Bisbee daily review., 1911-11-24
CHAPTER xvII.

When the ferry system began to run. and the time between Oakland and San Francisco was demonstrated to be cut in half, the tide of Daylights terrific expenditure started to turn. Not that it really did turn, for he promptly went into further invest ments. Thousands of lots in his resi- dence tracts were sold. and thousands of homes was being built. Factory sites also were selling. and business proper ties in the heart of'Oakland. All this tended to a steady appreciation in the value of Daylight's huge holdings. But, as of old, he had bis hunch and was riding it. Already he had begun bOr' rowing from the banks. The mag nificent profits he made on the land he sold were turned into more land. into moro development; and instead of paying off old loans, he contracted new ones. As he had pyramided in Dawson City, be now pyramided in Oakland: but he did it with the knowledge that it was a stable enter prise rather than a risky placer-miu- ing boom.
 Work oD Daylight's dock system went ou apace; yet il was one of these enterprises that consumed money dreadfully and that could not be accomplished as quickly as a ferry system Not content with manu- featuring electricity for his street rail- ways in the oldfashioned way. in pow er-bouses, Daylight organized the Sier- ra and Salvador Power Company. This immediately assumed large propor- tions. Crossing the San Joaquin Val ley on the way from the mountains. and plunging through the Contra Cos ia hills. there were many towns, and even robust city, that could be sup piled with power. also with. light; and lt became a street-and-house.lighting project as well As soon as the pur- chase Of power sites in the Sierras was rushed through, the survey par ties we're out and building operations begun. And SO it went. There were 9 horssnd msws into which he pour es Tn teasing streams Of money
 Il the spring of the year the Great Panic came on The first warning Es hen the banks began calling in te unprotected loans Daylight p'ir paid the first of ss7s17l 9t
 J nst91 that vera r--s1t- cd; then he divined that these de mands but indicated the way the wind vas going 10 blow. and that one of hose terrific financial storms he had heard about was soon 10 sweep over Lae United States. How terrific this particular storm was to be he did not anticipate. Nevertheless, he took every precaution in his power and had DO anxiety about his weather ing it out
 And in the end. when early summer was on, everything began to mend. Came a day when Daylight did the un- precedented- He left the office sn hour earlier than usual, and for the reason that for the first time since the panic there was not an item of work waiting to be done. He dropped into Hegap's private office, before leaving, iaT a chat. and as he stood up to go. Dc said
 Hogan. we're all hunksdory. We're pulling out of the fnanclal paNnsbop in fine shape. and we'll get out with out leaving one 8nTedeemed pledge behind The worst Is over. and the end is in sight Just tight rein for a couple more weeks, just a bit of a pinch or furry or so now and then. and we can let go and spit on our hands"
 For once be varied his. programme Instead of going directly to his hotes. he started on a round of the bars and cafes. drinking a cocktail here and a cocktail there. and two or three when Nspovnteredz menshe knew It was s ss an hour or so of this that be dropped into the bar of the Partbenon for one last drink before going to din nes By this time all his being was p5easantly warmed by the alcohol. and he was in the most genlal and best Of spirits. At the corner Of the bar sev-. sval young men we.e uD to the cid