It became my duty to inform the directors that a meeting of the
representatives of all the fire insurance companies interested in the
conflagration was called for an early date at Reed's Hall, Oakland, and
that I understood the principal object of this meeting was to secure an
expression of opinion as to the method to be adopted in settling San
Francisco losses, whether seventy-five cents on the dollar should be
paid or settlement on a 100 per cent basis be made, and I requested
instructions. This was merely pro forma as the company had already
announced its position publicly as being in favor and promising to pay
cent for cent the full obligation of its contracts. The board gave me
the instructions I had expected.

The meeting at Reed's Hall was a most memorable one. The late Geo. W.
Spencer, at that time manager of the Aetna Insurance Company, presided,
and to his fair and impartial rulings and usual courtesy and dignity of
manner, is attributable the fact that there was not considerably more
friction than developed. Even as it was, the discussions were acrid and
verged at times close to personalities and the oratory, especially on
the part of those who advocated the "six-bit" policy, was both perfervid
and vociferous. However, the representatives of the companies that had
made up their minds that their honor and contracts were worth dollar for
dollar had little to say and were not influenced by the alleged
arguments of the "six-bit-ers."

They felt that in the last analysis there was no logical, honest
argument for the discounting of payments unless it were a case of
absolute insolvency with individual companies. It was maintained by the