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 March 31, 1999     
     
                                    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 March 31,
     1999.

<TABLE>
                      PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements
                        THE GOLDFIELD CORPORATION
                            and Subsidiaries

                       CONSOLIDATED BALANCE SHEETS

                                                 March 31,      December 31,
                                                    1999            1998
                                                 Unaudited         Audited
<S>                                            <C>              <C>
ASSETS
Current assets
  Cash and cash equivalents                    $ 2,247,591      $ 2,616,465
  Accounts receivable and accrued billings       3,659,808        3,133,855
  Current portion of notes receivable              117,984          123,393
  Inventories (Note 2)                             300,998          346,799
  Costs and estimated earnings in excess of
    billings on uncompleted contracts            1,401,604        1,793,119
  Prepaid expenses and other current assets        242,241           83,428
    Total current assets                         7,970,226        8,097,059
Property, buildings and equipment, net           4,607,145        4,450,256
Notes receivable, less current portion             251,965          293,956
Deferred charges and other assets
  Deferred income taxes (Note 3)                   548,000          548,000
  Land held for sale                                44,956           52,448
  Cash surrender value of life insurance           771,930          771,430
    Total deferred charges and other assets      1,364,886        1,371,878
Total assets                                   $14,194,222      $14,213,149
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Accounts payable and accrued liabilities     $ 1,269,857      $ 1,905,457
  Billings in excess of costs and estimated
    earnings on uncompleted contracts              237,567           13,769
  Current portion of deferred gain on 
    installment sales                               10,315           10,774
  Income taxes payable (Note 3)                     32,902           23,322
    Total current liabilities                    1,550,641        1,953,322

Deferred gain on installment sales, 
  less current portion                              54,173           59,596
Total liabilities                                1,604,814        2,012,918
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 and 
    outstanding 26,872,106 shares                2,687,211        2,687,211
  Capital surplus                               18,369,860       18,369,860
  Accumulated deficit                           (8,788,350)      (9,177,527)
    Total                                       12,608,128       12,218,951
  Less common stock in treasury, 17,358
    shares, at cost                                 18,720           18,720
    Total stockholders' equity                  12,589,408       12,200,231
Total liabilities and stockholders' equity     $14,194,222      $14,213,149
See accompanying notes to consolidated financial statements
</TABLE>


<TABLE>
                           THE GOLDFIELD CORPORATION
                                and Subsidiaries

                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)


                                                      Three Months Ended
                                                           March 31,
                                                     1999            1998
<S>                                              <C>             <C>
Revenue
  Electrical construction                        $ 5,578,184     $ 3,868,215
  Mining                                             381,075         346,661
  Other income, net                                   67,241          80,954
    Total revenue                                  6,026,500       4,295,830

Costs and expenses
  Electrical construction                          4,599,212       3,473,529
  Mining                                             376,540         341,495
  Depreciation and amortization                      254,591         259,481
  General and administrative                         366,511         366,959
    Total costs and expenses                       5,596,854       4,441,464

Income (loss) from operations
  before income taxes                                429,646        (145,634)

Income taxes (Note 3)                                 34,530              --

Net income (loss)                                    395,116        (145,634)

Preferred stock dividends                              5,939           5,939

Income (loss) available to
  common stockholders                            $   389,177     $  (151,573)

Basic and diluted earnings (loss) per
  share of common stock (Note 5)                 $      0.01     $     (0.01)

Weighted average number of
  common shares outstanding                       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
                                                             March 31,
                                                        1999          1998
<S>                                                <C>           <C>
Cash flows from operating activities
   Net income (loss)                               $  395,116    $ (145,634)
Adjustments to reconcile net income (loss) to net
  cash (used by) provided from operating activities
  Depreciation and amortization                       254,591       259,481
  Gain on sale of property and equipment              (10,796)       (3,211)
  Gain on disposition of land held for sale           (10,389)      (13,515)
  Deferral of gain arising from installment
    land sales                                          4,507        14,689
  Cash provided from (used by) changes in
     Accounts receivable and accrued billings        (525,953)      222,553
     Inventories                                       45,801       (86,323)
     Costs and estimated earnings in excess
       of billings on uncompleted contracts           391,515       (43,935)
     Prepaid expenses and other current assets       (158,813)     (168,977)
     Accounts payable and accrued liabilities        (635,600)      (99,020)
     Billings in excess of costs and estimated
       earnings on uncompleted contracts              223,798       (46,956)
     Income taxes payable                               9,580       (28,731)
         Net cash used by operating activities        (16,643)     (139,579)

Cash flows from investing activities
  Proceeds from the disposal of
     property and equipment                            56,791        74,073
  Issuance of notes receivable                         (1,692)      (52,839)
  Proceeds from notes receivable                       49,092       164,262
  Purchases of property and equipment                (457,475)     (460,814)
  Net sale (acquisition) from (of) 
    land held for sale                                  7,492      (254,749)
  Cash surrender value of life insurance                 (500)       (4,700)
    Net cash used by investing activities            (346,292)     (534,767)

Cash flows from financing activities
  Payments of preferred stock dividends                (5,939)       (5,939)

Net decrease in cash and cash equivalents            (368,874)     (680,285)
Cash and cash equivalents at beginning of period    2,616,465     4,397,281
Cash and cash equivalents at end of period         $2,247,591    $3,716,996

Supplemental disclosure of cash flow information
  Income taxes paid                                $    1,628    $   28,731

See accompanying notes to consolidated financial statements
</TABLE>



                          THE GOLDFIELD CORPORATION
                              and Subsidiaries
                             
                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               March 31, 1999
                             
                              
     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, 1998, 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, 1998. 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   Inventories
     
<TABLE>
     Inventories consisted of:
                                   March 31,     December 31,
                                     1999           1998
     <S>                           <C>            <C>
     Materials and supplies        $197,731       $257,788 
     Industrial mineral products     62,074         72,212   
     Ores in process                 41,193         16,799   
     Total inventories             $300,998       $346,799 
</TABLE>
     
     Note 3 - Income Taxes
     
     The income tax provisions consisted of:
     
<TABLE>
                                 Three Months      Three Months
                                Ended March 31,   Ended March 31,
                                     1999              1998
     <S>                          <C>                <C> 
     Current   
       Federal                    $  6,000           $   --
       State                        28,530               --
                                    34,530               --
     Deferred
       Federal                          --               --
       State                            --               --
                                        --               --
     Total                         $34,530           $   --
</TABLE>
     
     The effective income tax rate was 8% and 0% for the three months ended
     March 31, 1999 and 1998, respectively, primarily due to the application
     of a net operating loss carryforward.  At March 31, 1999, the Company
     had tax net operating loss carryforwards of approximately $6,500,000
     available to offset future regular taxable income, which if unused,
     will expire from 2000 through 2019.
     
     The Company decreased the valuation allowance for deferred tax assets 
     by $186,000 for the three months ended March 31, 1999 and decreased 
     the valuation allowance by $157,000 for the three months ended 
     March 31, 1998.
     
     Note 4 - The Goldfield Corporation 1998 Executive 
              Long-Term Incentive Plan
     
     In 1998 the stockholders of the Company approved the 1998 Executive 
     Long-Term Incentive Plan (the "Plan"), which 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.  The exercise
     price under such grants will be based on the fair market value of the 
     Common Stock at the date of grant.  The maximum number of shares available 
     for grant under the Plan shall be 1,300,000.
     
     On March 9, 1999, the Board of Directors of the Company approved the
     distribution of 985,000 shares of Common Stock under the Plan. 
     Management expects to grant these options as designated by the Stock
     Option Committee in the near future. 
     
     Note 5 - Basic Earnings (Loss) Per Share of Common Stock
     
     Basic earnings (loss) per common share, after deducting dividend
     requirements on the Company's Series A 7% voting cumulative convertible 
     Preferred Stock ("Series A Stock") of $5,939 in each of the three month 
     periods ended March 31, 1999 and 1998 were based on the weighted average
     number of shares of Common Stock outstanding, excluding 17,358 shares of 
     Treasury Stock for each of the periods ended March 31, 1999 and 1998.  
     Common shares issuable on conversion of Series A Stock are not 
     considered in the basic earnings (loss) calculation because the effect
     would be anti-dilutive.
     
     Note 6 - Business Segment

     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:

                                     Three Months Ended     Three Months Ended
                                         March 31,              March 31,
                                           1999                   1998
     Sales from operations to
       unaffiliated customers
         Electrical construction        $5,578,184             $3,868,215
         Mining                            381,075                346,661
     Total                              $5,959,259             $4,214,876

     Gross profit
       Electrical construction            $816,042              $ 252,178
       Mining                              (69,126)              (100,807)
     Total gross profit                    746,916                151,371

     Interest and other income, net         67,241                 80,954
     General corporate expenses           (384,511)              (377,959)
       Income (loss) from operations
         before income taxes              $429,646              $(145,634)

     The following table sets forth
       certain segment information        March 31,              March 31,
       as of the date indicated:            1999                   1998
     Identifiable assets
       Electrical construction          $ 9,232,604           $ 7,374,415
       Mining                             2,408,752             2,807,683
       Corporate                          2,552,866             3,459,338
     Total                              $14,194,222           $13,641,436

     Note 7 - Reclassifications

     Certain amounts in 1998 have been reclassified to conform to the
     1999 presentation.
     
     Item 2.     Management's Discussion and Analysis of Financial 
                 Condition and Results of Operations.
     
     Results of Operations - Three Months Ended March 31, 1999 Compared
     to Three Months Ended March 31, 1998.
     
     Net Income (Loss)
     The Company had net income of $395,116 for the three months ended
     March 31, 1999, compared to a net loss of $145,634 for the three
     months ended March 31, 1998. Net income for the three months ended
     March 31, 1999 included income tax expense of $34,530.
     
     Revenues
     Total revenues for the three months ended March 31, 1999 were
     $6,026,500, compared to $4,295,830 in the like 1998 period, an
     increase of 40%. The increase in revenues was primarily attributable
     to a higher level of activity in electrical construction operations.
      
     Electrical construction revenue increased by 44% in the three months
     ended March, 31, 1999 to $5,578,184 from $3,868,215 for the three
     months ended March 31, 1998.
     
     Revenue from mining operations increased by 10% to $381,075 for the 
     three months ended March 31, 1999 from $346,661 for the three months 
     ended March 31, 1998.
     
     Operating Results
     Electrical construction operations had an operating profit of
     $816,042 during the three months ended March 31, 1999, compared to
     an operating profit of $252,178 during the three months ended March
     31, 1998. The increase in operating results in 1999 was primarily
     due to an increase in the level of operations and profit margins.
     The varying magnitude and duration of electrical construction
     projects may result in substantial fluctuation in the Company's
     backlog from time to time. At March 31, 1999, the approximate value
     of uncompleted contracts was $5,800,000, compared to $1,450,000 at
     March 31, 1998.
     
     During the three months ended March 31, 1999, the operating loss from 
     mining operations was $69,126, compared to an operating loss of $100,807 
     during the three months ended March 31, 1998. 
     
     St. Cloud Mining Company, a wholly-owned subsidiary of the Company 
     ("St. Cloud"), sold 4,024 tons of natural zeolite during the three months 
     ended March 31, 1999, compared to 3,375 tons during the three months 
     ended March 31, 1998.
     
     Surface and underground mining of base and precious metals have 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 three months ended March 31, 1999, The Lordsburg Mining 
     Company, a wholly-owned subsidiary of the Company ("Lordsburg"), sold 
     7,179 tons of construction aggregate material, compared to 9,076 tons 
     sold during the three months ended March 31, 1998.
     
     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 at Lordsburg, a final decision with respect
     to the future operations at Lordsburg has not been reached.
     
     Other Income
     Other income for the three months ended March 31, 1999 was $67,241,
     compared to $80,954 for the three months ended March 31, 1998. 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 
     $5,596,854 for the three months ended March 31, 1999 from $4,441,464 for 
     the like period in 1998, primarily as a result of increased electrical 
     construction costs.
        
     Electrical construction costs were $4,599,212, and $3,473,529 in the 
     three months ended March 31, 1999 and 1998, respectively.  The increase 
     in  costs for 1999 was attributable to a higher level of operations.
     
     Mining costs were $376,540 for the three months ended March 31, 1999, 
     compared to $341,495 in the like 1998 period.
     
     Depreciation and amortization was $254,591 in the three months ended 
     March 31, 1999, compared to $259,481 in the three months ended March 31, 
     1998.
     
     General corporate expenses of the Company increased to $384,511 in the 
     three months ended March 31, 1999, compared to $377,959 in the three 
     months ended March 31, 1998.
     
                        Liquidity and Capital Resources
                              
     Cash and cash equivalents at March 31, 1999 were $2,247,591 as
     compared to $2,616,465 as of December 31, 1998.  Working capital at
     March 31, 1999 was $6,419,585, compared to $5,956,603 at March 31,
     1998.  The Company's ratio of current assets to current liabilities
     increased to 5.1 to 1 at March 31, 1999, from 4.1 to 1 at December
     31, 1998 primarily due to the lower level of accounts payable and
     accrued liabilities at March 31, 1999.  
     
     The Company paid cash dividends on its Series A Preferred Stock in the 
     amount of $5,939 in each of the three months ended March 31, 1999 and 1998.
     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 the Company's 
     subsidiary, Southeast Power Corporation, 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 June 29, 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 months ended March 31, 1999 and 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 three months ended March 31, 
     1999 decreased to $457,475 from $460,814 for the three months ended 
     March 31, 1998.
     
                              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.
          
                    
                          PART II.  OTHER INFORMATION
                              
Item 5.   Other Information

None.

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 quarter ended March 31, 1999.
                 


                                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:  May 14, 1999              /s/ John H. Sottile     
                                      (John H. Sottile)
                                      Chairman, President,
                                      and Chief Executive Officer       


                                      /s/ Stephen R. Wherry 
                                      (Stephen R. Wherry)
                                      Vice President,
                                      Treasurer and Chief
                                      Financial Officer