EDUCATORS ’ PERSPECTIVE
Cody-Dyer Arizona Mining & Milling Company stock certificate , 1913 .
decision in 1904 to build a dam on the Shoshone River for irrigation purposes .
Cody ’ s thousands of dollars were no match for the millions of dollars the federal government was about to spend . Local historian Beryl Churchill summed up the situation , “ One man ’ s aborted dream of irrigating 60,000 acres of desert land near Cody became a reality when President Theodore Roosevelt authorized the construction of the Shoshone Reclamation Project .” With the government stepping in , Cody , no doubt breathing a sigh of relief , began his exit from the canal business . Bonner concludes , “ The short history of the Shoshone Irrigation Company was not a happy one , nor was the ending of it . Begun with the highest of hopes and dreams in 1895 , there were only ashes and dust in the legacy of the company in 1907 .”
The second development was the demise of Buffalo Bill ’ s Wild West . Attendance slowly declined in the new century , forcing Cody to merge his show with Pawnee Bill ’ s Great Far East Show . The combined show operated for a few more years but was finally forced into bankruptcy in 1913 . Cody ’ s finances were in shambles .
To protect his remaining assets , he deeded the Irma Hotel and the TE Ranch over to Louisa . Louisa was much savvier with investments than her profligate husband . Bonner writes , “ In no small measure , the couple ’ s enduring wealth came from her investments .” Louisa invested in real estate over the years and was careful to put it in her name only . This shielded her investments from being absorbed to cover the Wild West Show ’ s expenses and gave her a great deal of security . Although Cody was furious when he learned of her investments , there was little he could do about it but fume .
Town-building and canal construction were losing propositions for Cody , as were his investments in mining . At one of his mining ventures , the Cody-Dyer Arizona Mining & Milling Company , Cody fell victim to fraudulent behavior . The fraud was discovered when an independent mine investigator caught a mine worker lacing
8 FINANCIAL HISTORY | Spring 2021 | www . MoAF . org