Chuck Mack: When the bubble burst
December 15, 2007
The dreams and schemes of Mt. Streeter were for sale at public auction. This was an interesting auction; the auction had hardly gotten a good start for the day when the auction was moved to the upstairs portion of the machine shop in order to sell stuff stored up there.
The floor of the building wouldn’t support all the weight of the stored items and the people. So, the building came crashing down, seriously injuring one woman and doing bodily harm to several other spectators. The auction was called off because of the seriousness of the situation. Later, another auction was scheduled to sell the remainder of the property.
I went to work in the fall of 1951 for the Red Wing Mine, which was owned and operated by the ColoWyo Coal Co. At that time, all that was left of the dreams and schemes of the town of Mt. Streeter were a few crumbling concrete foundations.
M.T. Streeter was a dreamer, and a schemer. His dream was to build Colorado’s largest coal mine and a railroad connecting his mine with the Moffat Road at Craig, and then extend his railroad on up to connect with the Union Pacific at Wamsutter, Wyo.
Of course, Mr. Streeter intended to do this with other people’s money. Mr. Streeter was constantly traveling to various parts of the country looking for stockholders to invest in his scheme. And from the amount of different people who were big stockholders at different times in his corporation, Mr. Streeter was a good salesman when it came to selling his stock. But of course a scheme that raises large amounts of money and doesn’t make any progress toward building the dream; it has to finally come to an end.
And that was when the bubble of Mr. Streeter burst, and Mr. Streeter vanished from Northwestern Colorado leaving his town to flounder and die.