SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                             
                                   Form 10-K
                             
     X   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 1998
                                       OR
                              
     ___  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934
                           
                  For the transition period ________ to ________
                        Commission File Number:  1-7525
                             
                            The Goldfield Corporation
            (Exact Name of Registrant as Specified in its Charter)
                 Delaware                                    88-0031580
       (State or other jurisdiction of                      (IRS Employer 
        incorporation or organization)                  Identification Number)
     
           100 Rialto Place, Suite 500
                Melbourne, Florida                              32901
     (Address of principal executive offices)                (Zip Code)
                                 (407) 724-1700
                 (Registrant's telephone number, including area code)
             Securities registered pursuant to Section 12(b) of the Act:
                             
      Title of each class                         Name of each exchange on 
          Common Stock,                               which registered       
     Par Value $.10 per share                   American Stock Exchange, Inc.
     
           Securities registered pursuant to Section 12(g) of the Act:
                                      None
   Indicate by check mark whether the registrant (1) has filed all reports
   required to be filed by Section 13 or 15(d) of the Securities Exchange Act
   of 1934 during the preceding 12 months (or for such shorter period that the
   registrant was required to file such reports), and (2) has been subject to
   such filing requirements for the past 90 days.
                                Yes  X     No ___
   Indicate by check mark if disclosure of delinquent filers pursuant to
   Item 405 of Regulation S-K is not contained herein, and will not be
   contained, to the best of registrant's knowledge, in definitive proxy or
   information statements incorporated by reference in Part III of this Form
   10-K or any amendment to this Form 10-K. [X]
     
   On February 22, 1999, the aggregate market value (based upon the closing
   price on the American Stock Exchange, Inc.) of the common stock held by
   nonaffiliates was approximately $6.6 million.
     
   As of February 22, 1999, 26,854,748 shares of the Registrant's common
   stock were outstanding.
     
                       Documents Incorporated by Reference
                 Document                                 Where Incorporated
   Proxy Statement for 1999 Annual Meeting                      Part III


                                   PART I
                                
     Item 1.   Business.
     
     The Goldfield Corporation, incorporated in Wyoming in 1906 and subsequently
     reincorporated in Delaware in 1968, is engaged in electrical construction
     and mining activities. Since January 1, 1996, the electrical construction
     segment has included the construction of fiber optic communication systems.
     Unless the context otherwise requires, the terms "Goldfield" and "the
     Company" as used herein mean The Goldfield Corporation and its consolidated
     subsidiaries.  For information concerning sales, operating profits and
     identifiable assets by business segment, see note 15 of notes to
     consolidated financial statements.
     
                             Electrical Construction
                              
     The Company, through its subsidiary, Southeast Power Corporation, a Florida
     corporation ("Southeast Power"), is engaged in the construction and
     maintenance of electrical facilities for utilities and industrial customers
     in the southeastern United States.  As a result of an acquisition effected
     January 1, 1996, electrical construction operations now include, through 
     the Company's subsidiary Fiber Optic Services, Inc., a Florida 
     corporation, ("Fiber Optic Services"), the construction of fiber optic 
     communication systems throughout the United States.
     
     The Company's construction business through Southeast Power includes the
     construction of transmission lines, distribution systems and substations
     and other electrical installation services for utility systems and 
     industrial and specialty projects.  Fiber Optic Services provides various 
     construction services, including installation of aerial and underground 
     cable systems, conduit systems and the splicing, testing and documentation 
     of optical fibers.  Fiber Optic Services performs these services primarily
     for power utilities and telecommunications companies pursuant to fixed and 
     unit price contracts.
     
     It is the Company's policy to commit itself only to the amount of work it
     believes it can properly supervise, equip and complete to the customer's
     satisfaction and schedule.  As a result of this policy and the magnitude of
     some of the construction projects undertaken by the Company, a substantial
     portion of the Company's annual revenue is derived from a relatively small
     number of customers, the specific identity of which vary from year to year.
     See note 15 of notes to consolidated financial statements.
     
     Construction is customarily performed pursuant to the plans and
     specifications of customers. The Company generally supplies the management,
     labor, equipment, tools and, except with respect to some utility customers,
     the materials necessary to construct a project. Contracts may extend beyond
     one year, although most projects are completed within 90 days.
     
     The electrical construction business is highly competitive. Certain of the
     Company's actual or potential competitors have substantially greater
     financial resources available to them. A portion of the electrical
     construction work requires payment and performance bonds. The Company has
     adequate bonding availability.
     
     The Company enters into contracts on the basis of either competitive 
     bidding or direct negotiations with its customers. Competitively bid 
     contracts account for a majority of the Company's construction revenues.  
     Although there is considerable variation in the terms of the contracts 
     undertaken, such contracts typically involve either lump sum or unit price 
     contracts, pursuant to which the Company agrees to do the work for a fixed 
     amount.
     
     The magnitude and duration of projects undertaken by the Company vary, 
     which may result in substantial fluctuations in its backlog from time to 
     time. At February 1, 1999, the approximate value of uncompleted contracts 
     was $7,580,000, compared to $1,500,000 at March 1, 1998 and $4,000,000 
     at February 14, 1997.  
     
     As of February 5, 1999, electrical construction had a staff of 16 salaried
     employees, including executive officers, division managers, superinten-
     dents, project managers and administrative personnel.  In addition, at such
     date, electrical construction had 94 hourly-rated employees, none of whom 
     are affiliated with any trade or labor organization. The number of hourly-
     rated employees fluctuates depending upon the number and size of projects 
     under construction at any particular time.  The Company believes that the
     experience and continuity of its employees has been an important factor in
     its success.  Management of the Company believes its relations with both 
     its salaried and hourly rated employees are good.
     
     The Company is subject to the authority of state and municipal regulatory
     bodies concerned with the licensing of contractors. The Company believes
     that it is in compliance with such licensing requirements in all
     jurisdictions in which it conducts its business.
     
     The administrative and maintenance facilities of Southeast Power are 
     located on a 13-acre tract of land near Titusville, Florida, which is owned
     by the Company.  The office building has 3,744 feet of floor space and the 
     shop and buildings contain approximately 17,000 feet of floor space.
     
     The administrative and maintenance facility of Fiber Optic Services is
     located in Largo, Florida, where the Company leases approximately 10,100
     square feet of space at an average annual rental rate of $48,800.  This
     lease, which expires in March 2001, may be renewed for two additional two
     year terms.
     
                                   Mining
                              
     The Company, through its subsidiaries, explores for, mines, processes and
     markets industrial minerals, aggregate products and base and precious 
     metals from properties located in New Mexico.
     
     The Company does not consider itself to be a significant factor in the
     mining industry.  The Company competes with other companies in the search
     for and the acquisition of mining properties and their exploration and
     development. Many of these competitors have substantially greater financial
     resources than the Company, which may give them certain competitive
     advantages, especially with respect to projects requiring large amounts of
     capital. 
     
     The Company's mining operations are subject to the jurisdiction of federal
     and state governmental authorities which have responsibility for
     environmental matters such as air and water quality, the promotion of
     occupational safety and mine reclamation.  The Company has in the past
     reclaimed mining areas, tailing impoundments and other associated
     disturbances and expects to continue to do so in the future.  Costs of such
     reclamation are charged against earnings as incurred.  Future costs or
     capital expenditures relating to the protection of the environment are not
     expected to have a material adverse effect on the Company's earnings. The
     Company believes that compliance with mine reclamation laws will not
     adversely affect the competitive position of its operations since
     competitors in the mining industry are subject to the same laws.  The
     Company holds federal and state environmental permits and licenses required
     for the operation of its mining activities.
     
     St. Cloud - Industrial Minerals
     
     St. Cloud Mining Company, a Florida corporation ("St. Cloud"), is a
     wholly-owned subsidiary of the Company and operates the St. Cloud mill and
     mining properties in Sierra County, New Mexico.  The St. Cloud mill and
     mining properties encompass approximately 1,500 acres which are estimated
     to contain several million tons of geologic reserves of natural zeolites,
     a special type of volcanic ash (clinoptilolite).
     
     The clinoptilolite mineral occurs in flat lying beds and is extracted by
     conventional open pit mining methods.  At the St. Cloud mill, the
     clinoptilolite minerals are crushed, dried, and sized without beneficiation
     and shipped in bulk, packaged or modified to customer's specifications. 
     Most deliveries are by contract motor carriers to manufacturers, brokers,
     or independent sales agents who incorporate zeolites into consumer products
     or for specific industrial uses.
     
     The zeolite products were originally sold beginning in 1990 as animal feed
     supplements.  Zeolite markets now include cat litter, industrial fillers 
     and absorbents, air and water filtration media, environmental products and
     soil conditioners.  The zeolite product is also used in other applications
     where ammonia control or specific cation exchange capacity is required. 
     
     In 1998, St. Cloud sold 14,095 tons of natural zeolite, compared to 15,013
     tons and 14,456 tons in 1997 and 1996, respectively.  St. Cloud has made
     several modifications to its zeolite operation, including the addition of
     cation exchange capacity for added value products, drying, warehousing,
     bagging, blending and additional classification capabilities to expand
     markets for the products.
     
     At February 5, 1999, St. Cloud had a total of 23 full-time employees,
     none of whom are affiliated with trade or labor organizations.
     
     St. Cloud - Base and Precious Metals Mining
     
     Since 1968, the Company has been involved in the exploration, mining and
     milling of silver, copper and gold ores at the St. Cloud property. 
     Production commenced at St. Cloud in 1981. However, surface and underground
     mining was halted during the third quarter of 1991 and the first quarter of
     1992, respectively, due to declining metal prices and mine grades. St.
     Cloud's viability is sensitive to the future price of base and precious
     metals, particularly silver. Significant portions of the Company's
     investment in St. Cloud's silver mines, processing facilities and equipment
     were written-down at the end of 1993.
     
     St. Cloud's principal metal mining properties are located within the Gila
     National Forest in the Chloride Mining District in New Mexico and encompass
     approximately 250 acres in two main claim blocks.
     
     Several veins are known to exist in the Chloride Mining District and may
     have exploration potential. The Company's two main deposits, the St. Cloud
     and U. S. Treasury mines, have been partially mined and explored at depths
     up to 1,000 feet from declined ramps utilizing rubber-tired equipment. St.
     Cloud currently estimates their indicated reserves to be approximately
     349,500 tons averaging 0.70% copper, 5.95 ounces silver per ton and 0.031
     ounces gold per ton. Based on current metal prices, the Company believes
     that the above-estimated reserves are not, at present, economically
     recoverable.
     
     During 1994, the Company implemented a plan to refocus mining operations on
     the production of industrial minerals.  As a result, mineralized siliceous
     converter flux sales at St. Cloud were virtually discontinued.  Subsequent
     to the first quarter of 1992, the only base and precious metal mining
     activity at St. Cloud was the sale of stockpiled ore of mineralized
     siliceous converter flux. No significant amount of stockpiled ore remains
     at St. Cloud. There have been no such sales since 1994.
     
     As part of the industrial mineral operations, as well as the Company's
     construction aggregate operations described below, the Company provides 
     off-site construction services utilizing existing mining personnel and
     equipment. Such construction projects have included restoring an endangered
     species habitat, closure of a municipal landfill, and providing 
     construction aggregates for road projects.
     
     Management of the Company reviews the net carrying value of all mining
     facilities on a periodic basis to determine, among other factors, (1) the
     net realizable value of each major project, (2) the ability of the Company
     to fund all care, maintenance and standby costs, (3) the status and usage
     of the assets while in a standby mode, to determine whether some form of
     amortization is appropriate and (4) current projections of metal prices 
     that affect the decision to reopen or make a disposition of the Company's
     assets. 
     
     Lordsburg
     
     In 1990, The Lordsburg Mining Company, a Florida corporation and a wholly-
     owned subsidiary of the Company ("Lordsburg"), entered into a venture
     agreement with Federal Resources Corporation ("Federal") to explore, 
     develop and mine deposits near the town of Lordsburg in southwestern New
     Mexico. Under this operating agreement, Federal conveyed and assigned to 
     the venture, The Lordsburg Mining Company, approximately 12,000 acres of
     patented and unpatented mining claims which include certain mining claims
     leased in the Lordsburg Mining District by Federal, and existing milling
     facilities, buildings and other personal property located on the claims. 
     In April 1994, the Company acquired Federal's 50% interest in the Lordsburg
     properties for $75,000. Prior to the acquisition of Federal's interest,
     Lordsburg did not produce sufficient revenue over the related expenses to
     permit a net proceeds distribution to Lordsburg and Federal.
     
     During 1993, a large number of unpatented claims were dropped due to
     increased holding costs imposed by the Federal government. Most of the
     important mining and exploration potential is on patented property and was
     retained. Indicated reserves are estimated to be 103,800 tons averaging
     0.53% copper, 1.0 ounces silver per ton and 0.097 ounces gold per ton. 
     Based on current metal prices and operating costs, the above estimated
     reserves are not, at present, economically recoverable.
     
     Production from underground mining, which was suspended in February 1994,
     had previously been intermittent due to low ore grade and inconsistent
     smelter demand.  The ore produced from the mine was used by nearby copper
     smelters as precious metal bearing siliceous flux.  Future demand for
     underground ores cannot be determined at this time.
     
     Although the Company has continued production of construction aggregates at
     Lordsburg, a final decision with respect to the future operations at
     Lordsburg has not been reached.
     
     Lordsburg sold 16,547 tons of construction aggregate material in 1998,
     compared to 24,553 tons and 14,070 tons in 1997 and 1996, respectively. 
     Lordsburg sold 17,190 tons of barren, siliceous flux to copper smelters in
     1996.  There have been no barren, siliceous flux sales since 1996.
     
     At February 5, 1999, Lordsburg had a total of three full-time employees in
     New Mexico, none of whom are affiliated with trade or labor organizations.
     
     San Pedro
     
     In April 1993, the capital stock of The San Pedro Mining Corporation ("San
     Pedro" a then wholly-owned subsidiary of the Company), was sold for
     $1,220,000, of which $50,000 in cash was paid at closing with the balance
     of the purchase price represented by a promissory note payable to the
     Company in equal monthly principal installments of $15,000 plus interest
     through October 1999. Effective December 23, 1997, terms of the note and
     mortgage were modified to defer principal payments to November 1998.  The
     purchaser failed to make the October 1998 scheduled interest payment and 
     on-going discussions with the debtor indicate that collection of the 
     principal balance is doubtful.  Under the circumstances, management has 
     determined the note receivable to be an impaired asset and has written off
     the unpaid balance of the note.  Future discounted cash flows have been
     estimated by management to be zero. The impairment loss of $258,538 has 
     been separately identified as a component of continuing operations.  The 
     loss, which was recognized in the third quarter of 1998, has been included 
     in the Company's operating results from mining.
     
     Royalty
     
     In connection with a coal mining property in Harlan, Kentucky, formerly
     owned by the Company, the Company retains a coal royalty which provides for
     a royalty between 1 1/2% to 3% per year, originally to be paid until 2002. 
     The original royalty agreement provided that the Company was to receive
     annual minimum royalties in the amount of $150,000.  Effective February 14,
     1997, the agreement was amended to provide for a payment of $20,000 and
     monthly minimum payments of $5,000 until all minimum royalties are
     collected.  The expiration date of the royalty agreement was extended 
     beyond 2002 to the extent necessary to permit payments of the $150,000 per
     year minimum royalties.  Since February 1996, Great Western Coal, Inc. 
     ("Great Western"), the owner of the coal property, has generally failed to 
     make the required royalty payments.  On July 1, 1998, the Company filed 
     suit against Great Western for breach of contract. Under the circumstances,
     management has determined the royalty interest to be an impaired asset.  
     The fair value of the Harlan coal royalty has been determined by management
     to be zero as there is no open market for the sale of this royalty and 
     future discounted cash flows have been estimated by management to be zero. 
     The impairment loss of $95,618 has been separately identified as a 
     component of continuing operations. The loss, which was recognized in the
     second quarter of 1998, has been included in the Company's operating 
     results from mining.
     
     Item 2.  Properties.
     
     For information with respect to the principal properties and equipment
     utilized in the Company's mining and electrical construction operations, 
     see "Item 1. Business."
     
     The Company's principal office is located in Melbourne, Florida, where the
     Company leases 4,503 square feet of space at an annual rental rate of
     $64,978.  The lease, which expires in January 2001, may be renewed for one
     additional three-year term.
     
     Item 3.  Legal Proceedings.
     
     There are no material pending legal proceedings, other than routine
     litigation incidental to the business of the Company, to which the Company
     or any of its subsidiaries is a party or of which any of their property is
     subject.
     
     Item 4.   Submission of Matters to a Vote of Security Holders.
     
     No matter was submitted to a vote of security holders during the fourth
     quarter of 1998.
                             
                             
                                   PART II
                              
     Item 5.   Market for Registrant's Common Equity and Related
               Stockholder Matters.
     
     The Common Stock of the Company is traded on the American Stock Exchange,
     Inc. under the symbol GV. The following table shows the reported high and
     low sales price at which the Common Stock of the Company was traded in 1998
     and 1997: 
<TABLE>
                                     1998                      1997
                                High       Low            High        Low
     <S>                        <C>        <C>            <C>         <C>
     First Quarter              7/16       5/16           3/8         1/4
     Second Quarter             3/8        5/16           3/8         1/4
     Third Quarter              7/16       1/4            7/16        1/4
     Fourth Quarter             5/16       3/16           1/2         5/16
</TABLE>
          
     As of February 22, 1999, the Company had approximately 18,970 holders of
     record. 
     
     No cash dividends have been paid by the Company on its Common Stock since
     1933, and it is not expected that the Company will pay any cash dividends
     on its Common Stock in the immediate future.
     
     Item 6.   Selected Financial Data.
     
     The following table sets forth summary consolidated financial information
     of the Company for each of the years in the five-year period ended December
     31, 1998:
<TABLE>
                                          Years Ended December 31,
                               1998        1997       1996     1995     1994
                                  (in thousands except per share amounts)
     <S>                      <C>        <C>        <C>       <C>      <C>
     Statements of Operations
       Total revenues         $16,782    $15,974    $13,544   $13,328  $13,394
       Net (loss) income         (610)       414       (338)     (678)  (1,101)
       (Loss) earnings
         per share of
         common stock           (0.02)      0.01      (0.01)    (0.03)   (0.04)
     Balance Sheets
       Total assets            14,213     13,967     13,652    13,847   14,458  
       Working capital          6,144      6,371      5,934     6,241    7,511  
       Stockholders' equity    12,200     12,834     12,443    12,805   13,506  
</TABLE>
     
     Item 7.   Management's Discussion and Analysis of Financial Condition
               and Results of Operations.
     
                               Results of Operations
                              
     Net (Loss) Income
     The Company incurred a net loss of $609,630 for the year ended December 31,
     1998, compared to net income of $413,971 for the year ended December 31,
     1997 and a net loss of $337,838 for the year ended December 31, 1996.  The
     net loss for the year ended December 31, 1998 included a charge of $354,156
     for impairment losses related to the Harlan coal royalty and the San Pedro
     mine note receivable as discussed in Note 5 to the consolidated financial
     statements.  Net (loss) income for the years ended December 31, 1998 and
     1997, included income tax expense of $23,322 and $340,731, respectively.
     There was no tax expense for the year ended December 31, 1996.
     
     Revenues
     Total revenues in 1998 were $16,781,913, compared to $15,974,357 and
     $13,544,392 in 1997 and 1996, respectively.  The increase in revenues was
     primarily attributable to a higher level of activity in electrical
     construction operations.
      
     Electrical construction revenue increased by 5% in 1998 to $14,447,808 from
     $13,742,723 for 1997 and $11,628,898 in 1996. Electrical construction
     revenue includes the results of the subsidiary acquired in January 1996,
     Fiber Optic Services, Inc. which had revenue, net of intercompany
     elimination, of $805,783 for 1998, compared to $1,114,954 for 1997 and
     $788,690 for 1996.
     
     Revenue from mining operations increased by 12% to $2,041,259 for the year
     ended 1998 from $1,814,583 for the year ended 1997.  The increase in 
     revenue from mining for 1998 was primarily a result of new off-site 
     construction contracts utilizing existing mining personnel and equipment.  
     In 1996, revenue from mining operations was $1,506,797.
     
     Operating Results
     Electrical construction operations had an operating profit of $1,232,711
     during 1998, compared to operating profits of $1,715,608 in 1997 and
     $578,265 in 1996. The decrease in operating results in 1998 was primarily
     due to a decrease in the level of operations and profit margins of Fiber
     Optic Services and to losses from a single unit price contract. The varying
     magnitude and duration of electrical construction projects may result in
     substantial fluctuation in the Company's backlog from time to time. At
     February 1, 1999, the approximate value of uncompleted contracts was
     $7,580,000, compared to $1,500,000 at March 1, 1998.
     
     The operating loss from mining operations was $656,538 for 1998, compared
     to operating losses of $82,003 and $179,542 in 1997 and 1996, respectively.
     The decrease in operating results from mining operations in 1998 was due
     primarily to the charge of $354,156 for impairment losses relating to the
     Harlan coal royalty and the San Pedro mine note receivable and to losses
     relating to an off-site mining construction contract, which was completed
     in December 1998. Operating (loss) profit includes royalty income and
     depreciation expense. 
     
     Other Income
     Other income for 1998 was $292,846, compared to $407,051 and $388,697 for
     1997 and 1996, respectively. The decrease in other income for 1998 was
     primarily a result of lower interest income.
     
     Costs and Expenses
     Total costs and expenses and the components thereof, increased to
     $17,368,221 for 1998 from $15,219,655 in 1997 and $13,882,230 in 1996 as a
     result of increased electrical construction costs, increased off-site 
     mining construction costs and the charge for impairment losses mentioned 
     above.
        
     Electrical construction costs were $12,522,747, $11,361,069 and $10,482,506
     in 1998, 1997 and 1996, respectively.  The increase in costs for 1998 was
     attributable to a higher level of operations.
     
     Mining costs were $2,029,940 for 1998 as compared to $1,565,801 in 1997 and
     $1,388,150 in 1996.  The increase in the 1998 period was primarily a result
     of an off-site mining construction contract.
     
     Depreciation and amortization was $1,072,876 in 1998, compared to
     $1,058,403 in 1997 and $916,726 in 1996.
     
     General corporate expenses of the Company increased to $1,455,327 in 1998,
     compared to $1,285,954 in 1997 and $1,125,348 in 1996. The 1998 period
     included increases in various categories including consulting expenses
     relating to the implementation of new computers and accounting software.  
     
     
                          Liquidity and Capital Resources
                              
     Cash and cash equivalents at December 31, 1998 were $2,616,465 as compared
     to $4,397,281 as of December 31, 1997.  Working capital at December 31, 
     1998 was $6,143,737, compared to $6,371,043 at December 31, 1997.  However,
     the Company's ratio of current assets to current liabilities declined to 
     4.1 to 1 at December 31, 1998, from 7.3 to 1 at December 31, 1997 because 
     of the higher level of accounts payable and accrued liabilities at 
     December 31, 1998.  
     
     The Company paid cash dividends on its Series A Preferred Stock in the
     amount of $23,758 in each of the years ended December 31, 1998, 1997 and
     1996.  No cash dividends have been paid by the Company on its Common Stock
     since 1933, and it is not expected that the Company will pay any cash
     dividends on its Common Stock in the immediate future.
     
     Pursuant to an unsecured line of credit agreement between Southeast Power
     and SunTrust Bank of Central Florida, N.A. (guaranteed by the Company),
     Southeast Power may borrow up to $1,000,000 at the bank's prime rate of
     interest.  This credit line expires April 30, 1999, at which time the
     Company expects to renew it for an additional year. No borrowings were
     outstanding under this line of credit during the three years ended December
     31, 1998.  However, since 1996, $100,000 of this line of credit has been
     reserved for a standby letter of credit.
     
     The Company's capital expenditures for the year ended December 31, 1998
     decreased to $1,193,684 from $1,450,914 for 1997.  Capital expenditures
     in 1999 are expected to be approximately $1,100,000, which the Company
     expects to finance through existing credit facilities or cash reserves.  
     
     Year 2000 Compliance
     
       Background
     In the past, many computers, software programs, and other information
     technology ("IT systems"), as well as other equipment relying on
     microprocessors or similar circuitry ("non-IT systems"), were written or
     designed using two digits, rather than four, to define the applicable 
     year. As a result, date-sensitive systems (both IT systems and non-IT 
     systems) may recognize a date identified with "00" as the year 1900, rather
     than the year 2000.  This is generally described as the Year 2000 issue.  
     If this situation occurs, the potential exists for system failures or
     miscalculations, which could impact business operations.
     
     The Securities and Exchange Commission ("SEC") has asked public companies
     to disclose four general types of information related to Year 2000
     preparedness: the Company's state of readiness, costs, risks, and
     contingency plans.  See SEC Release No. 33-7558 (July 29, 1998). 
     Accordingly, the Company has included the following discussion in this
     report, in addition to the Year 2000 disclosures previously filed with the
     SEC.
     
       State of Readiness
     The Company believes that it has identified all significant IT systems and
     non-IT systems that require modification in connection with Year 2000
     issues.  Internal and external resources have been used and are continuing
     to be used, to make the required modifications and test Year 2000 
     readiness. The required modifications are under way.  The Company plans on
     completing the modifications to and testing of all significant systems by
     July 1999.
     
     In addition, the Company has been communicating with customers, suppliers,
     banks, vendors and others with whom it does significant business
     (collectively, its "business partners") to determine their Year 2000
     readiness and the extent to which the Company is vulnerable to any other
     organization's Year 2000 issues. Based on these communications and related
     responses, the Company is monitoring the Year 2000 preparations and state
     of readiness of its business partners.  Although the Company is not aware
     of any significant Year 2000 problems with its business partners, there can
     be no guarantee that the systems of other organizations on which the
     Company's systems rely will be converted in a timely manner, or that a
     failure to convert by another organization, or a conversion that is
     incompatible with the Company's systems, would not have a material adverse
     effect on the Company.
     
       Costs
     The total cost to the Company of Year 2000 activities has not been and is
     not anticipated to be material to its financial position or results of
     operations in any given year.  The total costs to the Company of addressing
     Year 2000 issues are estimated to be less than $10,000. These total costs,
     as well as the date on which the Company plans to complete the Year 2000
     modification and testing processes, are based on management's best
     estimates.  However, there can be no guarantee that these estimates will be
     achieved, and actual results could differ from those estimates.
     
       Risks
     The Company utilizes IT systems and non-IT systems in various aspects of 
     its business.  Year 2000 problems in some of the Company's systems could
     possibly disrupt operations, but the Company does not expect that any such
     disruption would have a material adverse impact on the Company's operating
     results.
     
     The Company is also exposed to the risk that one or more of its customers,
     suppliers or vendors could experience Year 2000 problems that could impact
     the ability of such customers to transact business or such suppliers or
     vendors to provide goods and services. Although this risk is lessened by 
     the availability of alternative suppliers, the disruption of certain 
     services, such as utilities, could, depending upon the extent of the 
     disruption, potentially have a material adverse impact on the Company's 
     operations.
     
       Contingency Plans
     The Company is in the process of developing contingency plans for the
     Company's IT systems and non-IT systems requiring Year 2000 modification. 
     In addition, the Company is developing contingency plans to deal with the
     possibility that some suppliers or vendors might fail to provide goods and
     services on a timely basis as a result of Year 2000 problems.  These
     contingency plans will include the identification, acquisition and/or
     preparation of backup systems, suppliers and vendors.
     
     Item 8.  Financial Statements and Supplementary Data.
     
     
                           Independent Auditors' Report
                              
     
     The Shareholders and Board of Directors 
     The Goldfield Corporation: 
     
     We have audited the consolidated financial statements of The Goldfield
     Corporation and subsidiaries as listed in the accompanying index. These
     consolidated financial statements are the responsibility of the Company's
     management.  Our responsibility is to express an opinion on these
     consolidated financial statements based on our audits.
     
     We conducted our audits in accordance with generally accepted auditing
     standards.  Those standards require that we plan and perform the audit to
     obtain reasonable assurance about whether the financial statements are free
     of material misstatement.  An audit includes examining, on a test basis,
     evidence supporting the amounts and disclosures in the financial 
     statements. An audit also includes assessing the accounting principles used
     and significant estimates made by management, as well as evaluating the 
     overall financial statement presentation.  We believe that our audits
     provide a reasonable basis for our opinion.
     
     In our opinion, the consolidated financial statements referred to above
     present fairly, in all material respects, the financial position of The
     Goldfield Corporation and subsidiaries at December 31, 1998 and 1997, and
     the results of their operations and their cash flows for each of the years
     in the three-year period ended December 31, 1998, in conformity with
     generally accepted accounting principles.
     
     
     /s/
     KPMG LLP
     
     Orlando, Florida
     February 19, 1999

<TABLE>
                           THE GOLDFIELD CORPORATION
                               and Subsidiaries

                          CONSOLIDATED BALANCE SHEETS

                                                           December 31,
                                                      1998             1997
<S>                                               <C>              <C>
ASSETS
Current assets
  Cash and cash equivalents                       $ 2,616,465      $ 4,397,281
  Accounts receivable and accrued billings          3,133,855        1,829,644
  Current portion of notes receivable (Note 5)        123,393           78,946
  Inventories (Note 2)                                346,799          218,502
  Costs and estimated earnings in excess of
    billings on uncompleted contracts (Note 3)      1,793,119          791,360
  Prepaid expenses and other current assets            83,428           74,368
    Total current assets                            8,097,059        7,390,101
Property, buildings and equipment, net (Note 4)     4,450,256        4,510,158
Notes receivable, less current portion (Note 5)       293,956          672,576
Deferred charges and other assets
  Deferred income taxes (Note 6)                      548,000          548,000
  Land held for sale                                   52,448               --
  Coal royalty at cost, net of accumulated
    amortization of $210,793 in 1997 (Note 5)              --          108,657
  Cash surrender value of life insurance (Note 7)     771,430          737,050
    Total deferred charges and other assets         1,371,878        1,393,707
Total assets                                      $14,213,149      $13,966,542
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Accounts payable and accrued liabilities 
    (Note 8)                                      $ 1,905,457      $   917,279
  Billings in excess of costs and estimated
    earnings on uncompleted contracts (Note 3)         13,769           73,048
  Current portion of deferred gain on 
    installment sales                                  10,774               --
  Income taxes payable (Note 6)                        23,322           28,731
    Total current liabilities                       1,953,322        1,019,058

Deferred gain on installment sales, 
  less current portion                                 59,596          113,865
Total liabilities                                   2,012,918        1,132,923
Stockholders' equity
  Preferred stock, $1 par value per share,
    5,000,000 shares authorized; issued and
    outstanding 339,407 shares of Series A
    7% voting cumulative convertible stock 
    (Note 9)                                          339,407          339,407
  Common stock, $.10 par value per share,
    40,000,000 shares authorized; issued
    26,872,106 shares (Notes 9, 10 and 11)          2,687,211        2,687,211
  Capital surplus                                  18,369,860       18,369,860
  Accumulated deficit                              (9,177,527)      (8,544,139)
    Total                                          12,218,951       12,852,339
  Less common stock in treasury, 17,358
    shares, at cost                                    18,720           18,720
    Total stockholders' equity                     12,200,231       12,833,619
Total liabilities and stockholders' equity        $14,213,149      $13,966,542

See accompanying notes to consolidated financial statements
</TABLE>


<TABLE>
                           THE GOLDFIELD CORPORATION
                               and Subsidiaries

                     CONSOLIDATED STATEMENTS OF OPERATIONS

                                                Years Ended December 31,
                                     1998            1997            1996

<S>                               <C>             <C>             <C>
Revenue
  Electrical construction         $14,447,808     $13,742,723     $11,628,898
  Mining                            2,041,259       1,814,583       1,506,797
  Royalty income                           --          10,000          20,000
  Other income, net (Note 12)         292,846         407,051         388,697
    Total revenue                  16,781,913      15,974,357      13,544,392

Costs and expenses
  Electrical construction          12,522,747      11,361,069      10,482,506
  Mining                            2,029,940       1,565,801       1,388,150
  Depreciation and amortization     1,072,876       1,058,403         916,726
  Impairment losses (Note 5)          354,156              --              --
  General and administrative        1,388,502       1,234,382       1,094,848
    Total costs and expenses       17,368,221      15,219,655      13,882,230

(Loss) income from operations
  before income taxes                (586,308)        754,702        (337,838)

Income taxes (Note 6)                  23,322         340,731              --

Net (loss) income                    (609,630)        413,971        (337,838)

Preferred stock dividends              23,758          23,758          23,758

(Loss) income available to
  common stockholders             $  (633,388)    $   390,213     $  (361,596)

Basic and diluted (loss) 
  earnings per share of 
  common stock (Note 11)          $     (0.02)    $      0.01     $     (0.01)

Weighted average number of
  common shares outstanding        26,854,748      26,854,748      26,854,748

See accompanying notes to consolidated financial statements
</TABLE>


<TABLE>
                           THE GOLDFIELD CORPORATION
                              and Subsidiaries

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                  Years Ended December 31,
                                           1998          1997           1996
<S>                                    <C>           <C>            <C>
Cash flows from operating activities
  Net (loss) income                    $ (609,630)   $  413,971     $ (337,838)
Adjustments to reconcile net (loss) 
  income to net cash (used by) 
  provided from operating activities
  Depreciation and amortization         1,072,876     1,058,403        916,726
  Impairment losses                       354,156            --             --
  Deferred income taxes                        --       312,000             --
  Loss (gain) on sale of property 
    and equipment                          32,215       (14,499)       (32,288)
  Cash provided by (used by) changes in
     Accounts receivable and accrued 
       billings                        (1,304,211)     (409,374)       117,769
     Inventories                         (128,297)        9,547        (62,441)
     Costs and estimated earnings in 
       excess of billings on 
       uncompleted contracts           (1,001,759)     (191,058)        38,884
     Prepaid expenses and other 
       current assets                      (9,060)      (10,574)        98,676
     Land held for sale                   (52,448)           --             --
     Cash surrender value of life 
       insurance                          (34,380)     (104,311)      (117,240)
     Accounts payable and accrued 
       liabilities                        988,553       (37,087)       134,519
     Billings in excess of costs 
       and estimated earnings on 
       uncompleted contracts              (59,279)       (1,023)        38,920
     Deferred gain on installment sales    52,592       (66,535)        (6,360)
     Income taxes payable                  (5,409)       28,731             --
         Net cash (used by) provided 
           from operating activities      (704,081)      988,191       789,327

Cash flows from investing activities
  Proceeds from the disposal of
     property and equipment                161,534       110,215        46,658
  Loans granted                           (245,145)     (139,969)     (113,878)
  Collections from notes receivable        224,318       303,318       200,445
  Purchases of property and equipment   (1,193,684)   (1,450,914)     (563,268)
  Payments made to acquire fixed assets
    of Fiber Optic Services                     --            --      (173,138)
    Net cash used by investing 
      activities                        (1,052,977)   (1,177,350)     (603,181)

Cash flows from financing activities
  Payments of preferred stock dividends    (23,758)      (23,758)      (23,758)

Net (decrease) increase in cash and 
  cash equivalents                      (1,780,816)     (212,917)      162,388
Cash and cash equivalents at 
  beginning of period                    4,397,281     4,610,198     4,447,810
Cash and cash equivalents at end 
  of period                             $2,616,465    $4,397,281    $4,610,198

Supplemental disclosure of cash 
  flow information
  Income taxes paid                     $   28,731    $       --    $       --

See accompanying notes to consolidated financial statements
</TABLE>


<TABLE>
                          THE GOLDFIELD CORPORATION
                              and Subsidiaries

             CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                                                Years Ended December 31,
                                          1998          1997           1996
<S>                                   <C>           <C>            <C>
STOCKHOLDERS' EQUITY
ACCUMULATED       Beginning balance   $(8,544,139)  $(8,934,352)   $(8,572,756)
DEFICIT           Net (loss) income      (609,630)      413,971       (337,838)
                  Cash dividends
                   Series A Stock
                   (per share:  7%)       (23,758)      (23,758)       (23,758)
                  Ending balance       (9,177,527)   (8,544,139)    (8,934,352)

PREFERRED         Beginning and
STOCK SERIES A     ending balance         339,407       339,407        339,407

COMMON STOCK      Beginning and
                   ending balance       2,687,211     2,687,211      2,687,211

CAPITAL           Beginning and
SURPLUS            ending balance      18,369,860    18,369,860     18,369,860

TREASURY STOCK    Beginning and
                   ending balance         (18,720)      (18,720)       (18,720)

                  Total consolidated
                   stockholders' 
                   equity             $12,200,231   $12,833,619    $12,443,406


SHARES OF CAPITAL STOCK ISSUED
PREFERRED         Beginning and
STOCK SERIES A     ending balance         339,407       339,407        339,407

COMMON STOCK      Beginning and
                   ending balance      26,872,106    26,872,106     26,872,106

TREASURY STOCK    Beginning and
                   ending balance          17,358        17,358         17,358

See accompanying notes to consolidated financial statements
</TABLE>


                            THE GOLDFIELD CORPORATION
                                and Subsidiaries
                              
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 1998 and 1997
                             
                              
     Note 1 - Summary of Significant Accounting Policies
     
     Basis of Financial Statement Presentation - The accompanying consolidated
     financial statements include the accounts of The Goldfield Corporation
     ("Parent") and its subsidiaries (collectively, "the Company"), all of which
     are wholly-owned.  All significant intercompany balances and transactions
     have been eliminated.
     
     Nature of Operations - The Company's principal lines of business are
     electrical construction and the mining of industrial minerals as well as
     base and precious metals.  The principal market for the Company's 
     electrical construction operation is electric utilities in the 
     southeastern United States.  The principal market for the Company's mining
     operations is purchasers of zeolite products throughout the United States.
     
     Cash and Cash Equivalents - The Company considers all highly liquid 
     investments with a maturity of three months or less when purchased to be 
     cash equivalents.
     
     Inventories - Inventories are valued at the lower of cost or market. Cost
     is determined by the first-in, first-out method.  Costs associated with
     extraction and milling or production activities are inventoried and valued
     at lower of cost or estimated final smelter settlement or net sales (net
     realizable value).
     
     Property, Buildings, Equipment and Depreciation - Property, buildings and
     equipment are stated at cost.  The Company provides depreciation for
     financial reporting purposes over the estimated useful lives of fixed
     assets using the straight-line and units-of-production methods.
     
     Coal Royalty - The original Harlan coal royalty agreement provided that the
     Company was to receive annual minimum royalties in the amount of $150,000. 
     During the year ended December 31, 1996, the Company did not receive any
     1996 minimum royalty payments.  Effective February 14, 1997, the agreement
     was amended to provide for a payment of $20,000 and monthly minimum 
     payments of $5,000 until all minimum royalties are collected. Such annual 
     minimum royalties are recognized when realization of the income is 
     assured. On January 9, 1998, the Company declared a default in the Harlan 
     coal royalty agreement for failure to make required monthly payments. The 
     Company has brought court action to enforce its rights under the agreement.
     The Company has reduced the carrying value of the royalty to zero during
     1998.

     Mining Revenues - Zeolite sales are recorded upon delivery. Other sales
     are recorded in the month of delivery.  Recorded values are adjusted
     periodically and upon final settlement.
     
     Mine Exploration and Development - Exploration costs and normal 
     development costs at operating mines are charged to operations as 
     incurred.
     
     Long-Term Electrical Contracts - Revenues are earned under long-term 
     fixed price contracts and units of delivery contracts. Revenues from 
     units of delivery contracts are recorded as the service is performed.  
     For completed units of delivery contracts, the revenue is based on actual
     billings.  For uncompleted units of delivery contracts the revenue is 
     based on actual labor hours incurred and estimated final billing rates.
     Revenues from long-term fixed price construction contracts are recognized 
     on the percentage-of-completion method measured by comparing the costs 
     incurred to date to the estimated total costs to be incurred for each 
     contract.  The asset, "costs and estimated earnings in excess of 
     billings on uncompleted contracts" represents revenues recognized in
     excess of amounts billed.  The liability, "billings in 
     excess of costs and estimated earnings on uncompleted contracts" 
     represents billings in excess of revenue recognized.
     
     Contract costs include all direct material, direct labor, subcontractor
     costs and other indirect costs related to contract performance, such as
     supplies, tools and repairs.  General and administrative costs are charged
     to expense as incurred.  Provisions for estimated losses on uncompleted
     contracts are made in the period in which such losses are determined. 
     Changes in job performance, job conditions, estimated profitability and
     final contract settlements may result in revisions to costs and income and
     are recognized in the period in which the revisions are determined.
     
     Income Taxes - The Company accounts for income taxes using the asset and
     liability method.  Under the asset and liability method, deferred tax 
     assets and liabilities are recognized for the future tax consequences
     attributable to differences between the financial statement carrying 
     amounts of existing assets and liabilities and their respective tax bases.
     Deferred tax assets and liabilities are measured using enacted tax rates 
     expected to apply to taxable income in the years in which those temporary 
     differences are expected to be recovered or settled.  The effect on 
     deferred tax assets and liabilities of a change in tax rates is recognized 
     in income in the period that includes the enactment date.
     
     Use of Estimates - Management of the Company has made a number of estimates
     and assumptions relating to the reporting of assets and liabilities and the
     disclosure of contingent assets and liabilities to prepare these financial
     statements in conformity with generally accepted accounting principles. 
     Actual results could differ from those estimates.
     
     Financial Instruments Fair Value, Concentration of Business and Credit
     Risks - The carrying amount reported in the balance sheet for cash and cash
     equivalents, accounts receivable and accrued billings, accounts payable and
     accrued liabilities approximates fair value because of the immediate or
     short-term maturity of these financial instruments. The fair value of 
     notes receivable is considered by management to approximate carrying 
     value.  Financial instruments which potentially subject the Company to
     concentrations of credit risk consist principally of accounts receivable,
     accrued billings and retainage in the amount of $1,849,115 at December 31,
     1998 due from electrical utilities pursuant to contract terms.  The Company
     considers these electrical utility customers to be creditworthy.
     
     Reclassifications   Certain amounts in 1997 and 1996 have been reclassified
     to conform to the 1998 presentation.
     
     Note 2   Inventories
     
     Inventories at December 31, consisted of:
<TABLE>
                                        1998          1997
     <S>                              <C>           <C>
     Materials and supplies           $257,788      $110,399   
     Industrial mineral products        72,212        45,169   
     Ores in process                    16,799        62,934   
     Total inventories                $346,799      $218,502   
</TABLE>
     
     Note 3 - Costs and Estimated Earnings on Uncompleted Contracts
     
     Long-term fixed price construction contracts in progress accounted for
     using the percentage-of-completion method at December 31 consisted of:
<TABLE>
                                                      1998            1997
     <S>                                          <C>              <C>
     Costs incurred on uncompleted contracts      $3,201,099      $5,269,002 
     Estimated earnings                            1,719,030         828,429
                                                   4,920,129       6,097,431
     Less billings to date                         3,140,779       5,379,119 
                                                  $1,779,350      $  718,312 
     Included in the balance sheets under
       the following captions
         Costs and estimated earnings
           in excess of billings on
           uncompleted contracts                   $1,793,119        $791,360  
         Billings in excess of costs             
           and estimated earnings
           on uncompleted contracts                   (13,769)        (73,048)
     Total                                         $1,779,350        $718,312  
</TABLE>
                             
     The amounts billed but not paid by customers pursuant to retention
     provisions of long-term construction contracts were $202,095 and $346,283
     at December 31, 1998 and 1997, respectively. Such retainage is expected to
     be collected within the next twelve months.
                             
     Note 4   Property, Buildings and Equipment
                             
     Balances of major classes of properties at December 31 consisted of:
<TABLE>
                                                  1998             1997
     <S>                                     <C>               <C>
     Land, mines and mining claims           $  5,266,753      $ 5,255,047 
     Buildings and improvements                 1,732,442        1,728,278
     Machinery and equipment                   15,542,364       14,966,807
     Construction in progress                     128,723           23,935
       Total                                   22,670,282       21,974,067 
     Less accumulated depreciation, 
       depletion and amortization              18,220,026       17,463,909 
     Net properties, buildings and
       equipment                              $ 4,450,256      $ 4,510,158 
</TABLE>
     
     As a matter of policy, management of the Company reviews the net carrying
     value of all properties, buildings and equipment on a periodic basis.  As
     a result of such review, no write-down was considered necessary during any
     of the years in the three-year period ended December 31, 1998.

     Note 5   Impairment Losses
     
     In connection with a coal mining property in Harlan, Kentucky, formerly
     owned by the Company, the Company retains a coal royalty which provides for
     a royalty between 1 1/2% to 3% per year, originally to be paid until 2002. 
     Effective February 14, 1997, the agreement was amended to provide for a
     payment of $20,000 and monthly minimum payments of $5,000 until all minimum
     royalties are collected.  The expiration date of the royalty agreement was
     extended beyond 2002 to the extent necessary to permit payments of the
     $150,000 per year minimum royalties.  Since February 1996, Great Western
     Coal, Inc. ("Great Western"), the owner of the property, has generally
     failed to make the required royalty payments.  On July 1, 1998, the Company
     filed suit against Great Western for breach of contract.  Under the
     circumstances, management has determined the royalty interest to be an
     impaired asset.  The fair value of the Harlan coal royalty has been
     determined by management to be zero as there is no open market for the sale
     of this royalty and future discounted cash flows have been estimated by
     management to be zero. The impairment loss of $95,618 has been separately
     identified as a component of continuing operations. The loss, which was
     recognized in the second quarter of 1998, has been included in the 
     Company's operating results from mining.
     
     In April 1993, the capital stock of The San Pedro Mining Corporation was
     sold for $1,220,000, of which $50,000 in cash was paid at closing with the
     balance of the purchase price represented by a promissory note payable to
     the Company in equal monthly principal installments of $15,000 plus 
     interest through October 1999. Effective December 23, 1997, terms of the 
     note and mortgage were modified to defer principal payments to November 
     1998.  The purchaser failed to make the October 1998 scheduled interest 
     payment and on-going discussions indicate that collection of the principal 
     balance is doubtful.  Under the circumstances, management has determined 
     the note receivable to be an impaired asset and has written off the unpaid 
     balance of the note.  Future discounted cash flows have been estimated by 
     management to be zero. The impairment loss of $258,538 has been separately 
     identified as a component of continuing operations.  The loss, which was 
     recognized in the third quarter of 1998, has been included in the Company's
     operating results from mining.
     
     Note 6 - Income Taxes
     
     The income tax provisions for the years ended December 31 consisted of:
<TABLE>
                         1998           1997          1996
     <S>              <C>           <C>             <C>  
     Current
       Federal        $     --       $  5,000       $    --  
       State            23,322         23,731            --  
                        23,322         28,731            --  
     Deferred
       Federal              --        261,000            --  
       State                --         51,000            --  
                            --        312,000            --  
     Total            $ 23,322       $340,731       $    --  
</TABLE>
     
     Temporary differences and carryforwards which give rise to deferred tax
     assets and liabilities as of December 31 consisted of:
<TABLE>
                                                      1998             1997
     <S>                                        <C>                <C>
     Deferred tax assets
       Depletion, mineral rights and deferred
         development and exploration costs       $    354,000      $  324,000  
       Accrued workers' compensation costs             11,000          28,000  
       Note receivable principally due to       
         allowance                                    135,000              --  
       Accrued vacation and bonus                      25,000          14,000  
       Property and equipment, principally
         due to differences in depreciation
         and valuation write-downs                    325,000         358,000  
       Contingent salary payments recorded
         as goodwill for tax purposes                   7,000           7,000  
       Net operating loss carryforwards             2,722,000       2,644,000  
       Investment tax credit carryforwards              9,000         209,000  
       Alternative minimum tax credit          
         carryforwards                                262,000         262,000  
                                                    3,850,000       3,846,000  
     Valuation allowance for deferred tax    
       assets                                      (3,265,000)     (3,298,000)
       Total deferred tax assets                      585,000         548,000  
     Deferred tax liabilities
       Deferred gain on sale of subsidiary            (37,000)             --  
       Total net deferred tax assets             $    548,000      $  548,000  
</TABLE>
     
     The Company has recorded a valuation allowance to reflect the estimated
     amount of deferred tax assets which may not be realized. In assessing the
     realizability of deferred tax assets, management considers whether it is
     more likely than not that some portion or all of the deferred tax assets
     will not be realized.  The ultimate realization of deferred tax assets is
     dependent upon the generation of future taxable income during the periods
     in which those temporary differences become deductible.  Management
     considers the projected future taxable income and tax planning strategies
     in making this assessment.  The Company decreased the valuation allowance
     for net deferred tax assets by $33,000 for the year ended December 31, 
     1998.
     
     At December 31, 1998, the Company had tax net operating loss carryforwards
     of approximately $7,000,000 available to offset future regular taxable
     income, which if unused, will expire from 2000 through 2018.
     
     Additionally, the Company at December 31, 1998 had investment tax credit
     carryforwards of approximately $9,000 available to reduce future Federal
     income taxes, which if unused, will expire in 2000. In addition, the 
     Company has alternative minimum tax credit carryforwards of approximately 
     $262,000, which are available to reduce future Federal income taxes over 
     an indefinite period.
     
     The differences between the Company's effective income tax rate and the
     Federal statutory rate for the years ended December 31 are reconciled 
     below:
<TABLE>
                                              1998       1997         1996
     <S>                                     <C>         <C>         <C>
     Federal statutory rate (benefit)        (34.0)%     34.0%       (34.0)%
     State income tax                          3.8        6.5         (3.6)  
     Non-deductible expenses                   6.6        2.5          6.4   
     Expiration of investment tax credits     32.8        7.4           --   
     Valuation allowance                      (5.4)      (5.2)        31.2   
     Total                                     3.8%      45.2%          -- % 
</TABLE>
     
     Note 7 - Employee Benefit Agreements and 401(k) Plan
     
     Beginning in 1989, the Company entered into employee benefit agreements 
     with certain employees of the Company.  Under the terms of the agreements, 
     the Company buys life insurance policies that build cash surrender value 
     while also providing life insurance benefits for the employee.  The Company
     is entitled to a refund of all previously paid premiums or the cash 
     surrender value of the policy, whichever is lower, if the agreement is 
     terminated prior to the employee attaining the age of 65.  After an 
     employee reaches age 65, the Company is entitled to a refund of all 
     previously paid premiums in ten annual installments.  In the event of 
     death, the Company will immediately be entitled to a refund of all 
     previously paid premiums.  The Company may terminate the agreements at any 
     time by giving written notice to the employee.
     
     Effective January 1, 1995, the Company adopted The Goldfield Corporation 
     and Subsidiaries Employee Savings and Retirement Plan, a defined 
     contribution plan that qualifies under Section 401(k) of the Internal 
     Revenue Code.  The plan provides retirement benefits to all employees who 
     meet eligibility requirements and elect to participate.  Under the plan, 
     participating employees may defer up to 15% of their pre-tax compensation 
     per calendar year subject to Internal Revenue Code limits.  The Company's 
     contributions to the plan are discretionary and amounted to approximately 
     $95,000, $96,000 and $79,000 for the years ended December 31, 1998, 1997 
     and 1996, respectively.
     
     Note 8   Accounts Payable and Accrued Liabilities
     
     Accounts payable and accrued liabilities at December 31 consisted of:
<TABLE>
                                            1998          1997
     <S>                                <C>             <C>
     Accounts payable                   $1,277,929      $430,176
     Bonuses                               331,267       199,382
     Payroll and related expenses          149,300       130,970
     Worker's compensation  
       insurance reserve                    29,927        73,302
     Insurance                              80,157        29,735
     Other                                  36,877        53,714
     Total                              $1,905,457      $917,279
</TABLE>
     
     Note 9 - Preferred and Common Stock
     
     The Series A 7% Voting Cumulative Convertible Preferred Stock ("Series A
     Stock") is convertible into common stock, presently at the rate of 1.144929
     shares of common stock for each share of Series A Stock, and has an annual
     dividend rate of $.07 per share.  The Series A Stock may be redeemed by the
     Company at par.  Holders of the Series A Stock have the same voting rights
     as common stockholders (except under certain circumstances arising from the
     failure to pay dividends on the Series A Stock) and have certain rights not
     held by common stockholders such as preferences in liquidation and
     controlling voting rights in certain mergers, sales and amendments to the
     Certificate of Incorporation.
     
     At December 31, 1998, 26,872,106 shares of Common Stock were issued and
     388,597 shares of Common Stock were reserved for possible conversion of the
     Series A Stock.
     
     Note 10 -  The Goldfield Corporation 1998 Executive Long-Term Incentive
                Plan
     
     In 1998 the stockholders of the Company approved the 1998 Executive Long-
     Term Incentive Plan, which plan permits the granting of Nonqualified Stock
     Options, Incentive Stock Options, Stock Appreciation Rights, Restricted
     Stock, Restricted Stock Units, Performance Units, Performance Share and
     other awards to all officers and key employees of the Company and its
     subsidiaries. Shares granted pursuant to the plan may be authorized but
     unissued shares of Common Stock, Treasury shares or shares purchased on the
     open market.  Sale price for common stock will be based on fair market 
     value at date of grant.  The maximum number of shares available for grant 
     under the plan shall be 1,300,000.
     
     As of December 31, 1998, no options have been granted nor shares issued in
     connection with the Executive Long-Term Incentive Plan.
     
     Note 11   Basic (Loss) Earnings Per Share of Common Stock
     
     Basic (loss) earnings per common share, after deducting dividend
     requirements on the Company's Series A Stock of $23,758 in each of the 
     years ended December 31, 1998, 1997 and 1996 was based on the weighted 
     average number of shares of Common Stock outstanding, excluding 17,358 
     shares of Treasury Stock for each of the years ended December 31, 1998, 
     1997 and 1996. Convertible Preferred Stock is not considered in the
     basic (loss) earnings calculation because its effect would be anti-
     dilutive.
     
     Note 12 - Other Income, Net
     
     Other income, net for the years ended December 31 consisted of:
<TABLE>
                                       1998             1997            1996
     <S>                             <C>              <C>             <C>
     Interest income                 $221,775         $300,241        $283,538 
     Recognized gain on           
       installment sale of        
       subsidiary (Note 5)                 --           66,313          24,360 
     Recognized gain on           
       installment sale of lots        87,785              221              --  
     Gain (loss) on sale of       
       equipment                      (32,215)          14,499          32,288
     Other                             15,501           25,777          48,511 
     Total other income, net         $292,846         $407,051        $388,697 
</TABLE>
                             
     Note 13 - Credit Facility
                             
     Under an unsecured line of credit arrangement expiring April 30, 1999
     (guaranteed by the Company), the Company's electrical construction
     subsidiary may borrow up to $1,000,000 at the bank's prime rate of 
     interest. At December 31, 1998 and 1997, no borrowings were outstanding 
     under this line of credit; however, during 1998 and 1997, $100,000 of the 
     line of credit was reserved for a standby letter of credit for the 
     outstanding self-insured workers compensation claims.  All stated 
     conditions related to this available credit line have been complied with in
     1998 and 1997.
                             
     Note 14 - Acquisition of Fiber Optic Services
                             
     In January 1996, the Company acquired the fixed assets of Fiber Optic
     Services for payments of $173,138 and contingent payments equal to 2 1/2
     times their average pre-tax earnings for the five years ended December 31,
     2000.  This acquisition was accounted for as a purchase.  Accordingly, the
     initial payments were allocated to the fixed assets acquired based upon
     their estimated fair market values. Contingent payments will be treated as
     compensation expense in the period incurred.
                             
     Fiber Optic Services is engaged in the construction of fiber optic
     communication systems throughout the United States primarily for electric
     utilities and communication companies.
                             
     Note 15 - Business Segment Information
                             
     The Company adopted SFAS No. 131, Disclosure About Segments of an
     Enterprise and Related Information, in 1998.  The adoption of this
     statement did not have any effect on either the current or prior years'
     presentation of reportable segments.  The Company is primarily involved
     in two lines of business, mining and electrical construction.  There
     were no material amounts of sales or transfers between lines of
     business and no material amounts of export sales.  Any intersegment 
     sales have been eliminated.  The following table sets forth certain 
     segment information for the periods indicated:
<TABLE>
                                           1998           1997         1996
<S>                                    <C>           <C>            <C>
Sales from operations to
  unaffiliated customers
    Electrical construction            $14,447,808   $13,742,723   $11,628,898  
    Mining                               2,041,259     1,814,583     1,506,797  
Total                                  $16,489,067   $15,557,306   $13,135,695  

Gross profit
  Electrical construction              $ 1,232,711    $1,715,608   $   578,265  
  Mining                                  (656,538)      (82,003)     (179,452) 
Total gross profit                         576,173     1,633,605       398,813  
                             
Interest and other          
  income, net                              292,846       407,051       388,697  
General corporate expenses              (1,455,327)   (1,285,954)   (1,125,348)
  (Loss) income from          
     operations before         
     income taxes                      $  (586,308)   $  754,702   $  (337,838)
                             
Identifiable assets
  Electrical construction              $ 8,916,375   $ 7,365,219   $ 6,459,253  
  Mining                                 2,586,344     2,745,216     2,835,680 
  Corporate                              2,710,430     3,856,107     4,357,310  
Total                                  $14,213,149   $13,966,542   $13,652,243  
                            
Capital expenditures                             
  Electrical construction               $  901,347    $1,120,678      $579,032  
  Mining                                   191,034       152,783        79,783  
  Corporate                                101,303       177,453        77,591  
Total                                   $1,193,684    $1,450,914      $736,406  
                             
Depreciation, amortization
  and depletion
  Electrical construction               $  692,350    $  666,047      $568,127  
  Mining                                   313,701       340,784       306,798  
  Corporate                                 66,825        51,572        41,801  
Total                                   $1,072,876    $1,058,403      $916,726  
</TABLE>
                                                     
     Gross profit is total operating revenue less operating expenses. Gross
     profit excludes general corporate expenses, interest expense, interest
     income and income taxes. Royalty income (loss) is included in the
     calculation of gross profit for the mining segment. Identifiable assets
     by industry are used in the operations of each industry.
                                                     
     Sales (in thousands of dollars) to major customers exceeding 10% of total
     sales follows:
<TABLE>
                             1998               1997               1996
                                  % of               % of                % of
                                 Total              Total               Total
                        Amount   Sales     Amount   Sales     Amount    Sales   
<S>                     <C>       <C>      <C>       <C>     <C>        <C>
 Electrical construction
   Customer A                              $2,910     19      $2,171     17
   Customer B                                                  3,081     23
   Customer C                               1,526     10
   Customer D           $2,321     14       3,383     22
   Customer E            2,490     15
</TABLE>
                                                                      
Item 9.  Changes In and Disagreements With Accountants on Accounting and
         Financial Disclosure.
None.
     
                                  PART III
                              
     Item 10.  Directors and Executive Officers of the Registrant.
     
     Information concerning the directors of the Company will be contained under
     "Election of Directors" in the Company's 1999 Proxy Statement, which
     information is incorporated by reference.
     
     The executive officers of the Company are as follows:
<TABLE>
                                       Year In Which
                                       Service Began
          Name and Title(1)              As Officer             Age
      <S>                                  <C>                  <C>
      John H. Sottile
        Chairman of the Board of
        Directors, President and 
        Chief Executive Officer,
        Director                            1983                 51
     
      John M. Starling
        Secretary, Director                 1996                 69
                                 
      Stephen R. Wherry,
        Vice President, Treasurer
        and Chief Financial Officer         1988                 40
                                           
     (1)  As of March 1, 1999.
</TABLE>
     
     Throughout the past five years John H. Sottile and Stephen R. Wherry have
     been principally employed as executive officers of the Company.
     
     John H. Sottile has served as Chairman of the Board of Directors since May
     1998.
     
     John M. Starling has been an executive officer of the Company since March
     15, 1996.  Since June 1998, Mr. Starling has been the principal for the law
     firm of John M. Starling, P.A.  From March 1998 to June 1998, Mr. Starling
     acted as Of Counsel for the law firm of Dwight W. Severs & Associates, P.A.
     Between January 1, 1995 and March 1, 1998, Mr. Starling acted as Of Counsel
     for the law firm of Severs, Stadler & Harris, P.A.  Prior to such time, Mr.
     Starling was a member of the law firm of Holland, Starling, Severs, Stadler
     & Friedland, P.A.
     
     The term of office of all directors is until the next annual meeting and 
     the term of office of all officers is for one year and until their 
     successors are chosen and qualify.
     
     Item 11.  Executive Compensation.
     
     Information concerning executive compensation will be contained under
     "Executive Compensation" in the Company's 1999 Proxy Statement, which
     information is incorporated herein by reference.
     
     Item 12.  Security Ownership of Certain Beneficial Owners and Management.
     
     Information concerning the security ownership of the directors and officers
     of the registrant will be contained under "Ownership of Voting Securities
     by Certain Beneficial Owners and Management" in the Company's 1999 Proxy
     Statement, which information is incorporated herein by reference.
     
     Item 13.  Certain Relationships and Related Transactions.
     
     Information concerning relationships and related transactions of the
     directors and officers of the Company will be contained under "Election of
     Directors" in the Company's 1999 Proxy Statement, which information is
     incorporated herein by reference.
                             

                                    PART IV
     
      Item 14.  Exhibits, Financial Statement Schedules, and
                Reports on Form 8-K.
     
     
(a) Financial Statements                                            Page
     
Report of Independent Certified Public Accountants                   15
     
Consolidated Balance Sheets - December 31, 1998        
  and 1997                                                           16
     
Consolidated Statements of Operations - Three Years         
  ended December 31, 1998                                            17
     
Consolidated Statements of Cash Flows - Three Years
  ended December 31, 1998                                            18
     
Consolidated Statements of Stockholders' Equity -
  Three Years ended December 31, 1998                                19
     
Notes to Consolidated Financial Statements                           20
     
(b) Reports on Form 8-K
     
     No reports on Form 8-K were filed during the fourth quarter ended
     December 31, 1998.
      
(c) Exhibits
     
 3-1     Restated Certificate of Incorporation of the Company, as
         amended, is hereby incorporated by reference to Exhibit 3-1 of the 
         Company's Annual Report on Form 10-K for the year ended December 31, 
         1987, heretofore filed with the Commission (file No. 1-7525).
     
 3-2      By-Laws of the Company, as amended, is hereby incorporated
          by reference to Exhibit 3-2 of the Company's Annual Report on 
          Form 10-K for the year ended December 31, 1987, heretofore filed 
          with the Commission (file No. 1-7525).
     
 4-1      Action by Unanimous Consent of Holders of Preferred Stock as of 
          September 30, 1979 permanently waiving mandatory redemption is
          hereby incorporated by reference to Exhibit 3-5 of the Company's
          Registration Statement on Form S-l, No. 2-65781, heretofore filed 
          with the Commission on November 28, 1979.
     
 4-2      Specimen copy of Company's Common Stock certificate is hereby
          incorporated by reference to Exhibit 4-5 of the Company's Annual
          Report on Form 10-K for the year ended December 31, 1987,
          heretofore filed with the Commission (file No. 1-7525).
      
*4-3      The Goldfield Corporation 1998 Executive Long-Term Incentive
          Plan.
     
 10-2     Employment Agreement effective January 15, 1985 between The
          Goldfield Corporation and John H. Sottile is hereby incorporated
          by reference to Exhibit 10-6 of the Company's Registration
          Statement on Form S-l, No. 33-3866, heretofore filed with the
          Commission on March 10, 1986.
      
 10-2(a)  Amendment dated February 25, 1986 to the Employment Agreement
          included in Exhibit 10-2 is hereby incorporated by reference to
          Exhibit 10-6(a) of the Company's Registration Statement on Form
          S-l, No. 33-3866, heretofore filed with the Commission on March
          10, 1986.
 
 10-2(b)  Amendment dated September 23, 1988 to Employment Agreement
          effective January 15, 1985 between The Goldfield Corporation and
          John H. Sottile is hereby incorporated by reference to Exhibit
          10-2(b) to the Company's report on Form 10-Q for the quarter
          ended September 30, 1988, heretofore filed with the Commission
          (file No. 1-7525).
     
 10-2(c)  Amendment dated February 27, 1990 to Employment Agreement
          effective January 15, 1985 between The Goldfield Corporation and
          John H. Sottile, is hereby incorporated by reference to Exhibit
          10-2(c) of the Company's Annual Report on Form 10-K for the year
          ended December 31, 1989, heretofore filed with the Commission
          (file No. 1-7525).
     
 10-2(d)  Amendment dated January 29, 1992 to Employment Agreement
          effective January 15, 1985 between The Goldfield Corporation and
          John H. Sottile, is hereby incorporated by reference to Exhibit
          10-2(d) of the Company's Annual Report on Form 10-K for the year
          ended December 31, 1991, heretofore filed with the Commission
          (file No. 1-7525).
     
 10-2(e)  Amendment dated September 15, 1995 to Employment Agreement
          effective January 15, 1985 between The Goldfield Corporation and
          John H. Sottile, is hereby incorporated by reference to Exhibit
          10-2(e) of the Company's report on Form 10-Q for the quarter
          ended September 30, 1995, heretofore filed with the Commission
          (file No. 1-7525).
     
 10-3     Employment Agreement dated January 1, 1986 among John H. Sottile,
          Southeast Power Corporation and The Goldfield Corporation is
          hereby incorporated by reference to Exhibit 10-8 of the Company's
          Registration Statement on Form S-l, No. 33-3866, heretofore filed
          with the Commission on March 10, 1986.
     
 10-3(a)  Amendment No. 1 to Employment Agreement dated January 1, 1986
          among John H. Sottile, Southeast Power Corporation and The
          Goldfield Corporation is hereby incorporated by reference to
          Exhibit 10-4(a) of the Company's report on Form 10-Q for the
          quarter ended September 30, 1988, heretofore filed with the
          Commission (file No. 1-7525).
     
 10-3(b)  Amendment No. 2 to Employment Agreement dated January 1, 1986
          among John H. Sottile, Southeast Power Corporation and The
          Goldfield Corporation, is hereby incorporated by reference to
          Exhibit 10-4(b) of the Company's Annual Report  on Form 10-K for
          the year ended December 31, 1991, heretofore filed with the
          Commission (file No. 1-7525).
     
 10-3(c)  Amendment dated September 11, 1995 to Employment Agreement
          effective January 1, 1986 between Southeast Power Corporation and
          John H. Sottile, is hereby incorporated by reference to Exhibit
          10-4(c) of the Company's report on Form 10-Q for the quarter
          ended September 30, 1995 heretofore filed with the Commission
          (file No. 1-7525).
     
 10-4     Employee Benefit Agreement dated November 20, 1989 between The
          Goldfield Corporation and John H. Sottile, is hereby incorporated
          by reference to Exhibit 10-5 of the Company's Annual Report on
          Form 10-K for the year ended December 31, 1989, heretofore filed
          with the Commission (file No. 1-7525).
     
 10-5     Employee Benefit Agreement dated November 16, 1989 between The
          Goldfield Corporation and Stephen R. Wherry, is hereby
          incorporated by reference to Exhibit 10-6 of the Company's Annual
          Report on Form 10-K for the year ended December 31, 1989,
          heretofore filed with the Commission (file No. 1-7525).
     
 10-6     Stock Purchase Agreement dated April 12, 1993 between Florida
          Transport Corporation and Royalstar Southwest, Inc. relating to
          the sale of San Pedro Mining Corporation is hereby incorporated
          by reference to Exhibit 10-13 of the Company's Annual Report on
          Form 10-K for the year ended December 31, 1993, heretofore filed
          with the Commission.
 
 10-6(a)  Amendment dated April 3, 1996 to Promissory Note dated April 12,
          1993 between Florida Transport Corporation and The San Pedro
          Mining Corporation, Royalstar Resources Ltd., and Royalstar
          Southwest is hereby incorporated by reference to Exhibit 10-6(a)
          of the Company's Annual Report on Form 10-K for the year ended
          December 31, 1996, heretofore filed with the Commission (file No.
          1-7525).
     
 10-6(b)  Amendment dated February 18, 1997 to Promissory Note dated April
          12, 1993 between Florida Transport Corporation and The San Pedro
          Mining Corporation, Royalstar Resources Ltd., and Royalstar
          Southwest is hereby incorporated by reference to Exhibit 10-6(b)
          of the Company's Annual Report on Form 10-K for the year ended
          December 31, 1996, heretofore filed with the Commission (file No.
          1-7525).
     
 10-6(c)  Amendment dated May 2, 1997 to Promissory Note dated April 12,
          1993 between Florida Transport Corporation and The San Pedro
          Mining Corporation, Royalstar Resources Ltd., and Royalstar
          Southwest is hereby incorporated by reference to Exhibit 10-6(c)
          of the Company's report on Form 10-Q for the quarter ended March
          31, 1997, heretofore filed with the Commission (file No. 1-7525).

 10-6(d)  Amendment dated December 23, 1997 to the Modification of Secured
          Term Note, Mortgage, Security Agreement and Financing
          Statements between Florida Transport Corporation and The San
          Pedro Mining Corporation, Royalstar Resources Ltd. and
          Royalstar Southwest, Inc.
     
  10-7    The Goldfield Corporation and Subsidiaries Standardized Adoption
          Agreement and Prototype Cash or Deferred Profit-Sharing Plan and
          Trust Basic Plan Document #3 effective January 1, 1995, is hereby
          incorporated by reference to Exhibit 10-9 of the Company's report
          on Form 10-Q for the quarter ended March 31, 1995, heretofore
          filed with the Commission (file No. 1-7525).
     
  10-8    Royalty Agreement dated February 19, 1982 between Bow Valley Coal
          Resources, Inc. and Northern Goldfield Investments, Ltd., Inc.
          is hereby incorporated by reference to Exhibit 10-8 of the
          Company's Annual Report on Form 10-K for the year ended December
          31, 1996, heretofore filed with the Commission (file No. 1-7525).

 10-8(a)  Amendment dated February 14, 1997 to Royalty Agreement dated
          February 19, 1982 between Great Western Coal Inc. dba New
          Horizons Coal Inc. and The Goldfield Corporation is hereby
          incorporated by reference to Exhibit 10-8(a) of the Company's
          Annual Report on Form 10-K for the year ended December 31, 1996,
          heretofore filed with the Commission (file No. 1-7525).
     
 11       For computation of per share earnings, see note 11 of notes to
          consolidated financial statements.
     
*21       Subsidiaries of Registrant
     
*23       Consent of Independent Auditors
     
*24       Powers of Attorney

 (a)      Powers of Attorney
      
 (b)      Certified resolution of the Registrant's Board of Directors
          authorizing officers and directors signing on behalf of the 
          Registrant to sign pursuant to a power of attorney.
     
*27       Financial Data Schedule (submitted electronically for SEC
          information only)
      
* Filed herewith.
     

                                 SIGNATURES
     
     Pursuant to the requirements of Section 13 or 15 (d) of the Securities
     Exchange Act of 1934, the Registrant has duly caused this report to be
     signed on its behalf by the undersigned, thereunto duly authorized.
     
     Dated:  March 10, 1999
     
     THE GOLDFIELD CORPORATION
     
     By   /s/  John H. Sottile     
          (John H. Sottile)
          Chairman of the Board of Directors, President, Chief Executive 
          Officer and Director
     
     Pursuant to the requirements of the Securities Exchange Act of 1934, this
     report has been signed below by the following persons on behalf of the
     Registrant and in the capacities indicated on March 10, 1999.
     
         Signature                                        Title     
     
     /s/  John H. Sottile                       Chairman of the Board of 
     (John H. Sottile)                          Directors, President, Chief
                                                Executive Officer and Director
     
     /s/  Stephen R. Wherry                     Vice President, Finance
     (Stephen R. Wherry)                        and Chief Financial Officer
                                                (Principal Financial Officer),
                                                Treasurer and Principal
                                                Accounting Officer
     
               *                                Director and Secretary
     (John M. Starling)
     
               *                                Director
     (John P. Fazzini)
     
               *                                Director
     (Danforth E. Leitner)
     
               *                                Director
     (Dwight W. Severs)
     
     
     *By: /s/ John H. Sottile                         
     John H. Sottile
     Attorney-in-Fact