I soon recouped these stock-market losses. At about four o'clock one
afternoon, a few days afterward, a miner who had been at work during
the day on the Loftus-Sweeney lease of the Combination Fraction, called
at the office of the trust company and asked me to buy 1,000 shares of
Combination Fraction stock for him. He divulged to me that just as he
was coming off shift he had learned that a prodigious strike of
high-grade ore had been made at depth. Combination Fraction had closed
that afternoon on the San Francisco Stock Exchange with sales at $1.15.
I went out on the street and proceeded to buy all the Combination
Fraction in sight. In half an hour I had corralled about 60,000 shares
at an average of $1.30. An hour later the owners of the lease obtained
the information on which I was working, and by eight o'clock that
night, when the Goldfield Stock Exchange began its evening session, the
price had jumped to $1.85. Within a week thereafter the price
sky-rocketed to $3.75, and at this figure I took profits of nearly
$150,000. Had I held on a little longer I could have doubled that
profit, for Combination Fraction a few weeks later sold at higher than
$6.
The Combination Fraction strike was followed by a number of others, and
the boom gathered force. By October, Goldfield Silver Pick had advanced
to $1 per share, up 600 per cent. Goldfield Red Top was selling at $2,
Jumbo at $2, and Mohawk at $5, showing profits of from 2,000 to 5,000
per cent. Others had gained proportionately. In fact, there were over
twenty Goldfield securities listed on the exchange that showed the
public a stock-market profit of anywhere from 100 per cent. to 5,000
per cent.
Mining machinery of every description was being shipped into camp, and
for half a mile around the Combination mine the landscape of assembled
gallows-frames resembled a great producing oil field. There were signs
of mining activity everywhere. For four miles east of the Combination
mine and six miles south every inch of ground had been located. Claims
situated miles away from the productive area were changing hands hourly
at high figures.
The Sullivan stocks kept pace in the markets with the other booming
securities, and it was plain that the trust company was riding on a
tidal wave of success. Our profits exceeded $1,500,000 at this period,
and we were just eight months old.
Public-domain text, read in full here on John Shaqi.
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