The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1875-10-27
THE PACIFIC COAST MIDAS.
John Mackey's Ten Millions Of Dollars Annually
A Poor Mining Laborer who Became the
Peer Of the Millionaires Of California, and mas
aIarRer Income than any other Amerioan.

JOnn MhckeyB Zen Millions or D0ilArs Annually
"A Poor Mining Laborer who Became the
Peer Of the Millionaires Of California, and mas
aLarger Income than any other American.
Ten years ago John Mackey
was working as mining labor
er In a little exploring shaft in Yir-
ginia City. He swung his pick vigorous
ly, and was paid $4 day. To-day he
| has larger income than any other sim
| gle Individual in America, and il his
wealth continues to accumulate as 1t has
| for the past two years, his fortune Will
rival that Of the richest Rothchlld. Mr..
Mackey 10 the head OF the great mining
| firm of Flood & OBrien of this city,
| whose gigantic operations and grand ag-
| gregation of capital recently swamped
| the Bank of California, and hurled
Sharon, Ralston, and Jones from their
| financial pedestal.
The members of the firm. are John
| Mackey, James 9. Flood, William S.
OBrien and Colonel James e. Fair.
| Mr.. Mackey is the financial head,
Flood and O'Brien attend to the inter-
ests Of the firm in California, and Col.
Fair is working superintendent of the
mines in Virginia City. The latter en-
| brace the famous Consolidated Virginia,
the richest mine ever discovered in Me-
vada, now turning out million and a
half a month; the California, adjoining
1t, with even a larger body of ore; the
Hale and NorcrCss, Best and Belcher,
Gould and Curry, Sierra, Nevada, Mexi-
can, and finally the famous Savage.
| which in years gone by has turned out
its millions. Besides, they own score
| of small mines, any one oil which may at
any time turn up bonanza.
MIR. MACkEY's INCOME.
OF the entire business and profits of
the firm Mr.. Mackey has three-tiitns
interest. The firm owns 66,0J0 share 8
Of Consolidated Virginia stock, on
| which they declare monthly dividend
of $40 share. Mackey's share Of this is
1896, ,000 u month. OK stock in the Cali
| fornla mine they own 90, 900 shares. The
first monthly dividend Of $40 is to be de-
olared in November, and this will add
| to MIR. Mackey's incomes 300, 900 month.
| The other mines that the 1irm control
pay no dividends, but they yield large
| revenue 70 the firm III ways more indi-
rect. For instance, the firm own all tue
I-wood used in their working, both for
fuel and for timbering, and they sell it
| to the companies at an immense profit.
The Savage, Hale and Norcross, and
Gould and Curry all crush more or less
ore, and this Is done in the hrms mills
at a cost of $13 ton. Tne yield of sill
Yer being scarcely enough TO pay the
cost OF both mining and crushing, as
sessments are levied to make up the de-
tioiency. The firms income from this
source and from crushing the ore of the
Consolidated Virginia, which is also
done in their own mills, is estimated at
$5V, 600 month of which put Mr. Mackey
down for 100000.
Add to this the prospective profits of
the Nevada Bank, whicn mas just opened
with a cash capital of $4,000, 900 and
which is the exclusive property OF the
firm, and you may then figure out the in
come OF Mr.. Mackey. Tie Bank OF Cali
fornia paid tor years 18 per cent. on
their $5,000,000 capital. The profits Of
the new bank can not be less. This
amounts to $0o0,0o0 or $75, 900 a month,
of which Mr.. Mackey's share will be
$45, 900. To sum up, then, Maokey will
nave for the next year from this mining
and bullion interests alone the colossal
income OF 1881 900 Il month, or at the rate
OF nearly $4,000, 600 a year. This does
not include the income of his vast
wealth in real estate. For the past
year he has beon making large invest
ments in the very heart OF the city.
Whole blocks oil the most valuable real
estate in San Francisco have been pur-
chased, and the income from these can
not well be estimated, but it must be
enormous.
| MODEST MILLIONAIRE,
Mr.. Mackey ls the most retiring and
modest of any OF Cailornia's million.
aires. He lives in Virginia City, but his
family spend most OF their time in this