The commonwealth. (Greenwood, Miss.) 1896-1923, 1912-02-23
CHAPTER XVII.

When the ferry system began to
run, and the time between Oakland
and San Francisco was demonstrated
to be cut Ia half, the tide Of D~aylights
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-
iience tracts were sold, and thousands
OF bones was being built. Factory sites
also were selling. and business proper
t1es In the heart of Oakland. All this
tended to a steady appreciation In he
value Of Daylight's huge holdings. But,
AS Of old, he had his bunch and was
riding 1t. Already he had begun Dor,
rowing from the banks. The mag
~n!f1cent profits he made on the land
be sold were turned into more land,
trio more development; and instead
Of paying off old loans, he contracted
new ones. AS he had pyramided in
Dawson City. he now pyramided In
Oakland: but he did 1t with the
\ knowledge that 1t was a stable enter
prise rather than a risky placer-min,
ing boom.
Work on Dayltght's dock system
went on apace; yet it VAS one of
those enterprises that consumed
money d~readfulIy 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 old-fashioned way, In pow.
~rrhouses, Daylight organized the Sier-
ra and Salvador Power Company. This
Immediately assumed large proper
lions. Crossing the San Joaquin Val
ey on the way from the mountains,
anG %piunging through the Contra Cos
ia hills, there were many towns. and
even a robust city. that could be sup
piled with power. also with light: and
II became a MISUNDERSTANDING
project as we'll. As soon as the pur-
chase of power sites in the Slerras
was rushed through. the survey par
ties were out and building operations
begun. And so it went. There were
a thousand maws into which he pour
ed unceasing streams OF money.
In the spring OF the year the Great
Panic came on. The first warning
was when the banks began calling in
their unprotected loans. Daylight
promptly paid the first of several of
his personal notes that were present.
ed; then he OWNED that these de
mands but indicated the way the wind
vas going to blow, and that one OF
hose terrific financial storms he had
heard about was 500 to sweep over
the United States. How terrific this
particular storm was to be he did not
anticipate. Nevertheless, he took
every %precautton in his power
and had no anxiety about his weather.
ing II 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 a II
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
Itegan's private office. before leaving,
for a chat, and as he stood up to go.
he saId:-
Hogan. we're all hunkadoFy. We're
pulling out OF the financial p~awnshop
In fine shape. and wen get out with.
out leaving one unredeemed pledge
behind. The worst Is over. and the
End Is In sight, Just tight rein for a
couple more weeks. Just Il bit OF a
pinch or a furry or so o and then.
and we car let go and spit on our
hands"
For once no varied his programme.
instead of going directly to his hotel,
he started on a round of the bars and
cafes, drinking a cocktail here and a
cocktail there, and two or three when
he encountered men he knew. 1t was
mler an hour or so of this that he
cropped into the bar of the Parthenon
Tor one last drink before going to din
her' by this time all his being was
pleasantly warmed by the alcohol, and
ne was In the most genial and best Of
spirits. At the corner Of the bar sew
Ne'al young men were up to the old
Flek of resting their elbows and at
Gppuhg to force each others hands
C$"h One ad-shouldered young
# put never removed bis elbow. but
againnown every hand that came
"It's him. Daylight was interested.
Sosaon.' the b~arkeeper told