The Miller press. [volume] (Miller, S.D.) 190?-current, 1912-04-11
CHAPTER. XVII.

When the ferry system began &c
run, and the time between Oakland
and San Francisco was demonstrates
TO be cut In half, the tide of Daylight's
terrific expenditure started to turn
MOI that 1t really did turn, for he
promptly went into further invest.
ments Thousands of lots In his resi-.
dence tracts were sold. and thousands
! homes was being built. Factory sites
also were selling. and business proper
ues In the heart of Oakland. All this
tended TO a steady appreciation in the
vaine OF Daylight's huge holdings. But,
as OF old. he had his bunch and was
riding II. Already he had begun bor-
rowing from the banks. The mag.
nincent profits he made on the land
ne sold were turned into more land,
INTO more development: and instead
.of paying of. old loans, he contracted
new ones. AS he had pyramided In
lawson City, he now pyramided In
Oakland: but he did 1t with the
knowledge that II was a stable enter.
prise rather than a risky placer-min.
ing boom.
Work on Daylight's dock system
went on sapace; yet IL was one OF
enterprises that consumed
money dreadfully and that could no
be accomplished as quickly as a ferry
system. Not content with manu-
featuring electricity for his street rail.
rays In the old-fashioned way, In pow.
er-houses. Daylight organized the Sier.
ga and Salvador Power Company. This
Immediately assumed large proper.
tons. Crossing the San JOAQUIN Val.
ley on the way from the mountains,
and pinnging through the Contra Cos
Ia hills. there were many towns. and
even a robust city. that could be sun.
Piled with power. also with light: and
II became a street-and- DEMONSTRATING
as we'll. As soon as the Dur.
cnase OF power sites in the Sierras
was rushed through. the survey par.
Ties were out and building operations
Begun. And so II went. There were
= thousand maws into which he pour.
u~nceasing streams of money.
In the spring of the year the Great
Panic came on. The first warning
vas when the banks began calling in
heir unprotected loans. Daylight
promptly paid the first of several of
MS personal notes that we're present.
"a; then he OWNED that these de-
hands but indicated the way the wind
vas going TO blow, and that one OF
hose terrific financial storms he had
,eard shout was soon to sweep over
ne United States. How terrific this
storm was to be he did not
anticipate. Nevertheless, he took I:
very ,~precaut.on In his rower
nd had no anxiety about his weather. !
be- II sss. :
m In the end, when early summer ,
Tas on, everything began TO mend. ,
anne q day when Daylight did the un- :
r~ecedented. He left the ONCE an ,
our earlier than usual. and for the :
eason that for the frst time since the
anic there was not an item OF work ,
'aiting to be done. He dropped into :
private ONCE. before leaving. :
" q chat. and as he stood up to 20.
, said \
Hogan. we're all hunkadory. We're d
uIiing out of the financial pawnshop
line shape. and we'll get out with. n
leaving one unredesmed pledge
shind. The worst IL over. and the h
d Is IN sigkt. Just tight rein for a, !
mple nor weeks. Just q BIT Of O. i
nch or q furry or so now and then. 4
q we can let go and spit on our \
|nds-- Ia
Por once he varied his programme,
stead Of going directly to- his botei. IA
started on a round Of the bars and a
Ies- drSskipg : aocktail here and .