The camp was enjoying its maiden boom. In sixty days real-estate values
had jumped from $25 for a lot on Main Street to $5,500. Roughly
constructed business houses banked the main thoroughfare for two or
three blocks. The heavy traffic incident to hauling in supplies from
Tonopah had ground the dirt of the street into an impalpable mass of
dust to the depth of fifteen inches, and the unchecked winds of the
desert, sweeping from the Sierra Nevadas to the high uplifts east of
Goldfield, whipped the dust into blinding clouds that daily made life
almost unendurable.
Practically the entire population was housed in tents that dotted the
foothills. At night-time these presented the appearance of an army
encampment. Provisions were scarce and barely met the requirements. The
principal eating-place was the Mocha Café, which consisted of a 14 by
18 tent with an earthen floor and a roughly constructed lunch-counter.
Here men stood in line for hours, waiting to pay a dollar for a dirty
cup of coffee, a small piece of salty ham and two eggs that had long
survived the hens that laid them.
The popular rendezvous was the Northern saloon and gambling house,
owned and managed by "Tex" Rickard and associates. Here fully
seventy-five per cent. of the camp's male population gathered nightly
and played faro, roulette and stud-poker, talked mines and mining, sold
properties, and shielded themselves from the blasts that came with
piercing intensity from the snow-capped peaks of the Sierras. The
brokers of the camp gathered every night in the Northern and held
informal sessions, frequently trading to the extent of 30,000 or 40,000
shares of the more active stocks.
The mining stocks which were advertised through my agency in those
early Goldfield days were generally of the 10, 20 and 30-cent per share
variety. The incorporators of the companies were enthusiastic on the
point of their "prospect" making good, but I argued to myself that if
the chances of any mining prospect of this character proving to be a
mine were only about one in 25 or one in 50, and my agency advertised
25 or 50 companies of the average quality, and one of them made good in
a handsome way, he who purchased an equal number of shares in each
would at least "break even" with the profits from the one winner.
Later this principle was "knocked into a cocked hat" for conservatism
by Mohawk of Goldfield advancing from 10 cents to $20 a share, proving
that if Mohawk had been one among 50 companies, the shares of which
were purchased by an investor at 10 cents, he would have gained
handsomely. Early purchasers of Mohawk gathered 200 to 1 for their
money, many times more than could usually be won on a long shot at the
horse-races, and not so very much less than was formerly won by lucky
prize-winners in the Louisiana Lottery. And Mohawk was only one of a
dozen of the early ones which advanced in price on the exchanges and
curb markets more than 1,000 per cent.
Public-domain text, read in full here on John Shaqi.
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