Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1899-03-30

however, knew some things about
these lodges that inc one else did
Operating with Flood and O'Brien all
the stock in the Virginia and Cali
fornia mines was bought up. 1t took
about $4,000, and the four men mort
gagged and borrowed to the full limit
In 1869 the mining world began to
hear of Mackay, Fair, Flood and
O'Brien and their operations in the
mines which they had combined into
the California and Consolidated Vir-
ginia Mining company. The four
Irishmen went to work at getting a
fortune out of the side of Mount
Davidson, where the other 5000 min
ers said they would soon be bankrupt
New shafts were sunk. Tunnels that
radiated over 1000 feet below the
surface in every direction were dug.
For weeks at a time in 1870 Fair and
Mackay never slept over four hours
out of twenty-four. Flood and O'Brien
sold stock to the value of $4,000. and
the work of seeking pay ore went on.
In June, 1871, new lead was found
In the California. For months ore
that yielded net profit of 5000 a ton
was hoisted out. In October, 1871. a
ledge was found in the Virginia that
ran over $3.50 to the ton. Throughout
1872 the California and Consolidated
Virginia was the most valuable min
ing property in America. In 1872
and 1873 the Big Four made over S.
100000 each.
But the most wonderful discovery
was to come yet. In February. 1874,
the workmen on the 1,400-foot level
worked into ledge of quartz gold
and silver that has never been equal
ed. 1t was the pocket of sulphurets
now famous as the bonanza ledge-a
natural treasure house of precious
metals. Virginia City went wild
over the discovery, and California and
San Francisco refused to credit the
reports of the unparalleled value Of
the ore. In one hour the San Fran
cisco stock exchange became a mob of
bowling spectators. The city en-
tered upon the widest era of specula-
ton in mining stocks ever known.
The number of shares in the Consoli-
dated Virginia was increased over
100 per cent, and they went from S4S
share to $3.50 in five days. Califor-
MIA shares went from SIS to over $3.50
in two days. Property that James G.
Fair had vainly offered at S15O, 900 in
the fall of 1872 might have been sold
for over $14,000,000 fourteen months
later
The bonanza miners were offered for
their interests in June, 1874, the sum
of $21,0OO,000. But they declined all
offers and went on developing their
treasury of precious ores. For over
year the mining company took out
over 200 tons of ore every day that
ran from $500 to even $4,000 a ton.
The stock in the California and the
Consolidated Virginia rose week by
week. In December, 1874, it was at
$3.50 share-making the value of the
two mines about 175,00O,OOO.
Every day Fair and Mackay went
in their oily overalls and their old
clothes about the famous mines. The
daily income of each of the two men
averaged over $4,000. Between 1870
and 1876 their combined wealth leaped
from about $4,000 to more than $685.
100000. The firm had probably about
in 1870, and was worm over
S13O,000000 six years later. October
1874, they realized over $4,000 900
clean profit. That was the high-water
mark
But the lodges petered out in the
spring of 1875. The gold and silver
treasure house was exhausted by
July 1875. When the news spread to
the stock exchange in San Francisco
a panic ensued. The great Bank of
California failed. The deposed bank
president, William C. Ralston, bathed
in the bay and was found drowned.
Whether he died a suicides death is
a mooted matter to this day. Thous-
ands of men who were rich in Com
stock mining shares awoke in poverty.
But Mackay, Fair, Flood and
O'Brien never lost dime. They had
sold much of their stock at phenome-
nal prices. For four years longer
they operated their mines, and then
they retired from active mining.
When James G.. Fair quit his mining
career he was supposed to be wor,A
between $37,000,OO0 and $4,000, 900.
John w. Mackay was worth a few mil
lions more. James C. Flood retired
with about s1S,OOO,O00, and William S.
O'Brien with $13,000,000.
All the hair children we're born in
the seven-room frame house of the
parents on Washoe street, Virginia
City. The children are as follows:
Charles M. Fair, now a resident of San
Francisco and frequently a guest in
New York City; Theresa or Tessie
Fair, now Mrs. Hermann Oelrichs of
New York; James G. Fair, Jr., WAC
died of alcoholism in San Francisco in
1892. and Miss Virginia Fair manned
from the mining town where her
father made his fortune), known by
her playmates in San Francisco as
Birdie Fair, who will soon become