Financing
The Panama-Pacific Company two local millionaires, W. H. Crocker and W. B. Bourn, started financially with twenty-five thousand dollars each. They established the maximum individual subscription. They also secured forty subscriptions of twenty-five thousand dollars each. Then followed the call for a mass meeting. Before the meeting was held the business men of the city were thoroughly canvassed. The Southern Pacific and the Union Pacific together subscribed two hundred and fifty thousand dollars. There were many other large subscriptions from public-service organizations.
On the afternoon of the meeting there was a crowd in the Merchants’ Exchange Board Room. The announcement of the subscriptions created enthusiasm. In two hours the amount ran up to more than four million dollars. During the next few years they were increased to about $6,500,000.
Meanwhile, the State voted a tax levy of five million dollars, and San Francisco voted a bond and issue of the same amount, and by an act of the Legislature, in special session, the counties were authorized to levy a small tax for county Participation, amounting, in estimate, to about three million dollars.