Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-04-26
THE SILVER KINGS.
Three Richest Men In America and
How They Got Rich.

Three Richest Men In America and
How They Got Rich.
Chamber Journal.l
Seven years ago there were two
Irishmen in the city of San Fran
cisco keeping a drinking-bar Of
very modest pretensions, close to
one of principal business thorough
fares. Their customers were of all
kinds, but chiefly commercial men
and clerks. Among them was an
unusually large proportion of stock
and share dealers, mining brokers
and the like, who, in the intervals
of speculation, rushed ont of the
neighboring exchange five or six
times a day for drinks. Whisky
being almost the religion of Cali
fornia, and the two little bar-keep-
ers being careful to sell none but
the best article, the bar soon be-
came a place of popular resort.
And as no true Californian could
ever swallow "a drink under any cir
cumstance without taking about
silver mines or gold mines or shares
in mines, it soon fell out that, next
to the stock exchange itself, there
was no place in San Francisco
where so much mining talk went
on as in the saloon of Messrs. Flood
& 0'Brien, which were the names
of the two. Keeping their ears
wide open, and sitting the mass of
gossip that they listened to every
day, these two gentlemen picked
up a good many crumbs of useful
information, besides getting now
and then a confidential tip; and
they turned some Of them to such
good account in a few quiet little
speculations, that they shortly had
a comfortable sum of money lying
at their bankers. Instead OF throw
ing it away headlong in wild ex-
travagant ventures, which was the
joyous custom Of the average Cali
fornian in those days, they lot it lie
where it was, waiting, with COM
mendable prudence, till they knew
Of something good to put it into.
They soon heard Of something good
enough. On Fairs ADVICE they
bought shares in a mine called the
Hale and knFer0ss, and we're speed
lily taking out Of it dfteep thousand
pounds month in dividends, This
mine was the property of COM
papy, and though it had at one
time paid largs ang continuous div
idends, it was now supposed Ia be
worked out and worthless, Mr..
Fair, howeyer, held a different
opinion, and when lia came to ex-
anime it carefully he found whaL
he expected to fnd-al large deposit
of silver ore. Thereupon he and
Flood and 0'Brien together bought
up all shares they could lay their
hands upon, aud obtained complete
control of the mine.H
Besides being a clever and expe.
rienced miner, Mr.. Fair entertained
tho belief that by patient examina-
ton into holes 8nd corners of the
mine he would discover q gigantic
vein of silver-bearing ore. He dis
covered the vein, the estimated
value Of which was 2 hundred and
twenty millions sterling.
In the excitement caused by this
astounding discovery it is scarcely
more than ths hard truth to say
that San Francisco went raging
mad. The vein in which the Bo-
panza was found, was known to run
straight through the Consolidated
Virginia and California mines, dip
ping down as il went, and could not
be traced any farther. But that
fact wss nothing to people who
were bent on having mining stock ;
spd vein or no vein, the stock they
would have. Consequently they
bought into every mine in the
neighborhood-go6d aud bad Glike
sending prices up to pnheard-pf
limits, and Investing millions in
worthless properties tilstt 81 : l;ssyye lhsyye never
yielded . shilling in dividends, and
never viii. When Flood had
bought large quantity Of the Bo.