Business & Finance: Mortgaged Montauk

Four miles from Miami there used to be a tidal bog. A promoter with imagination bought the semi-swamp, surrounded it with bulkheads. Miami was dredging its harbor and was glad when the promoter said they could dump the silt on his land. As the tidal bog grew into a fertile island the promoter built roads, hotels, trolley lines. The island became known as Miami Beach and one of Florida's most popular resorts. When the great boom of 1923-26 began, the promoter, Carl Graham Fisher, came zooming out of a deep hole with fat profits...

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