Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1912-04-05
CHAPTER XVIII.

When the ferry system began TO
run, and the time between Oakland
and San Francisco was demonstrated
10 be cut In halt. the tide OF Dayllght's
terrific expenditure started to turn.
Not 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
OF homes was being built. Factory sites
also we're 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 his bunch and was
riding 1t. Already he had begun Dor.
rowing from the banks. The mag.
n,hcent profits he made on the land
he sold were turned into more land,
into more development: and instead
OF paying off old loans, he contracted
new ones. AS he had pyramided in
Dawson City, he o pyramided In
Oakland; but he did It with the
knowledge that It was a stable enter
prise rather than a risky placer-min.
Ing boom.
Work on Daylight's dock system
went on apace: yet II was one of
those 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 old.fashioned way, In pow.
er-houses. Daylight organized the Sier.
ra and Salvador Power Company. This
Immediately assumed large proper.
lions. Crossing the San Joaquin Val.
ley on the way from the mountains.
and pIunging through the Contra Cos.
ia hills, there were many towns. and
sven a robust city, that could be sup.
piled with power, also with light: and
" became a street-and- house lighting
project as we'll. AS soon as the pur.
chase 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
4 thousand maws into which he pour.
ID unceasing streams of money.
In the spring of the year the Great,
Panic came or 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
was going to blow, and that one OF
those terrific financial storms he had
heard about was soon to sweep over
the United States. How terrific this
particular storm was to be he did not
anticipate. Nevertheless, he took
every %precaution In his power
and had no anxiety about his weather.
ing 1t out.
And in the end, when early summer
was on. everything began to mend.
Came a day when Daylight did the I'm.
precedented. He left the Office an
houi NAiih Nuau usual, Huu lOF the
reason that for the first time since the
panic there was not an item OF work
waiting to be done. He dropped into
Hegan's private office, before leaving.
for a chat, and as he stood up to 20,
he said
Hogan. we're all hunkadory. We're
pulling out Of the financial pawnshop
10 fine shape. and well get out with.
out leaving n u%nredeemed 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 a furry or so now and then,
and we a let 60 and spit on our
hands" ~s'
For once he varied his programme
Instead of going directly to his hotel.
he started on a round Of the bars and
Gales, drinking 8 cocktail here and :