Scheming brokers, including a famous author’s son, deceived many speculators during the Cobalt, Ontario silver rush
Two years after the 1903 discovery of rich silver deposits in northern Ontario, a Toronto brokerage firm asserted that “when you take into consideration that Cobalt’s mines have produced more in value than the Klondike is producing per annum, or has ever produced, you will have some idea of the great results that will come out of this camp when fully developed.”
Mining companies licensed to work in Ontario grew from 43 in 1903 to 683 four years later. For three consecutive days, mounted police in New York City cleared Broad Street of would-be investors who were obstructing traffic in their efforts to buy Cobalt shares from the curb brokers.
Stories of millions of dollars changing hands overnight were legion. The Canadian Annual Review recounted the tale of a North Bay resident who made $15,000 by merely picking up silver nuggets lying on the ground. Continue Reading →