Of its entire capitalization, 750,000 shares were turned into the treasury of the Rawhide Coalition Mines Company. Nat C. Goodwin & Company became agents for the sale of treasury stock, and were given an option by the company on 250,000 shares, to net the treasury $57,500 for purposes of administration and mine development. The Goodwin company also purchased 1,850,000 shares of the 2,250,000 shares of ownership stock, amounting to $443,500 more, or at the rate of 23.3 cents per share plus a commission of $12,500 to be paid to a go-between. The ownership stock that was retained by the original owners, and the residue of treasury stock, amounting in all to 900,000 shares, were placed in pool. When I made this deal the cash in bank of Nat. C. Goodwin & Company amounted to about $15,000. It was up to me to finance the undertaking. I did. The contract I made called for only $10,000 in cash and the balance on time payments. Nat C. Goodwin & Company didn't borrow money from any bank or individual, nor did anybody identified with the concern tax his personal resources to the extent of a single dollar to go through with the deal. The money was raised, first for the Coalition's treasury and later for the vendors, by appealing directly to the speculative instinct of the American investing public. The public, too, paid the expense that was incurred in reaching them. It did this by paying Nat C. Goodwin & Company an advance in price on Coalition stock purchases, over and above the cost price. Nat. C. Goodwin & Company had agreed to net a fraction more than 23 cents per share to both the treasury and the vendors without any deductions whatsoever. All of the advertising expense and other outlays of promotion, it was stipulated, must be borne by Nat. C. Goodwin & Company and none by the mining corporation. What was the system? How was it done? A RACE OF GAMBLERS Prior to the birth of Rawhide I had for seven years catered to the speculative (gambling) instinct of the American public, chiefly in building mining camps and financing mining enterprises. I now realized that in order to make a success of the undertaking before me, namely, to put the new camp of Rawhide on the investment map, I must again appeal loudly to the country's gambling instinct. Maybe you think, dear reader, that a man who caters to the gambling instinct of his fellow men, be his intentions honest or dishonest, is a highly immoral person. Is he? Do you know that the gambling instinct is responsible for the wonderful growth of the mining industry in the United States? Would you believe that without the gambling instinct the development of the great natural resources of this country would be almost impossible? With rare exceptions every successful mining enterprise in the United States has been financed in the past by appealing directly to the gambling instinct. In the decade antedating this year considerably more than a billion dollars was raised and invested in this way.