requested, holding up their claim in the meantime while awaiting their
reply. It never came, and their claim against the California still
remains unpaid. The conclusion is too glaring to need further comment. A
few similar instances might be recorded but they are best forgotten.

This meeting also made history. It levied the first assessment of $40
per share on the six thousand shares of capital stock of the
corporation. This would bring in $240,000 and was subsequently followed,
month by month, by seven others, until the total assessment had reached
$305 per share, amounting in all to $1,830,000, of which $1,800,000, or
98 per cent, to the everlasting glory of the stockholders of the
California, be it said, was paid.

The resolution bringing this about was as follows:

"Notice is hereby given that at a meeting of the directors held on the
11th day of May, 1906, an assessment of forty (40) dollars per share was
levied upon the capital stock of the corporation payable on or before
the 13th day of June, 1906, to Mark L. Gerstle, assistant secretary, at
the principal place of business of the corporation, No. 2350 Washington
street, San Francisco, Cal. Any stock upon which this assessment shall
remain unpaid on the 13th day of June, 1906, will be delinquent and will
be advertised for sale at public auction, and unless payment is made
before will be sold on the 2d day of July, 1906, at 2 o'clock p. m. to
pay the delinquent assessment, together with cost of advertising and
expenses of sale."



The "'Dollar for Dollar" Resolution