"King George"

Into the ramshackle office of Banker George S. Nixon in tiny Winnemucca, Nev. around the turn of the century stalked a 6-ft. cowboy named George Wingfield. Not yet 21, Buckaroo Wingfield had just arrived from Arkansas via Oregon, had not a penny. He tossed a diamond ring on the desk, asked for a loan. "I'm not running a hock-shop!" snapped

Mr. Nixon. Then he relented, came through with a sum variously estimated at between $75 and $300.

George Wingfield bought a faro outfit, set himself up in the roaring mining town of Tonopah and began to rake in the shekels. Before long he was known as the ''Boy Gambler," ran his own gambling joint in Goldfield in competition with the late Tex Rickard. Meanwhile he was speculating steadily in low-price mining stocks. One was the Mohawk mine, which in 1906 struck gold, reached a value of $7,000,000 in seven months. Wingfield and Nixon joined forces, bought other properties which they incorporated as Goldfield Consolidated Mines Co. with a capitalization of $50,000,000. Wingfield's share was $6,000,000, built up in less than a year from a $500 investment.

From this whopping start, George Wingfield went on to become the biggest bigwig in Nevada, Nixon went to the U. S. Senate, and when he died in 1912 Wingfield was appointed to succeed him. He declined the job. Unlike John Mackay, George Hearst, William S. O'Brien, who also made fortunes in Nevada. George Wingfield did not emigrate to another State. Presently he owned twelve banks, a chain of gambling halls, many mines, a string of race horses and two Reno hotels, the Riverside and Golden. Potent in State politics, he became popular by his generosity in grubstaking ranchers and prospectors. He was known as "King George."

When Depression came, George Wingfield set out to keep it out of Nevada. His banks lent millions to ranchers, took mortgages on thousands of head of cattle. Presently this credit structure grew so top-heavy that it needed only the drought of 1930-31 to topple it. On Nov. 1, 1932 came a twelve-day State bank holiday and the twelve Wingfield banks never reopened. According to the RFC bank examiner it was "the most honest failure I have ever seen." Of some $4,000,000 loaned to ranchers, the banks got back only $200,000. Of their $15,800,000, Wingfield depositors got back about half. In 1935 "King George" went bankrupt. Assets: $10,500. Liabilities: $3,000,000.

Last week "King George" once more loomed on the Nevada scene with a big stack of blue chips. He let it be known that he had regained control of Hotels Riverside and Golden and stood to make considerable on a new mine. When his personal crash came, "King George'' had found others as glad to grubstake him as he had always been to grubstake the down-&-out. State Senator Noble Getchell gave him a half interest in a low-grade surface mine near Winnemucca where they are now building a gold mill due to begin operations about the first of the year. Board Chairman William Henry Crocker of San Francisco's Crocker First National Bank is generally believed to have taken over an $800,000 mortgage on the two hotels, held it until "King George" could regain his feet.

In 1906, rising young Miners Wingfield and Nixon borrowed $1,000,000 from Banker Bernard Baruch. Last week when greying George Wingfield, heavy with his 61 years, stood once more on the brink of a successful mine, rumors were abroad in Reno that Bernard Baruch had helped again. "King George" refused to comment. Said Senator Getchell last week: "We now stand a good chance of making a million or so each."

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