George Wingfield, who had enjoyed a meteoric career, rising within five
years from a faro dealer in Tonopah to the ownership of control in the
Mohawk and many other mining companies and to part ownership of the
leading Goldfield bank, John S. Cook & Company, which was then credited
with having $7,000,000 on deposit, was said to be engineering the deal.
The names of the properties were not given, nor the figures. It
occurred to me that in any merger that was made the Jumbo and Red Top,
because of their central location, must be included. I sought out
Charles D. Taylor, who with his brother, H. L. Taylor, and Capt. J. B.
Menardi, owned the control of these properties. He asked $2.50 per
share for his stock and that of his partners--all or none. Mr. Taylor
had walked into the camp as a prospector. Most of his nights were spent
at the gaming tables, and he was reported to be an easy mark for the
professionals. His losses were constant and heavy. I put Mr. Sullivan
on his trail. Mr. Sullivan reported to me that Mr. Wingfield was
hobnobbing with Mr. Taylor.
"Get an option on these properties from Taylor and be quick," I told
Mr. Sullivan.
Next morning I met Mr. Sullivan. He held in his hands 20,000 shares of
Jumbo, selling at $1.75 per share on the Goldfield Stock Exchange.
"I won it in a poker game last night with Taylor and Wingfield," he
said. "I have an oral option on the property good for three days at
$2.50, but if you leave it to me, I'll win these properties from him
playing cards."
I did not see Mr. Sullivan again for a week. Next I heard of him he had
"fallen off the water-wagon" and was reported to be celebrating the
event in Tonopah. While Mr. Sullivan was "kidding" himself about his
poker-playing ability, Mr. Wingfield had come to terms with Mr. Taylor
and had bought the control of Jumbo and Red Top at an average price of
$2.10 per share. That explained Mr. Sullivan's lapse. However, I blamed
myself. Mr. Sullivan was no match for Mr. Wingfield. In any game from
stud-poker to marketing mining stock Mr. Wingfield can outwit,
outmaneuver and outgeneral a hundred like "Larry."
Both companies had been capitalized for 1,000,000 shares. The sale
required that a fortune be paid over. Mr. Wingfield paid a small sum
down, and Mr. Taylor placed the stock of both of these companies in
escrow in the John S. Cook & Company bank, the balance to be paid a
month later.
The purchase of control of the Jumbo and Red Top by the firm of
Wingfield and Nixon signalized the beginning of a stock-market campaign
for higher prices that stands unprecedented for audacity and intensity
in the history of mining-stock speculation in this country since the
great boom of the Comstock lode in 1871-1872.
Public-domain text, read in full here on John Shaqi.
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