The madness of speculation in mining shares in the camp itself was
beginning to exceed in its intensity the exciting play at the gaming
tables. There was a contagion of excitement even in the open spaces of
the street.
At each meeting of the Goldfield Stock Exchange the boardroom was
crowded. The sessions were tempestuous. Every step and every hallway
leading to the room was jammed with men and women over whose faces all
lights and shades of expression flitted. The bidding for mining issues
was frantic. Profits mounted high. Everybody seemed to be buying and no
one appeared to be willing to sell except at a substantial rise over
the last quotations. Castle-building and fumes of fancy usurped reason.
Bank deposits were increasing by leaps and bounds. The camp was rapidly
becoming drunk with the joy of fortune-making.
Manhattan now shone mostly in the reflected glory of Goldfield, but
Manhattan stocks were booming. This enabled the Sullivan Trust Company
to dispose of nearly all of its Manhattan securities which had been
carried over after the San Francisco catastrophe and to pile up a great
reserve of cash.
A big demand was developing for shares in Fairview companies. Nevada
Hills of Fairview was selling on the stock exchanges and curbs at $3
per share, or a valuation of $3,000,000 for the mine. Only a few months
before it had fallen into Goldfield and Salt Lake hands for $5,000.
Fairview Eagle's Nest, for which subscriptions had been accepted at 35
cents per share by the Sullivan Trust Company, was selling at 70 cents
on the San Francisco Stock Exchange.
The Sullivan Trust Company announced the offering of 1,000,000 shares,
embracing the entire capitalization of the Fairview Hailstone Mining
Company, at 25 cents. The stock was purchased by us at 8 cents. We sold
out in a week. San Francisco and Salt Lake were the principal buyers,
and it was unnecessary even to insert an advertisement offering the
stock. The brokers fell over one another to underwrite the offering by
telegraph.
PRIZE FIGHTS AND MINING PROMOTION
For a fortnight there was a lull in news of sensatorial gold
discoveries, but the approaching Gans-Nelson fight, which was arranged
to be held in Goldfield on Labor Day, September 3, furnished sufficient
exciting reading matter for the newspapers throughout the land to keep
the Goldfield news pot boiling. The Sullivan Trust Company had
guaranteed the promoters of the fight against loss to the extent of
$10,000, and other camp interests put up $50,000 more. Gans, the
fighter, was without funds to put up his forfeit and make the match,
and the Sullivan Trust Company had also advanced the money for that
purpose. Mr. Sullivan became Gans' manager. When Gans arrived in town
Mr. Sullivan interviewed him to this effect:
"Gans, if you lose this fight they'll kill you here in Goldfield;
they'll think you laid down. I and my friends are going to bet a ton of
money on you, and you must win."
Gans promised he would do his best.
Public-domain text, read in full here on John Shaqi.
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