Lincoln County times. (Jerome, Idaho) 1911-1919, 1912-05-02
CHAPTER XVIII.

When the ferry system began 10
run. and the time between Oakland
and San Francisco was demonstrated
O 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
menis Thousands OF lots in his resi-
dcnce tracts We're sold, and thousands
u homes Was being built Factory sites
also were selling. and business proper
lies in the heart OF Oakland All this
ended to a steady appreciation in the
value OF Daylieht's huge holdings. But.
rs OF old. he had his bunch and was
-idine It Already he had begun Dor
rowing from the banks. The mag
uificent profits he made on the land
le sold were turned into more land
INTO more development; and Instead
II paying off old loans. he contracted
new ones As he had pyramided IN
Dawson City. he now pyramided In
! Oakland: but he did II with the
knowledge that II was stable enter
prise rather than risky placer-m min
ng boom.
Work on Daylight's dock system
vent on apace; Yet 1t was one OF
hose enterprises that consumed
money dreadfully and that could not
ee accomplished as quickly as ferry
system Not content with manu-
'acturing 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
uons Crossing The San Joaquin Val
icy on the way from the mountains,
and plunging 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
n became a street and -house lighting
project as we'll As soon as the pur
chase Of power sites in the Siorras
was rushed through. the survey par
ties we're O u md building operations
borun And so it went There were
a thousand maws into which he pour
ed unccasing streams Of money
In the spring of the year the Grea
> Panic came on The FIRST warning
= was when the banks began calling II
their unprotected loans Dayligh
promptly paid the first OF several o
] his personal notes that were present
{ cd. then he OWNED that these dc
( mands but indicated the way the win
8 was going TO blow. and that one O
= those terrific financial storms he ha
r heard about was soon to sweep owe
n the United States How terrific thi
a particular storm was TO be he did nc
g anticipate Nevertheless. he too
r every prccaution in his powe
+ and had no anxiety about his weathe
J, ing u out
n And in the end. when early summt
was on. everything began to mem
q Came a day when Daylight did the III
q precedented He left the office a
v hour earlier than usual. and for n
l. reason that for the first time since u
d panic there was not an item OF VOL
l. waiting to be done. He dropped In
\ Hegan's private office. before leavin
y for n chat. and as he stood up to &
he said
= "Hegan, we're all hunkadory. We
pulling out of the financial pawnsh'
In fine shape. and we'll get out wit
] out leaving one unredeemed pledi
behind. The worst is over, and q
} end Is in sight. Just tight rein FOR
couple more weeks. just bit of
70 pinch or furry or so now and the
re- and we can let go and spit on o
u hands"
10 For once he varied his program
ly Instead of going directly to his hot
DE- he started on round OF the bars a
cafes. drinking a cocktail here and