Canada at War: ONTARIO: Paper Gold Rush

The supply of suckers seemed unlimited. The Toronto Stock Exchange roared with a record trading in penny gold and oil stocks.

One stock, Quemont gold and copper, was selling for 30¢ a share on March 6. March 7 it closed at $2.98. Last week it hit $8.50. A Chinese laundryman, who bought 10,000 shares in 1942 for two cents a share and sold when the stock reached a dollar (profit: $9,800) could have bought every Chinese laundry in Toronto if he had waited a few days more.

Some of the penny stocks, like Quemont—whose mine in western Quebec has yielded high-assay ore—have...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!