More than 175 stocks of Goldfield and near-by camps were listed on the
exchanges and curbs. All of these were selling at sensational prices
and enjoyed a swimming market. The successful merging by Wingfield and
Nixon of the principal producing properties of Goldfield at a
$36,000,000 valuation, more than four times the value of the known
ore-reserves, stimulated the whole list.
Columbia Mountain, promoted by the mergerers of Goldfield Consolidated,
but excluded from the merger because not contiguous to the other
integrals and because it had no ore, had been ballooned to $1.35 per
share on a million-share capitalization, and stood firm in the market
regardless of the fact that it was still only an unpromising
"prospect." The issued stock of a dozen other companies in control of
the promoters of the merger was selling at an aggregate value of many
millions more. The most despised "pup" in this particular group was
Milltown, of not even prospective value; yet it easily commanded a
per-share price that gave the "property" a market valuation of
$400,000.
Silver Pick, capitalized for 1,000,000 shares of the par value of $1
each, had scored an uninterrupted advance from 15 to $2.65 a share
without a pound of ore being found on the property. The market price
did not waver.
Kewanas, another million-share company, was in big demand at $2.25 per
share, a valuation of $2,250,000 for the property and an advance of
2,250 per cent. over the promotion price. Kewanas's gain was also made
despite the fact that mine developments had failed to open up pay ore
in commercial quantities. Eight months earlier the entire acreage had
been offered to me for $35,000 and I had refused to buy.
Goldfield Daisy, promoted by Frank Horton, a faro dealer in George
Wingfield's Tonopah gambling joint, had been ballooned from 15 cents to
$6 a share on a capitalization of 1,500,000 shares. It had never earned
a dollar for stockholders, but was actually selling in the open market
at a valuation of $9,000,000. The price showed no sign of weakening.
Combination Fraction, owning a few acres of ground, which was promoted
at 20 cents a share on a capitalization of 1,000,000 shares, had risen
rapidly, because of ore discoveries and contiguity to the Mohawk, to
$8.50 a share. Stockholders gave no sign of a tendency to unload.
Great Bend, situated in the Diamondfield section of the Goldfield
district, four miles from the productive zone, had been carried up from
10 cents a share to $2.50 without a mine being opened up, establishing
a market valuation for the property of $2,500,000.
These are but a few of the more striking instances of price
appreciations. All of these stocks, excepting Goldfield Consolidated,
are now selling for a few pennies per share each, the average not being
so much as ten cents. There were over a hundred other Goldfield stocks
that also enjoyed spectacular market careers, on which it is now
impossible to get any quotation at all.
Public-domain text, read in full here on John Shaqi.
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