opponents to the "six-bit" policy that the insuring public had paid for
what it assumed to be valid contracts and was entitled to just indemnity
and payment in full. Finally, the roll call came to ascertain the sense
of the meeting - seventy-five cents or one dollar. The roll call was
thrilling in the intensity of feeling it developed and in the position
in which it revealed each company's standing, whether for an honorable
fulfillment on the one hand or a dishonorable scaling of losses on the
other. Alphabetically, the California Insurance Company came early in
the list and I voted with those who felt their obligation to be one
hundred cents on the dollar. The position which the California would
take had been awaited with considerable interest. The public
announcement that the company would pay dollar for dollar was still
recent and this announcement had appealed to nearly every person at that
gathering as a promise which the company was absolutely and physically
unable to perform. The registering of the vote called forth quite a
demonstration. Laughter, smiles and sarcasm predominated in the part of
the hall where I was located. For a moment I was the center of
attraction.

Despite the embarrassment and annoyance under which I labored, I felt
that I was called upon to defend the good name of the company and,
gaining recognition from the chairman, I said that the manner in which
the "California" voted seemed to cause some of those present
considerable amusement and that, individually, I didn't see anything in
it that was funny; that it was more of a tragedy than a comedy, and that
it was a solemn and serious matter for the company of which I was the
representative to go on record for the second time, publicly, as
pledging itself to pay so tremendous an amount of money out of the
pockets of its stockholders; that I was present at the meeting to carry
out the expressed instructions and wishes of these same stockholders and