THE RISE OF WINGFIELD AND NIXON
ANY one in Goldfield who was willing to admit that stocks were selling
too high at the time was decried as a "knocker." You could borrow
freely on all listed Goldfield stocks at John S. Cook & Company's bank,
owned by the promoters of the Goldfield Consolidated, and the men of
the camp for that reason felt that there must be concrete value behind
nearly all of them. Brokers in Eastern cities reported that few of
their customers were willing to take profits even at the prices to
which stocks had been skyrocketed. Most mining-stock brokers of the
cities had "knocked" the stocks of the camp in the early days before
the advance. At this stage, when prices had reached undreamed-of
levels, the brokers did not advise their customers that values had been
worked up far beyond intrinsic worth. Indeed, they actually waxed
enthusiastic in their recommendations to buy. Every one was a bull.
Sessions of the Goldfield Stock Exchange reflected the extent of the
craze. Outside of the exchange the stridulous, whooping, screeching,
detonating voices of the brokers that kept carrying the market up at
each session could be heard half a block away. Later, did you find your
way into the crowded board-room, the half-crazed manner in which
note-books, arms, fists, index fingers, hats and heads tossed and
swayed approached in frenzy a scene of violence to which madness might
at once be the consummation and the curse.
George Wingfield and his partner, George S. Nixon, were the heroes of
the hour. Less than five years before, Mr. Wingfield had come into
Tonopah with a stake of $150, supplied by Mr. Nixon, whose home was in
Winnemucca, Nevada. Mr. Wingfield had formerly been an impecunious
cowboy gambler. Born in the backwoods of Arkansas, and later of Oregon,
he hailed from Golconda, Nevada. Mr. Nixon, at the time he staked Mr.
Wingfield and until his election as a United States Senator in 1904,
was known as the "State Agent" of the Southern Pacific Company for
Nevada, having succeeded on the job the notorious "Black" Wallace, who
for many years handled the "yellow-dog" fund for the Huntington régime
when franchises were hard to get and legislatures had to be bought. Mr.
Nixon was also president of a bank in Winnemucca, which was a way
station on the Southern Pacific Railroad.
Mr. Wingfield had signalized his money-getting prowess by running Mr.
Nixon's $150 into $1,000,000 as principal owner of the Tonopah Club,
the biggest gambling house in Tonopah, and later "parleying" the money
for himself and partner into ownership of control of the merged
$36,000,000 Goldfield Consolidated, which was their corporate creation.
Public-domain text, read in full here on John Shaqi.
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