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CHAPTER XX - Burning Daylight| Set Display | Please Turn On Your Virtual Bookmarks | You Can Help This Site | Table of Contents | Jack London |
Page 174 of 214
CHAPTER XX - Burning Daylight
When the ferry system began to run, and the time between Oakland and San Francisco was demonstrated to be cut in half, the tide of Daylight's terrific expenditure started to turn. Not that it really did turn, for he promptly went into further investments. Thousands of lots in his residence tracts were sold, and thousands of homes were being built. Factory sites also were selling, and business properties in the heart of Oakland. All this tended to a steady appreciation in value of Daylight's huge holdings. But, as of old, he had his hunch and was riding it. Already he had begun borrowing from the banks. The magnificent 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 now pyramided in Oakland; but he did it with the knowledge that it was a stable enterprise rather than a risky placer-mining boom.
In a small way, other men were following his lead, buying and selling land and profiting by the improvement work he was doing. But this was to be expected, and the small fortunes they were making at his expense did not irritate him. There was an exception, however. One Simon Dolliver, with money to go in with, and with cunning and courage to back it up, bade fair to become a several times millionaire at Daylight's expense. Dolliver, too, pyramided, playing quickly and accurately, and keeping his money turning over and over. More than once Daylight found him in the way, as he himself had got in the way of the Guggenhammers when they first set their eyes on Ophir Creek.
Work on Daylight's dock system went on apace, yet was one of those enterprises that consumed money dreadfully and that could not be accomplished as quickly as a ferry system. The engineering difficulties were great, the dredging and filling a cyclopean task. The mere item of piling was anything but small. A good average pile, by the time it was delivered on the ground, cost a twenty-dollar gold piece, and these piles were used in unending thousands. All accessible groves of mature eucalyptus were used, and as well, great rafts of pine piles were towed down the coast from Peugeot Sound.
Not content with manufacturing the electricity for his street railways in the old-fashioned way, in power-houses, Daylight organized the Sierra and Salvador Power Company. This immediately assumed large proportions. Crossing the San Joaquin Valley on the way from the mountains, and plunging through the Contra Costa hills, there were many towns, and even a robust city, that could be supplied with power, also with light; and it became a street- and house-lighting project as well. As soon as the purchase of power sites in the Sierras was rushed through, the survey parties were out and building operations begun.
And so it went. There were a thousand maws into which he poured unceasing streams of money. But it was all so sound and legitimate, that Daylight, born gambler that he was, and with his clear, wide vision, could not play softly and safely. It was a big opportunity, and to him there was only one way to play it, and that was the big way. Nor did his one confidential adviser, Larry Hegan, aid him to caution. On the contrary, it was Daylight who was compelled to veto the wilder visions of that able hasheesh dreamer. Not only did Daylight borrow heavily from the banks and trust companies, but on several of his corporations he was compelled to issue stock. He did this grudgingly however, and retained most of his big enterprises of his own. Among the companies in which he reluctantly allowed the investing public to join were the Golden Gate Dock Company, and Recreation Parks Company, the United Water Company, the Uncial Shipbuilding Company, and the Sierra and Salvador Power Company. Nevertheless, between himself and Hegan, he retained the controlling share in each of these enterprises. 
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