My original estimate of $1,500,000 fell far short of the final net
payment which amounted to $1,840,000, but long before this had developed
the stockholders were too deeply involved to think of turning back even
had they desired to do so. Staunchly and loyally they stayed and paid to
the end, building a monument to their good name that turned the sneers
of welshing competitors into envy and admiration.
Second Meeting of the Board of Directors
In the advance of the company, the next historical date of importance
was May 11, 1906, when the succeeding meeting of the Board of Directors
was held at the home of Director Mark L. Gerstle, 2350 Washington
street, San Francisco. Again, I was called upon to bring bad news. I was
compelled to inform the Board of Directors that all the records of the
company had been destroyed as the safe which contained them had been
smashed by falling walls and the contents absolutely obliterated. The
only thing recovered was some rolls of silver coins melted together by
the intense heat. I also reported that three hundred and fifty claims
had been filed for an amount totaling over $650,000.
The loss of the records was a very serious matter and complicated
proceedings to a degree apparently almost insurmountable.
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