George Graham Rice

A new book about a legendary con man seems like an intriguing read for all WU-vies. Maybe one for your Xmas wish list.



You can learn quickly about this rascal at the Scripophily page where you can buy an actual stock certificate signed by the scammer, as seen below.

George Graham Rice, a famous stock promoter, capitalized the stocks of Goldfield, Greenwater and Rawhide mines, listed them on the national exchanges, and reaped the profits until convicted of mail fraud in 1911. In 1907 when investors nation-wide were delirious over the stupendous rise in the market value of securities of Goldfield mining companies, the public clamored for opportunities to buy into Nevada mining stocks. With childlike faith they invested in Death Valley's Greenwater and also the Rawhide district, where several companies capitalized stocks, listed them on the national exchanges and had them underwritten by prominent brokerage houses. In Rice's own words: "I make a conservative statement when I say that the American public sank $30 million in Greenwater in less than four months . . . yet the suckers, . . were crying for more."

You can read his original 1913 memoir here.