6/24/2023 0 Comments John william mackay log flume ride![]() In the late 1860s he formed a partnership with James C. Realizing that as much money could be made by processing ore as by mining it, he built a profitable mill in the heart of the Gold Hill mining district. When the value of these shares soared, Mackay had enough capital to broaden his activities. Mackay became a mining contractor, accepting shares in mines in exchange for driving tunnels and constructing timber shorings. In 1860 he joined the miners going to test their luck in the new mines of the Comstock Lode in Nevada. Caught up in the gold fever then sweeping the nation, Mackay went to California in 1851.įor 8 years Mackay labored in the diggings along the Yuba and American rivers and in the Sierra Nevada foothills. He worked at temporary jobs in New York and in Louisville, Ky., and for 4 years served as an apprentice to a builder of clipper ships. On his father's death 2 years later, Mackay had to leave school and find employment. In 1840 his family emigrated to New York City. Flood died on February 21, 1889.John William Mackay (1831-1902), American miner and business leader, controlled the richest ground in the Comstock mining area of Nevada and founded the Postal Telegraph Company. ![]() This architectaully famous historic building is now home to The Gaps flagship store. Flood Building, built in 1904, stands at the corner of Market and Powell at the trolley turnaround. His Nob Hill Mansion now houses the Union-Pacific Club, and the James C. He invested most of his wealth in real estate and is responsible for much of San Franciscos most notable architecture. James Flood made a huge fortune during his lifetime, and he and his descendants have had a major influence on San Francisco history. "I would not make the trip again for the whole Consolidated Virginia Mine," Flood remarked afterward. They once dared a New York Tribune correspondent to ride a boat with them down a breakneck mile-long log flume, built to carry lumber. It was the predecessor of Wells Fargo Bank. Flood and his partners doled out 100 million dollars to stockholders between 18.įlood and Fair owned Virginia Citys sawmills and started the Nevada Bank, or Bank of Nevada, headquartered in San Francisco. This discovery became known as "the big bonanza." The four men were dubbed "Bonanza Kings," and price of the stock went skyward. A short while after they established their mine, they struck one of the worlds richest veins of silver. The original stock issue was 10,700 shares, selling for between $4 and $5 a share. The purchase price of the claims, later to become a tremendous source of wealth, was about $100,000. Mackay and Fair contributed their mining knowledge, and Flood and O'Brien raised the money. During the 1870s the four men moved to Nevada and joined forces to operate three thousand feet of the rich Comstock Lode and co-owned the Consolidated Virginia and California mines. He and O∫rien soon partnered with James G. It was during this time Flood helped to organize the Firemans Fund, and became one of its original directors. His investments proved extraordinarily successful, and he was soon bringing in a monthly income of almost half a million dollars. O'Brien and was soon investing in silver-mining stocks on the basis of advice he received from his salon clientele. He opened a salon near the Mining Exchange with William S. He arrived in San Francisco a few years after the gold rush had begun. Flood, the "Silver King of Nevada," was born in 1826. Flood Heritage Server > Our People > James C.
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