The Mellette County pioneer. [volume] (Wood, Mellette County, S.D.) 19??-1971, 1912-06-07
CHAPTER XVIII.

When the ferry system began TO
run, and the time between Oakland
and San Francisco was demonstrated
GO be cut in half. the tide Of Daylights
terrific expenditure started TO turn.
Not that II really did turn. for he
promptly went into further invest.
menis. Thousands c. lots In his resi-
dence tracts we're 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 10 a steady appreciation in the
value Of Daylight's huge holdings. But.
as OF old. he had his bunch and was
riding Il. Already he had begun Dor.
rowing from the banks. The mag.
nificent profits he made on the land
he cold were turned into more land,
into more development: and instead
OF paying OF Old loans. he contracted
new ones. AS he had pyramided in
Dawson City. be now pyramided In
Oakland: but he did II with the
knowledge that X 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 or
those enterprises that consumed
money dreadfuly 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.
Ia and Salvador Power Company. This
fmm. diately assumed large proper
lions Crossing the San Joaquin Val.
lev on the way from the mountains.
ard p!urging through the Contra Cos
IN hills. there were many towns. and
even robust city. that could be sup.
piled with power. also with light: and
az became a eet.and.house.lighiing
project as well 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
O thousand maws into which he pour
ed unceasine 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
hts terscnaI notes that were present.
ed; then he OWNED that these de-
mands but indicated the way the wind
was going 10 blow. and that one OF
those terrific financial storms he had
heard about was soon 10 sweep over
the United States How terrific this
particular storm was 20 be he did not
anticipate Nevertheless. he 'ook
every precautiou In his power
and had no anxiety about his weather
Eng Il out
And in the end. when early summer
was on. everything began to mend.
Came day when Daylight did tie IN
precoGented He left the Office an
hour earlier than usual and for the
season that for the first time stree the
panic there was not an item OF work
waiting TO he done He dropped into
Hegan's private Office. before leaving.
for a chat. and as he stood I'D to 20,
he said:--
Hogan. we're all hunkadory. We're
pulling out OF the financial pawnshop
IN fine shape and we'll get cut with.
out leaving one unredeemed pledge
behind. The worst Is over. and the
end 10 In sight. Just tight rein for q
couple more weeks. just a bit OF q
pinch or a furry or SO now and then.
and we car let 60 ard spit on our
hxScs
For once he varied his programme
Instead of gcing directly to bis hotel.
he started on a round OF the bars and
cafes. d-,nkirs = '"cktsil here and