Sign In

A Mining Venture Promoted By The Infamous George Graham Rice

This broadside promotes the investment opportunities in the Rawhide Treasure Hill Mining District, located in Nevada.

The mine was promoted by a swindler named George Graham Rice, convinced people to invest in fake mining companies in Rawhide, claiming the hills contained "gold with a little rock in it". Rice eventually served multiple prison sentences.

Published by the Goldfield Review Press, the document outlines the key features of the district, including the "Lucky Strike" and "Rawhide Tarantula Mining Company" claims, and highlights the promising geology and gold content of the area. Offering shares at 15 cents per unit, the Rawhide Treasure Hill Mining Company presents its venture as a prime opportunity in the booming mining region.

One side is a map, compiled by the "Engraving Department of the Goldfield Review," which showcases the network of mines, prospects, and leases within the district. The map includes an index and highlights the structured divisions of the region, providing investors with a clear visual of the properties’ layout and the strategic locations of the key mining claims. Engineering and surveying expertise from Olmstead and Rich, Mining Engineers based in Goldfield, Nevada, lend credibility to the enterprise, emphasizing the thorough planning and developmental efforts of the project.

The document underscores the significance of the Lucky Strike Formation, a geological structure reputed for its valuable silver and gold yields, as well as its rich mineral veins that are deemed particularly profitable. This formation, alongside others in the district, promises substantial returns, with reports indicating potential ore values ranging from $2.00 to $90.00 per ton, depending on the specific claim. These figures are supplemented by a comparative analysis to other mining operations, further positioning Rawhide as a noteworthy and lucrative district.

At the conclusion of the broadside, attention is drawn to the ease of investment through the Goldfield Brokerage Company, which manages the distribution of shares. The overarching message of the publication is one of optimism and confidence in the mining district’s future, as the text claims that Rawhide is quickly rising to fulfill its promise of becoming one of the greatest gold camps on earth.

In fact, it was all fraud.

George Graham Rice

George Graham Rice (June 18, 1870 – October 24, 1943), born Jacob Simon Herzig, was a notorious American stock swindler known as the "Jackal of Wall Street." His career spanned numerous fraudulent schemes, primarily in mining and oil stocks, which earned him both fortune and repeated prison sentences.

Rice was born in Manhattan to a family of furriers. Early in his life, his gambling habits led him to steal from his father's business, resulting in his first conviction and two years in the Elmira Reformatory. A few years later, another conviction for forgery led to a four-year sentence in Sing Sing. During his incarceration, he adopted the name George Graham Rice, taken from a fellow inmate. Following his release, Rice worked briefly as a reporter for the New Orleans Times-Democrat before returning to Manhattan, where he launched a failed racetrack tip sheet business.

In 1904, Rice moved to the booming mining town of Goldfield, Nevada, where he started the Nevada Mining News Bureau. He used his sharp promotional skills to inflate the value of mining stocks in which he held stakes, often deceiving investors about the worth of the mines. He co-sponsored a famous 1906 boxing match between Joe Gans and Battling Nelson, the longest in history. Despite several failed ventures, Rice continued manipulating stock values, eventually relocating to Reno and forming partnerships with figures like actor Nathaniel Carl Goodwin to promote mining towns like Rawhide, Nevada.

Rice's fraudulent activities caught up with him when he pled guilty to mail fraud in 1911, serving time in prison where he wrote his autobiography, My Adventures with Your Money (1913). His stock schemes persisted for decades, leading to further convictions, including a grand larceny charge in 1920 and a 1928 sentence for defrauding investors in a fictitious copper mine. Despite his criminal record, Rice remained active in financial circles, publishing several newsletters and evading a 1931 charge for tax evasion. He died in 1943, leaving behind a legacy of audacious financial fraud.

Rarity

The broadside is very rare.

We note a single variant example of the map (University of Nevada, Las Vegas).