The Panama-Pacific Company two local millionaires, W. H. Crocker and W.
B. Bourn, started financially with twenty-five thousand dollars each.
They established the maximum individual subscription. They also secured
forty subscriptions of twenty-five thousand dollars each. Then followed
the call for a mass meeting. Before the meeting was held the business
men of the city were thoroughly canvassed. The Southern Pacific and the
Union Pacific together subscribed two hundred and fifty thousand
dollars. There were many other large subscriptions from public-service
organizations.
On the afternoon of the meeting there was a crowd in the Merchants'
Exchange Board Room. The announcement of the subscriptions created
enthusiasm. In two hours the amount ran up to more than four million
dollars. During the next few years they were increased to about
$6,500,000.
Meanwhile, the State voted a tax levy of five million dollars, and San
Francisco voted a bond and issue of the same amount, and by an act of
the Legislature, in special session, the counties were authorized to
levy a small tax for county Participation, amounting, in estimate, to
about three million dollars.