Burning Daylight, Jack London [color ebook reader .TXT] 📗

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.

His affair with Dede Mason only seemed to languish. While delaying to grapple with the strange problem it presented, his desire for her continued to grow. In his gambling simile, his conclusion was that Luck had dealt him the most remarkable card in the deck, and that for years he had overlooked it. Love was the card, and it beat them all. Love was the king card of trumps, the fifth ace, the joker in a game of tenderfoot poker. It was the card of cards, and play it he would, to the limit, when the opening came. He could not see that opening yet. The present game would have to play to some sort of a conclusion first.

Yet he could not shake from his brain and vision the warm recollection of those bronze slippers, that clinging gown, and all the feminine softness and pliancy of Dede in her pretty Berkeley rooms. Once again, on a rainy Sunday, he telephoned that he was coming. And, as has happened ever since man first looked upon woman and called her good, again he played the blind force of male compulsion against the woman's secret weakness to yield. Not that it was Daylight's way abjectly to beg and entreat. On the contrary, he was masterful in whatever he did, but he had a trick of whimsical wheedling that Dede found harder to resist than the pleas of a suppliant lover. It was not a happy scene in its outcome, for Dede, in the throes of her own desire, desperate with weakness and at the same time with her better judgment hating her weakness cried out:--

"You urge me to try a chance, to marry you now and trust to luck for it to come out right. And life is a gamble say. Very well, let us gamble. Take a coin and toss it in the air. If it comes heads, I'll marry you. If it doesn't, you are forever to leave me alone and never mention marriage again."

A fire of mingled love and the passion of gambling came into Daylight's eyes. Involuntarily his hand started for his pocket for the coin. Then it stopped, and the light in his eyes was troubled.

"Go on," she ordered sharply. "Don't delay, or I may change my mind, and you will lose the chance."

"Little woman." His similes were humorous, but there was no humor in their meaning. His thought was as solemn as his voice. "Little woman, I'd gamble all the way from Creation to the Day of Judgment; I'd gamble a golden harp against another man's halo; I'd toss for pennies on the front steps of the New Jerusalem or set up a faro layout just outside the Pearly Gates; but I'll be everlastingly damned if I'll gamble on love. Love's too big to me to take a chance on. Love's got to be a sure thing, and between you and me it is a sure thing. If the odds was a hundred to one on my winning this flip, just the same, nary a flip."

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 several of his personal notes that were presented; then he divined that these demands 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 weathering it out.

Money grew tighter. Beginning with the crash of several of the greatest Eastern banking houses, the tightness spread, until every bank in the country was calling in its credits. Daylight was caught, and caught because of the fact that for the first time he had been playing the legitimate business game. In the old days, such a panic, with the accompanying extreme shrinkage of values, would have been a golden harvest time for him. As it was, he watched the gamblers, who had ridden the wave of prosperity and made preparation for the slump, getting out from under and safely scurrying to cover or proceeding to reap a double harvest. Nothing remained for him but to stand fast and hold up.

He saw the situation clearly. When the banks demanded that he pay his loans, he knew that the banks were in sore need of the money. But he was in sorer need. And he knew that the banks did not want his collateral which they held. It would do them no good. In such a tumbling of values was no time to sell. His collateral was good, all of it, eminently sound and worth while; yet it was worthless at such a moment, when the one unceasing cry was money, money, money. Finding him obdurate, the banks demanded more collateral, and as the money pinch tightened they asked for two and even three times as much as had been originally accepted. Sometimes Daylight yielded to these demands, but more often not, and always battling fiercely.

He fought as with clay behind a crumbling wall. All portions of the wall were menaced, and he went around constantly strengthening the weakest parts with clay. This clay was money, and was applied, a sop here and a sop there, as fast as it was needed, but only when it was directly needed. The strength of his position lay in the Yerba Buena Ferry Company, the Consolidated Street Railways, and the United Water Company. Though people were no longer buying residence lots and factory and business sites, they were compelled to ride on his cars and ferry-boats and to consume his water. When all the financial world was clamoring for money and perishing through lack of it, the first of each month many thousands of dollars poured into his coffers from the water-rates, and each day ten thousand dollars, in dime and nickels, came in from his street railways and ferries.

Cash was what was wanted, and had he had the use of all this steady river of cash, all would have been well with him. As it was, he had to fight continually for a portion of it. Improvement work ceased, and only absolutely essential repairs were made. His fiercest fight was with the operating expenses, and this was a fight that never ended. There was never any let-up in his turning the thumb-screws of extended credit and economy. From the big wholesale suppliers down through the salary list to office stationery and postage stamps, he kept the thumb-screws turning. When his superintendents and heads of departments performed prodigies of cutting down, he patted them on the back and demanded more. When they threw down their hands in despair, he showed them how more could be accomplished.

"You are getting eight thousand dollars a year," he told Matthewson. "It's better pay than you ever got in your life before. Your fortune is in the same sack with mine. You've got to stand for some of the strain and risk. You've got personal credit in this town. Use it. Stand off butcher and baker and all the rest. Savvee? You're drawing down something like six hundred and sixty dollars a month. I want that cash. From now on, stand everybody off and draw down a hundred. I'll pay you interest on the rest till this blows over."

Two weeks later, with the pay-roll before them, it was:--

"Matthewson, who's this bookkeeper, Rogers? Your nephew? I thought so. He's pulling down eighty-five a month. After--this let him draw thirty-five. The forty can ride with me at interest."

"Impossible!" Matthewson cried. "He can't make ends meet on his salary as it is, and he has a wife and two kids--"

Daylight was upon him with a mighty oath.

"Can't! Impossible! What in hell do you think I'm running? A home for feeble-minded?