The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1912-05-03
CHAPTER XVIII.

When tho ferry system began to
run. and the time between Oakland
and San Francisco was demonstrated
10 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.
ments. Thousands OF lots In his resi-.
dence tracts were sold. and thousands
II homes was being built. Factory sites
also were selling. and business proper.
Ties In the heart OF Oakland All this
tended to n steady appreciation In the
value of D.sii.h.'- -h.-. holdings. nut.
as of old. he had his bunch and was
riding II. Already he had begun Dor.
rowing from the banks. The mag
nificent profits he made on the land
he sold were turned into more land.
into more development; and instead
81 paying on old loans. he contracted
new ones. Az he had pyrnmided In
Dawson City. he now pyramided In
Oakland; but he did II with the
knowledge that II was a stable enter.
prise rather than risky placermin.
Ing boom
Work on Daylighrs dock system
went on apacc: yet II was one OF
those enterprises that consumed
money dreadfully and that could not
be accomplished as quickly as ferry
system Not content with manu-.
featuring electricity for his street rail.
ways In the old'fashioned way. In pow.
prhouses. Daylight organized the Sior.
ra and Salvador Power Company This
immediately assumed large proper.
lions. Crossing the san Joaquin Val.
ley on the way from the mountains.
and plunging through the Contra Cos
In hills. there were many towns and
even n robust city, that could be sup
piled with power. also with light: and
II became strcetandhouse lighting
project as well As soon as the pur
chase Of power sites In the Sierras
was rushed through, the survey par,
ties we're o Mlnd building operations
begun. And so II 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 iirst 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
hs FVals "a NnN Len ~.
particular storm was to be he did not
anticipate Nevertheless. he took
every precaution In his power
and had no anxiety about bis weather.
ing II out
And IN the end, when early summer
was on, everything began to mend
Came day when Daylight did the I'm.
precedented He left the Office an
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 lie dropped into
Hegans private office. before leaving
for a chat, and as he stood up to go.
he said:-
Hogan, we're all hunkadory. We're
pulling out Of the financial pawnshop
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 Tor a !
couple more weeks. Just bit Of
pinch or a furry or 80 now and then.
and we can let so and spit on our
hands"
For once he varied his programme.
Instead Of going directly to his hotel, |
he started on round Of the bars and |
cafes, drinking cocktail here and a !