiness and everything else. rather
Than die In debt 10 anyone. The great
st sympathy IN expressed here for AR.
fmlth and there II little or no adverse
comment. There Il no tlnge ~ dis
honesty attaching TO any Of his trans
actions and the thlnEs that causes
greatest surprise here IA that he did
not return and
SEEK AID OF FRIENDS.
a. there are many here who would
have aided him gladly, a great many of
the farmers throughout the county VIII
lose amounts varying from so M %
several hundred each and bishop ], "
Wright II liyrum II reported 10 be- out
three thousand dollars. II IL said that
the commission houses through which
Mr., Smith had been operating were In
large measure responsible for hts
failure az they pushed him 10 the wall.
hut this could not be verified; friends
~ Mr.. Smith hers viii, u Il reported,
make an EFFORT 10 have him return
home,