Another historical meeting was held August 9th. This time at the office
of the company. It was a special meeting of the stockholders. Three
assessments had been levied of forty dollars each, amounting in all to
$720,000. This money had been paid out in settlement of claims. This was
the first meeting of the stockholders proper since the fire. The
directors realized that in response to inquiries from the stockholders
who were principally interested that they were entitled to a report as
to the progress made and the policy to be adopted for the future. Over
ninety individual stockholders were present and in order to accommodate
the crowd, the employes removed their desks and chairs, and during the
time of the meeting adjusted losses and discharged their duties on the
sidewalk in front of the building. The early-comers had seats. The
late-comers stood, but so interesting was the meeting that discomforts
were forgotten. The president made a very full and analytical report,
finishing with the announcement that another million dollars would be
needed to continue the splendid work and accomplish the final result of
bringing the California through the disaster with justice, equity and
fairness to all its contract-holders. The atmosphere was charged with
optimism and enthusiasm and amongst all the speeches made, and they were
many, not one bore any intimation of regret or of any desire to do other
than march steadily ahead. Mr. Ignatz Steinhart, at the time manager of
the Anglo-Californian Bank, careful, cautious, shrewd and a hard-headed
financier, in his speech practically struck the keynote of the whole
meeting. He said in substance:
"I have lived here many years and I expect to die here. I love San
Francisco and I know you all feel the same and it is my honest
conviction that the directors of the California have adopted the proper
and only course and that its stockholders will stand behind them, and
that, the company will pay its losses at the rate of one hundred cents
on the dollar without discount. I now present a motion that it is the
sense of this meeting that the Board of Directors be given all that they
request and that all their actions are hereby heartily ratified,
approved and confirmed."
There was not a single dissenting vote. At this time a stockholder
enthusiastically jumped on his chair and proposed three cheers for the
company and the management. The clerks on the sidewalk and some of the
passers by rushed into the crowd to see what was the cause of the
commotion. When the meeting adjourned, the confidence of all was
renewed. The barometer of their enthusiasm and determination had risen
and smiles and handshakes put the period to the gathering. Seldom, if
ever, has an Irish dividend meeting been held and disbursed with such a
wholesome feeling of satisfaction. It was more like a "melon cutting"
than a preparation to excavate to still lower depths their pocketbooks.
Never was the true California spirit more faithfully portrayed.