Born September 9, 1899, in Minerva, Texas, C.R. was the eldest of seven children.

At nine years old, he secured his first job: office boy to cattleman C.T. Herring.

Young C.R. Smith also worked as a cotton picker, store clerk, bookkeeper and bank teller. Before he had even finished school, C.R. Smith received permission to enter the University of Texas at Austin, where he studied business administration, economics and law. In 1924, he became an accountant with Peat, Marwick, Mitchell and Company in Dallas. One of the firm's clients, A.P. Barrett, owned the Texas-Louisiana Power Company. He noticed the young accountant and hired Smith as assistant treasurer for the utility company.