In July 1974, Adwell and stable owner Gene Cashman attended the Fasig-Tipton yearling sales in Lexington, Kentucky.
They narrowed their selection to two yearling colts they liked but, unable to decide which one to buy, they flipped a coin and were the successful bidder on Elocutionist.
Jockey John Lively rode their colt to a third-place finish in the Derby behind winner Bold Forbes who had been the yearling Adwell and Cashman did not buy at the auction as a result of the coin flip.
In the Preakness Stakes, Bold Forbes and Derby runner-up, Honest Pleasure set a torrid pace as they battled for the lead.
A patient John Lively kept Elocutionist within striking distance then in the stretch passed the tiring leaders to win by three and a half lengths.