SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549
                                    
                                    
                                FORM 10-Q
                                    
                                    
                               (Mark One)
                                    
                                     
   [x]  Quarterly Report Pursuant to Section 13 or 15(d) of the
   Securities Exchange Act of 1934
   
   For the quarterly period ended           September 30, 1996        
   
   
                                     OR                             
                                  
   [ ] Transition Report Pursuant to Section 13 or 15(d) of the
   Securities Exchange Act of 1934
   
   For the transition period from ________________ 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 Identification No.)
    incorporation or organization)
   
   
   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)
   
                      
   
   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         
   
   There were 26,854,748 shares of common stock, par value $.10 per
   share, of The Goldfield Corporation outstanding as of October 31,
   1996.
   
   
                       PART I.  FINANCIAL INFORMATION
   
   Item 1. Financial Statements.

<TABLE>
                          THE GOLDFIELD CORPORATION
                               and Subsidiaries
    
                         CONSOLIDATED BALANCE SHEETS
                                 (Unaudited)
                 
                                                                
                                                    September 30, December 31,
   ASSETS                                               1996          1995
   <S>                                               <C>          <C>
   Current assets
     Cash and cash equivalents                       $ 3,891,350  $ 4,447,810 
     Accounts receivable and accrued billings          2,890,839    1,538,039 
     Current portion of notes receivable (Note 2)        213,266      191,438 
     Inventories (Note 3)                                219,526      165,608 
     Costs and estimated earnings in excess of
       billings on uncompleted contracts                 420,257      639,186 
     Prepaid expenses and other current assets            45,434      162,470 
       Total current assets                            7,680,672    7,144,551 
   
   Properties, net                                     4,602,588    4,355,900 
   
   Notes receivable, less current portion (Note 2)       652,500      810,000 
   
   Deferred charges and other assets
     Deferred income taxes (Note 4)                      860,000      860,000 
     Repurchased royalties at cost, net                  141,252      160,810 
     Cash surrender value of life insurance              550,277      515,499 
       Total deferred charges and other assets         1,551,529    1,536,309 
   
   Total assets                                      $14,487,289  $13,846,760 
   
   LIABILITIES AND STOCKHOLDERS' EQUITY
   
   Current liabilities
     Accounts payable and accrued liabilities        $ 1,444,200  $   819,847 
     Billings in excess of costs and estimated
       earnings on uncompleted contracts                 188,146       35,151 
     Current portion of long-term obligation (Note 5)     20,000           -- 
     Current portion of deferred gain (Note 2)            48,720       48,720 
       Total current liabilities                       1,701,066      903,718 
   
   Long-term obligation, less current 
     portion (Note 5)                                    280,000           -- 
   
   Deferred gain on installment sale, less
     current portion (Note 2)                            113,680      138,040 
                                              
   Total liabilities                                   2,094,746    1,041,758 
   
   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            339,407      339,407 
     Common stock, $.10 par value per share, 
       40,000,000 shares authorized; issued 
       26,872,106 shares                               2,687,211    2,687,211 
     Capital surplus                                  18,369,860   18,369,860 
     Retained earnings (deficit)                      (8,985,215)  (8,572,756)
       Total                                          12,411,263   12,823,722 
   Less common stock in treasury, 
     17,358 shares, at cost                               18,720       18,720 
       Total stockholders' equity                     12,392,543   12,805,002 
   
   Total liabilities and stockholders' equity        $14,487,289  $13,846,760 
   
   See accompanying Notes to Consolidated Financial Statements
</TABLE>

<TABLE>
   
                          THE GOLDFIELD CORPORATION
                              and Subsidiaries
                                    
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                                (Unaudited)


                                 Three Months Ended       Nine Months Ended
                                    September 30,           September 30,
                                   1996       1995        1996        1995
<S>                            <C>         <C>         <C>         <C>
Revenue
  Electrical construction      $3,695,739  $3,398,695  $8,745,285  $7,751,370 
  Mining                          437,882     501,663   1,174,214   1,403,550 
  Royalty income                       --      39,501          --     113,580 
  Other income, net               114,792     160,685     302,978     435,308 
    Total revenue               4,248,413   4,100,544  10,222,477   9,703,808 
  
Costs and expenses
  Electrical construction       3,062,825   3,552,692   8,047,964   7,613,880 
  Mining                          392,457     419,105   1,063,970   1,269,798 
  Depreciation                    235,810     228,405     685,480     623,993 
  Amortization of repurchased 
    royalties                       6,519       6,519      19,558      19,558 
  General and administrative      227,180     245,043     800,145     794,701 
    Total costs and expenses    3,924,791   4,451,764  10,617,117  10,321,930 

Income (loss) from operations
  before income taxes             323,622    (351,220)   (394,640)   (618,122)

Income taxes (Note 4)                  --      18,000          --      62,000 

Net income (loss)                 323,622    (369,220)   (394,640)   (680,122)

Preferred stock dividends           5,940       5,940      17,819      17,819 

Earnings (loss) available
  to common stockholders         $317,682   $(375,160)  $(412,459)  $(697,941)

Earnings (loss) per share 
  of common stock (Note 6)         $ 0.01      $(0.01)     $(0.02)     $(0.03)

Weighted average number 
  of shares outstanding        26,854,748  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
                                 (Unaudited)

                                    Three Months Ended     Nine Months Ended
                                      September 30,          September 30,
                                     1996       1995       1996       1995
<S>                                <C>        <C>        <C>        <C>
Cash flows from operating
activities
  Net income (loss)                $ 323,622  $(369,220) $(394,640) $(680,122)
Adjustments to reconcile net 
  income (loss) to net cash  
  provided from (used by)
  operating activities                                         
Depreciation and amortization        242,329    234,924    705,038    643,551 
Deferred income taxes                     --     18,000         --     62,000 
Deferred gain on sale of 
  subsidiary                         (10,150)   (12,180)   (24,360)   (36,540)
Loss (gain) on sale of property 
  and equipment                      (23,923)   (35,059)   (26,614)   (70,640)
Decrease (increase) in accounts 
  receivable and accrued 
  billings                        (1,452,139)   414,007 (1,352,800)   (49,114)
Decrease (increase) in inventories   (11,457)    43,208    (53,918)    (8,385)
Decrease (increase) in costs and 
  estimated earnings in excess of
  billings on uncompleted contracts  492,346    140,732    218,929    (56,487)
Decrease (increase) in prepaid 
  expenses and other current assets   65,959    (80,709)   117,036     (5,854)
Increase in cash surrender value
  of life insurance                  (30,077)   (44,431)   (34,778)   (44,853)
Increase (decrease) in accounts 
  payable and accrued liabilities    693,486   (233,823)   624,353    532,049 
Increase in billings in excess of
  costs and estimated earnings on 
  uncompleted contracts              186,157    192,086    152,995    168,552 
    Total adjustments                152,531    636,755    325,881  1,134,279 
    Net cash provided from 
      (used by) operating
      activities                     476,153    267,535    (68,759)   454,157 
         
Cash flows from investing activities
  Proceeds from the disposal of 
    fixed assets                      35,093     46,077     43,101     82,070 
  Payments made to grant loans       (30,000)        --    (60,726)  (300,000)
  Collections from notes receivable   42,475     67,140    196,398    168,102 
  Purchases of fixed assets         (185,013)  (445,468)  (475,517)  (900,796)
  Payments made to acquire fixed
    assets of Fiber Optic Services        --         --   (173,138)        --  
      Net cash used by 
        investing activities        (137,445)  (332,251)  (469,882)  (950,624)
         
Cash flows from financing activities
  Payments of preferred 
    stock dividends                   (5,940)    (5,940)   (17,819)   (17,819)
      Net cash used by financing 
        activities                    (5,940)    (5,940)   (17,819)   (17,819)

Net increase (decrease) in 
  cash and cash equivalents          332,768    (70,656)  (556,460)  (514,286)
Cash and cash equivalents at 
  beginning of period              3,558,582  5,431,908  4,447,810  5,875,538 
Cash and cash equivalents 
  at end of period                $3,891,350 $5,361,252 $3,891,350 $5,361,252 

Interest paid                            $--        $--        $--        $--
Taxes paid                                --         --         --         --

See accompanying Notes to Consolidated Financial Statements
</TABLE>

                          THE GOLDFIELD CORPORATION
                              and Subsidiaries
                                   
                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             September 30, 1996
                                   
     
     Note 1 - Basis of Presentation
     
     In the opinion of management, the accompanying unaudited interim
     consolidated financial statements include all adjustments necessary
     to present fairly the financial position of the Company, the results
     of its operations and changes in cash flows for the interim periods
     reported.  These adjustments are of a normal recurring nature.  All
     financial statements presented herein are unaudited.  However, the
     balance sheet as of December 31, 1995, was derived from the audited
     consolidated balance sheet.  These statements should be read in
     conjunction with the financial statements included in the Company's
     annual report on Form 10-K for the year ended December 31, 1995. 
     The results of operations for the interim periods shown in this
     report are not necessarily indicative of results to be expected for
     the fiscal year.
     
     Note 2 - Sale of Mining Subsidiary
     
     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 through January 2000, with the exception of six
     installments being reduced to $7,500 payable February 1996 through
     July 1996 as a result of an amendment dated April 3, 1996.  The note
     bears interest at the rate of prime plus 1% (9.25% at September 30,
     1996) payable monthly and is secured by a first real estate mortgage
     and personal property security agreement upon substantially all of
     the assets of and a pledge of all of the outstanding capital stock
     of San Pedro.
     
     Since the purchaser's initial investment in the property amounted to
     less than 20% of the sale price, the installment method of profit
     recognition was used resulting in a deferred gain of $330,214.  In
     the nine months ended September 30, 1996 and 1995, $24,360 and
     $36,540, respectively, of such deferred gain was recognized as
     revenue.  The installment method recognizes proportionate amounts of
     the gain associated with the transaction as cash is received.
     
     The primary assets of San Pedro were represented by mining
     properties with a net book value of $889,786 at the date of sale.
     
     Note 3 - Inventories
     
     Inventories are summarized as follows:
<TABLE>
                                                              
                                              September 30,   December 31,
                                                  1996           1995    
       <S>                                      <C>             <C>
       Materials and supplies                   $131,878        $111,856
       Industrial mineral products                61,979          46,838
       Ores in process                            25,669           6,914
       Total inventories                        $219,526        $165,608
</TABLE>
     
     Note 4 - Income Taxes
     
     The income tax provision (benefit) consists of the following:

<TABLE>
                           Three Months              Three Months
                        Ended September 30,        Ended September 30,
                              1996                       1995
       <S>                  <C>                        <C> 
       Current
         Federal            $    --                    $    --
         State                   --                         --
                                 --                         --
       Deferred
         Federal                 --                     15,000
         State                   --                      3,000
       Total                $    --                    $18,000
     
     
                             Nine Months              Nine Months
                         Ended September 30,       Ended September 30,
                               1996                       1995
       Current
         Federal            $    --                    $    -- 
         State                   --                         -- 
                                 --                         -- 
     
       Deferred
         Federal                 --                     52,000 
         State                   --                     10,000 
       Total                $    --                    $62,000 
</TABLE>
     
     
     The deferred income tax benefit as of September 30, 1996 and 1995
     represents the portion of deferred tax assets that the Company
     estimates will ultimately be realized.
     
     Temporary differences and carryforwards which give rise to
     deferred tax assets and liabilities as of September 30, 1996 and
     December 31, 1995 are as follows:

<TABLE>
     
                                              September 30,    December 31,
                                                  1996            1995
     <S>                                      <C>              <C> 
     Deferred tax assets
       Depletion, mineral rights
         and deferred development
         and exploration cost                 $  324,000       $   325,000 
       Accrued workers' compensation
         costs                                    66,000            99,000 
       Accrued vacation and bonus                 27,000            15,000 
       Property and equipment,
         principally due to differences
         in depreciation and valuation
         write-downs                             363,000           389,000 
       Net operating loss carryforwards        2,870,000         2,685,000 
       Investment tax credit
         carryforwards                           264,000           295,000 
       Alternative minimum tax 
         credit carryforwards                    256,000           256,000 
                                               4,170,000         4,064,000 
     Valuation allowance                      (3,310,000)       (3,204,000)
       Total net deferred tax assets             860,000           860,000 
     Deferred tax liabilities                         --                -- 
     Net deferred tax assets                  $  860,000       $   860,000 
</TABLE>
     
     The Company has recorded a valuation allowance in accordance with
     the provisions of SFAS 109 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 increased the
     valuation allowance for net deferred tax assets by approximately
     $106,000 and $235,000 for the nine months ended September 30, 1996
     and 1995, respectively.
     
     At September 30, 1996, the Company had tax net operating loss
     carryforwards of approximately $7,500,000 available to offset
     future regular taxable income, which if unused, will expire from
     1999 through 2011.
     
     Additionally, the Company has investment tax credit carryforwards
     of approximately $264,000 available to reduce future Federal
     income taxes, which if unused, will expire from 1997 through 2000. 
     In addition, the Company has alternative minimum tax credit
     carryforwards of approximately $256,000 which are available to
     reduce future Federal income taxes over an indefinite period.
     
     Note 5 - Acquisition of Fiber Optic Services
     
     In January 1996, the Company acquired the fixed assets of Fiber
     Optic Services for payments of $173,138 and future payments equal
     to 2 1/2 times their average pre-tax earnings for the five years
     ended December 31, 2000.  The future payments have been estimated
     to be $300,000 and have been recorded on the balance sheet of the
     Company as a long-term obligation.  This acquisition was accounted
     for as a purchase.  Accordingly, the initial payments and estimated
     amount of additional payments based on earnings were allocated to
     the fixed assets acquired based upon their estimated fair market
     values.  Proforma effects of this acquisition for the nine months
     ended September 30, 1995 are considered immaterial.
     
     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 6 - Earnings (Loss) Per Share of Common Stock
     
     Earnings (loss) per common share, after deducting dividend
     requirements on the Company's Preferred Stock of $17,819 in each of
     the nine month periods ended September 30, 1996 and 1995, were based
     on the weighted average number of shares of Common Stock
     outstanding, excluding average shares of Treasury stock, of 17,358
     for each of the nine month periods ended September 30, 1996 and
     1995.  The Common Stock issuable upon conversion of Preferred Stock 
     has not been included in the per share calculations because such 
     inclusion would not have a material effect on the earnings (loss) 
     per common share.
     
     
     Item 2.  Management's Discussion and Analysis of Financial Condition
              and Results of Operations.
     
     Results of Operations - Nine Months Ended September 30, 1996
     Compared to Nine Months Ended September 30, 1995.
     
     Net Income (Loss)
     
     The Company incurred a net loss of $394,640 for the nine months
     ended September 30, 1996, compared to a net loss of $680,122 for the
     nine months ended September 30, 1995.  The smaller net loss in the 1996
     period primarily resulted from generally improved profit margins on 
     electrical construction.
     
     Revenues
     
     Total revenues for the nine months ended September 30, 1996 were
     $10,222,477, compared to $9,703,808 in the like 1995 period.  The 
     increase in revenues was attributable to electrical construction
     operations.    
     
     Electrical construction revenue increased by 13% in the nine months
     ended September 30, 1996 to $8,745,285 from $7,751,370 for the nine
     months ended September 30, 1995.  The increase in electrical
     construction revenue was primarily due to revenue from the newly
     acquired subsidiary, Fiber Optic Services, which was $633,460 for
     the nine months ended September 30, 1996. 
     
     Revenue from mining operations for the nine months ended September
     30, 1996 decreased by 16% to $1,174,214 from $1,403,550 for the like
     period in 1995.  Mining revenue decreased primarily as a result of
     the change in the needs of one customer which accounted for
     approximately 56% of zeolite sales for the nine months ended
     September 30, 1995, as compared to only 5% to the same customer for
     the nine months ended September 30, 1996.  During 1996, the Company
     succeeded in establishing relations with new customers replacing a
     significant portion of these lost sales.

     Operating Results
     
     Electrical construction operations had an operating profit of
     $253,791 during the nine months ended September 30, 1996, compared
     to an operating loss of $246,158 for the nine months ended September
     30, 1995.  Improvement in operating results for the 1996 period was
     due to generally improved profit margins which more than offset the
     loss incurred on a single construction project completed in July
     1996.  The varying magnitude and duration of electrical
     construction projects may result in substantial fluctuation in the
     Company's backlog from time to time.  At September 30, 1996, the
     approximate value of uncompleted contracts was $800,000, compared
     to $3,480,000 at February 14, 1996 and $3,240,000 at September 30,
     1995. 
     
     During the nine months ended September 30, 1996, the operating loss
     from mining operations was $120,764, compared to an operating profit
     of $25,679 during the nine months ended September 30, 1995. 
     Operating profit(loss) includes royalty income and depreciation
     expense.  The decrease in operating results from mining operations
     in the nine months ended September 30, 1996 was primarily due to the
     decrease in royalty income. There was no royalty income recognized
     during the nine months ended September 30, 1996, compared to
     $113,580 during the nine months ended September 30, 1995.  During
     1995, the lessee suspended mining operations at Harlan Fuel Company
     and the Company is, therefore, currently entitled to receive only
     the annual minimum royalties of $150,000. Such annual minimum
     royalties are payable January 31st of the year following and will be
     recognized when realization of the income is assured.  
     
     The St. Cloud Mining Company, a wholly-owned subsidiary of the
     Company ("St. Cloud"), sold 11,014 tons of natural zeolite during
     the nine months ended September 30, 1996, compared to 16,222 tons
     during the nine months ended September 30, 1995.
     
     In the nine months ended September 30, 1996, St. Cloud sold 2,026
     tons of construction aggregate, compared to 12,353 tons sold during
     the nine months ended September 30, 1995.
     
     Surface and underground mining of base and precious metals has been
     halted at St. Cloud since the third quarter of 1991 and the first
     quarter of 1992, respectively, due to declining prices and mine
     grades.  St. Cloud's viability is sensitive to the future price of
     base and precious metals, particularly silver.
     
     During the nine months ended September 30, 1996, The Lordsburg
     Mining Company, a wholly-owned subsidiary of the Company
     ("Lordsburg"), sold 15,190 tons of barren, siliceous flux to copper
     smelters, compared to 12,187 tons sold during the nine months ended
     September 30, 1995.  Lordsburg also sold 13,685 tons of construction
     aggregate material during the nine months ended September 30, 1996,
     compared to 11,873 tons sold during the nine months ended September
     30, 1995.
     
     Production from underground mining at Lordsburg, 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 limited production of
     construction aggregates and siliceous flux at Lordsburg, a final
     decision with respect to the future operations at Lordsburg has not
     been reached.  
     
     Other Income
     
     Other income for the nine months ended September 30, 1996 was
     $302,978, compared to $435,308 for the nine months ended September
     30, 1995.  The decrease was primarily attributable to decreased
     interest income.
     
     Costs and Expenses
     
     Electrical construction costs were $8,047,964 and $7,613,880 for the
     nine months ended September 30, 1996 and September 30, 1995,
     respectively.  The increase in cost was attributable to the higher
     level of operations.
      
     Depreciation and amortization was $705,038 in the nine months ended
     September 30, 1996, compared to $643,551 in the nine months ended
     September 30, 1995.
     
     General corporate expenses of the Company were $830,645 in the nine
     months ended September 30, 1996, compared to $832,951 in the nine
     months ended September 30, 1995.
     
     Results of Operations - Three Months Ended September 30, 1996
     Compared to Three Months Ended September 30, 1995.
     
     Net Income (Loss)
     
     The Company earned a net income of $323,622 for the three months
     ended September 30, 1996, compared to a net loss of $369,220 for the
     three months ended September 30, 1995.  The improvement in the 1996
     period primarily resulted from increased profit margins in
     electrical construction.
     
     Revenues
     
     Total revenues for the three months ended September 30, 1996 were
     $4,248,413, compared to $4,100,544 in the like 1995 period.  The 
     increase in revenues was attributable to electrical construction
     operations.    
     
     Electrical construction revenue increased by 9% in the three months
     ended September 30, 1996 to $3,695,739 from $3,398,695 for the three
     months ended September 30, 1995.  Revenue from the newly acquired
     subsidiary, Fiber Optic Services, was $263,951 for the three months
     ended September 30, 1996. 
     
     Revenue from mining operations for the three months ended September
     30, 1996 decreased by 13% to $437,882 from $501,663 for the third
     quarter of 1995.  Mining revenue decreased as a result of the change
     in the needs of one customer which accounted for approximately 49%
     of zeolite sales for the quarter ended September 30, 1995, compared
     to no sales to this customer in the quarter ended September 30,
     1996.
     
     Operating Results
     
     Electrical construction operations had an operating profit of
     $476,775 during the three months ended September 30, 1996, compared
     to an operating loss of $302,081 for the three months ended
     September 30, 1995.  The improvement in the 1996 period primarily
     resulted from increased profit margins in electrical construction.
     
     During the three months ended September 30, 1996, the operating loss
     from mining operations was $29,465, compared to an operating profit
     of $47,969 during the three months ended September 30, 1995. 
     Operating profit(loss) includes royalty income and depreciation
     expense.  The decrease in operating results from mining operations
     in the third quarter of 1996 was primarily due to the decrease in
     royalty income and aggregate material sales.  There was no royalty
     income recognized during the third quarter of 1996 compared to
     $39,501 in the third quarter of 1995.  
     
     St. Cloud sold 3,815 tons of natural zeolite in the third quarter of
     1996, compared to 4,843 tons in the third quarter of 1995.
     
     In the three months ended September 30, 1996, St. Cloud sold 26 tons
     of construction aggregate, compared to 12,353 tons of construction
     aggregate sold in the three months ended September 30, 1995.
     
     During the three months ended September 30, 1996 Lordsburg sold
     8,095 tons of barren, siliceous flux to copper smelters, compared to
     7,477 tons sold during the three months ended September 30, 1995. 
     Lordsburg also sold 3,426 tons of construction aggregate material
     during the three months ended September 30, 1996, compared to 44
     tons sold during the three months ended September 30, 1995.
     
     Other Income
     
     Other income for the three months ended September 30, 1996 was
     $114,792, compared to $160,685 for the three months ended September
     30, 1995.  The decrease was primarily due to a decrease in interest
     income. 
     
     Costs and Expenses
     
     Electrical construction costs were $3,062,825 and $3,552,692 for the
     three months ended September 30, 1996 and September 30, 1995,
     respectively.
      
     Depreciation and amortization was $242,329 in the three months ended
     September 30, 1996, compared to $234,924 in the three months ended
     September 30, 1995.
     
     General corporate expenses of the Company were $238,480 in the three
     months ended September 30, 1996, compared to $257,793 in the three
     months ended September 30, 1995.
                                  
                                  
                       Liquidity and Capital Resources
                                   
     Cash and cash equivalents as of September 30, 1996 were $3,891,350 
     compared to $4,447,810 as of December 31, 1995 and $5,361,252 at
     September 30, 1995.  Working capital at September 30, 1996 was
     $5,979,606, compared to $6,240,833 at December 31, 1995 and
     $6,382,881 at September 30, 1995.  The Company's ratio of current
     assets to current liabilities was 4.5 to 1 at September 30, 1996,
     compared to 7.9 to 1 at December 31, 1995 and 5.4 to 1 at September
     30, 1995.  
     
     The Company paid cash dividends on its Series A Preferred Stock in
     the amount of $17,819 in each of the nine months ended September 30,
     1996 and 1995.  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 Corporation ("Southeast Power"), a wholly-owned subsidiary of
     the Company, and SunTrust Bank, 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,
     1997 at which time the Company expects to renew it for an additional
     year.  No borrowings were outstanding under this line of credit
     during the nine months ended September 30, 1996 and 1995.
                   
     The Company's capital expenditures for the nine months ended
     September 30, 1996 were $948,655, compared to $900,796 for the nine
     months ended September 30, 1995.  The capital expenditures for 1996
     include the acquisition of the fixed assets of Fiber Optic Services
     for $473,138 as described in Note 5 of Notes to Consolidated
     Financial Statements. 
     
                               
                               
                         PART II.  OTHER INFORMATION
                               
                                
     Item 6.  Exhibits and Reports on Form 8-K.
     
     (a)      Exhibits in accordance with the provisions of Item 601 of
              Regulation S-K
     
              None.
     
     (b)      Reports on Form 8-K
     
              No Current Report on Form 8-K was filed during the third
              quarter ended September 30, 1996.
     
     
                                 SIGNATURES
                                       
     
     Pursuant to the requirements of the Securities and Exchange Act of
     1934, the registrant has duly caused this report to be signed on its
     behalf by the undersigned thereunto duly authorized.
     
     
                                                 THE GOLDFIELD CORPORATION
                                                        (Registrant)
     
     
     
     Date:  November 7, 1996                       /s/ John H. Sottile   
                                                    (John H. Sottile)
                                                   President and Chief
                                                    Executive Officer
     
     Date:  November 7, 1996                      /s/ Stephen R. Wherry 
                                               (Stephen R. Wherry, C.P.A.)  
                                                Vice President, Treasurer
                                               and Chief Financial Officer