In order to hold his ground and to get the floating supply of the stock
off the market, Arkell engineered a consolidation. The Tonopah Home
Consolidated was incorporated, and holders of Tonopah Home stock were
invited to exchange their original certificates for shares in the
consolidated company.
Just then somebody threw a brick. The names of United States Senator
George S. Nixon and Hon. T. L. Oddie, later Governor of Nevada, had
been published as directors of the new company, and when these
gentlemen saw the half-page display advertisements in which their names
were used, and were informed that Arkell appeared to be on the ragged
edge, they telegraphed to the San Francisco Stock Exchange denying
connection.
Tonopah Home broke wildly on the announcement in the Exchange to
something like 3 cents a share. Then it dropped to nothing. Arkell's
methods were too "raw," and I knew the smash had to come, sooner or
later.
'Twas late in October, 1905. Bullfrog was still in its hey-day.
Goldfield's initial boom seemed to be flickering. Work was going on day
and night in the mines, but for want of fresh discoveries the camp was
being deserted by some of the late-comers.
Out-of-town newspaper correspondents came upon the scene, and stories
and pictures of the camp, labeled "A Busted Mining-Camp Boom," etc.,
soon appeared in the Los Angeles and San Francisco newspapers.
Goldfield mine-owners were accused of beguiling the public. Promoters
were gibbeted as common bunco men. Peculiarly enough, Bullfrog, younger
sister of Goldfield, which has since proved to be such a graveyard of
mining hopes, was immune. There men of substance were in control, the
writers said, while Goldfield was portrayed as a stamping ground for
gamblers and "wild-catters." The stories had their effect even in
Goldfield. Leading men of the camp began looking about for new fields
to conquer. The majority of Goldfield mine-owners had not "fallen" for
Bullfrog, but the success of the Bullfrog stock company promotions in
the East inspirited them.
The great mining-camp boom of Manhattan, 80 miles north of Goldfield,
which followed, owes much of its success to these fortuitous
circumstances. I was one of the first to get the Manhattan fever.
W. F. ("Billy") Bond, a Goldfield broker-promoter whose ear was always
glued to the ground, showed me a specimen of ore literally plastered
with free gold. He said it came from Manhattan and that Manhattan was
another Cripple Creek. It was only the night before that I had lost a
good many thousand dollars "bucking the tiger." Faro was the pastime of
practically everybody in Goldfield in those days, and I played for want
of some other means of recreation and lost heavily.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account