At this early stage in Goldfield, "wild-catting" was not indulged in
from the camp, unless this long-shot gambling in shares of "prospects"
can by a grave stretch of imagination be termed such, the
promoter-brokers being able to offer stocks of close-in properties.
Among the prizes were Red Top, which advanced within two years
thereafter from 8 cents to $5.50 per share; Daisy, which sky-rocketed
from 10 cents to $6; Goldfield Mining, which soared from 10 cents to
$2; Jumbo, which improved from 50 cents to $5; Jumbo Extension, which
rose from 15 cents to above $3; Great Bend, which jumped from 20 cents
to around $2.50; Silver Pick, which moved up from 10 cents to $2.65;
Atlanta, which was promoted at 10 and 15 cents and sold up to $1.25;
Kewanas, which was lifted from 25 cents to $2.25, and others.
"Wild-catting" in a small way was prosecuted in Goldfield's fair name
even in those days, with Denver as the headquarters of the swindlers.
_Eighteen months later, when the Mohawk mine of Goldfield was in the
midst of its greatest half-year of production, at the rate of
$1,000,000 a month, and the consolidation of the important mining
companies of the camp was in progress, "wild-catting" became general
from office buildings in the large cities. There were more than 2000
companies incorporated during this last period, not one of which made
good, and the public lost from $150,000,000 to $200,000,000 as the
result of this operation alone. Fully $150,000,000 more was lost by the
ballooning to levels unwarranted by mine showings of listed Goldfield
stocks on the New York Curb and the San Francisco Stock Exchange, at
the same time._
But I am ahead of my story.
It was late in the Spring of 1905. I had been at work in Goldfield more
than six months, and my campaign of publicity was beginning to gather
momentum. The mines, however, were not at the moment keeping lively
pace. The Mohawk was yet undiscovered.
THE BIRTH OF BULLFROG
At this juncture the new mining camp of Bullfrog, 65 miles south of
Goldfield, was born. My publicity facilities were sought by owners of
properties in Bullfrog "to put the camp on the map."
C. H. Elliott, a Goldfield pioneer, put an automobile at the disposal
of myself and my stenographer, and we departed for Bullfrog. Elliott
and his associates had staked out a townsite which they called
Rhyolite. I was presented with seven corner lots on my arrival, to help
along my enthusiasm.
Public-domain text, read in full here on John Shaqi.
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