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Goldfield Consolidated

At the head of the gigantic corporation of the Goldfield Consolidated is George Wingfield, former vice-president, but who recently succeeded United States Senator George S. Nixon as the head of the concern. He is, frankly speaking, a mere youth, only a little over thirty years of age, but with a head that would do credit to a staid business man of sixty.


George Wingfield

Mr. Wingfield is known as the "Napoleon of Nevada Finance." He spent much of his earlier life in Oregon, where he turned his hand to almost anything, including punching cattle. He landed in Tonopah before the boom started, and went to Winnemucca, where he had eccentric luck. He returned to Tonopah, ready to take a chance, and made winnings that seemed fortunes to him. He then came down to Goldfield during the early rush and plunged with his stake into the stock game. He dealt in Florence, Mohawk, Kendall, Sandstorm and other securities, and Dame Fortune was invariably with him. His hundreds crept into thousands; and by judicious investment of his thousands in connection with the operations of Senator Nixon, they soon mounted into millions, and today he is one of the wealthiest young men in the world, and the largest individual holder of consolidated stock, which is selling now around $8.50 per share. Mr. Wingfield recently married, and has homes in both Reno and Goldfield.

Goldfield Consolidated

The corporation known as the Goldfield Consolidated Mines Company heads the entire list of gold-producers in this country as a dividend-payer. Its production is immense, its acreage large, and its system of extraction and treatment of ores as nearly perfect as mining ingenuity can make it. It is, frankly, the wonder of all mining men and visitors to Nevada, not only on account of its splendid equipment, but by reason of the tremendous bodies of ore that are visible to the eye and that insure the operation of the company for years to come, without inserting another round of shots.

The first dividend of the merger was in October of 1907, when 10 cents a share was declared. This amounted roundly to $350,000. The next was at the same rate in the following month, with corresponding total. The first dividend since the new mill was completed was paid only a short' time ago, and was at the rate of 30 cents per share. This meant the distribution of approximately $1,066,000 in gold. Since then another dividend has been declared payable on the last day of the coming month, and also involving, roundly, $1,066,000. It is the policy of the company to make quarterly payments at the rate of $1,066,000, or thereabouts. This would give a total for the year of about $4,250,000 in straight "velvet," to say nothing of extra dividends, such as are also contemplated.

Stratton's Independence at Cripple Creek paid in one year $1,789,000, and the Home-stake paid in one year about $1,250,000 in dividends. But here is a mine on the desert with practically $4,500,000 a year dividends assured.

The corporation is at present working four shafts. The Mohawk is down 600 feet, with four main levels, all working. The Cleremont shaft, on the Jumbo claim, is down 1,000 feet, and has five main levels, four of which are being operated. The Combination shaft, on the Combination claim, is down 380 feet, with six levels, all of them being worked. The famous "Hampton stope" was first picked up on the fourth level, and since then has been opened up on the fifth and sixth levels. Stopping is now in progress on the fourth and fifth levels. This stope, discovered by Hampton, is a marvel. The ledge, at its widest portion is 70 feet across, all pay ore. Thirty feet of this, from 70 to 80 feet in length, will average not far from $200 straight across, while a rich streak in the center, from 5 to 7 feet wide, will give an average value in gold of $500 to $1,100 per ton. The formation is of telluride character, with, at times, great splotches of free gold running all through it. This Hampton stope alone, it has been figured, would insure dividends at the present rate for three years. The Red Top shaft has attained a depth of 330 feet, with four levels all in operation. Through this bore, the Lucky Boy claim, all virgin country, is being worked. The ledge is continuous and averages 15 feet in width. It is opened up to about 300 or 400 feet south from the Red Top shaft, and the average value across will be from $30 to $40 per ton.

The Consolidated Mines Company's properties in Goldfield have at least 20 miles of underground workings. This is a camp not five years of age, and the record of a company much younger. There are 380 acres embraced in the holdings. The new mill completed some six months ago, cost, together with company's railroad running from the mines to the bins, about $900,000. For the purposes of best results from the present process, it is always aimed to keep down the value of the ore handled at the mill, by mixing the low grade with the medium, and reserving the high stuff for shipment to the smelters. The big mill treats an average of 635 tons a day, valued at $35 a ton; and the Combination mill, the old one of the company, handled 100 tons a day of the same character of rock. The company's pay roll amounts to at least $60,000 a month, or about $2,000 a day.  

Index

Source: Sketches of the Inter-Mountain States, Utah, Idaho and Nevada, Published by The Salt Lake Tribune, Salt Lake City, Utah, 1909 

 

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