Bonanza Kings
Encyclopedia
The Bonanza Kings, also called the Silver Kings, was a nickname given to the four men who started a stock brokerage called Flood and O'Brien, more commonly known as the Bonanza Firm. Bonanza
is a Spanish term, meaning a rich ore body; in 1873, after gaining control of the Consolidated Virginia Mining Company, they discovered a large vertical ore body more than 1,200 feet deep which became known as the "big bonanza".
, James Graham Fair
, James Clair Flood and William S. O'Brien
, organized the Consolidated Virginia Silver Mine near Virginia City, Nevada
, from a number of smaller claims on the Comstock Lode
and later added the near-by California mine. Mackay and Fair had the mining knowledge and Flood and O'Brien raised the money. The purchase price of the claims, later to become fabulously a source of wealth, was about $100,000. The original stock issue was 10,700 shares, selling for between $4 and $5 a share.
In 1873 the "big bonanza" was uncovered and San Francisco and the entire mining world were hurtled into a fever of excitement. The first stock issue was converted into two issues of 108,000 shares each, and by the middle of 1875 the speculative value of the two mines were close to $1,000,000,000. Shares went as high as $710.
For three years after the discovery of "big bonanza" the two mines produced $3,000,000 per month. In 1876, for exhibition purposes, $6,000,000 was taken in one month from both mines. Production began to fall off in 1879 but in twenty-two years of operation the two mines yielded more than $150,000,000 in silver
and gold
, and paid $78,148,800 in dividends, making the four owners into some of America's wealthiest men.
Bonanza
Bonanza is an American western television series that both ran on and was a production of NBC from September 12, 1959 to January 16, 1973. Lasting 14 seasons and 430 episodes, it ranks as the second longest running western series and still continues to air in syndication. It centers on the...
is a Spanish term, meaning a rich ore body; in 1873, after gaining control of the Consolidated Virginia Mining Company, they discovered a large vertical ore body more than 1,200 feet deep which became known as the "big bonanza".
Making a Fortune
In 1871, John William MackayJohn William Mackay
John William Mackay was an American capitalist, born in Dublin, Ireland.-Early years:His parents brought him in 1840 to New York City, where he worked in a shipyard.-Gold and silver mining:...
, James Graham Fair
James Graham Fair
James Graham Fair was the overnight millionaire part-owner of the Comstock Lode, a United States Senator and a colorful real estate and railroad speculator.-Early life:...
, James Clair Flood and William S. O'Brien
William S. O'Brien
William S. O'Brien was an American businessman who formed a business partnership with fellow Irishmen James Graham Fair, James C. Flood, and John William Mackay, the Consolidated Virginia Mining Company...
, organized the Consolidated Virginia Silver Mine near Virginia City, Nevada
Virginia City, Nevada
Virginia City is a census-designated place that is the county seat of Storey County, Nevada. It is part of the Reno–Sparks Metropolitan Statistical Area. The population was 855 at the 2010 Census.- History :...
, from a number of smaller claims on the Comstock Lode
Comstock Lode
The Comstock Lode was the first major U.S. discovery of silver ore, located under what is now Virginia City, Nevada, on the eastern slope of Mount Davidson, a peak in the Virginia Range. After the discovery was made public in 1859, prospectors rushed to the area and scrambled to stake their claims...
and later added the near-by California mine. Mackay and Fair had the mining knowledge and Flood and O'Brien raised the money. The purchase price of the claims, later to become fabulously a source of wealth, was about $100,000. The original stock issue was 10,700 shares, selling for between $4 and $5 a share.
In 1873 the "big bonanza" was uncovered and San Francisco and the entire mining world were hurtled into a fever of excitement. The first stock issue was converted into two issues of 108,000 shares each, and by the middle of 1875 the speculative value of the two mines were close to $1,000,000,000. Shares went as high as $710.
For three years after the discovery of "big bonanza" the two mines produced $3,000,000 per month. In 1876, for exhibition purposes, $6,000,000 was taken in one month from both mines. Production began to fall off in 1879 but in twenty-two years of operation the two mines yielded more than $150,000,000 in silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
and gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
, and paid $78,148,800 in dividends, making the four owners into some of America's wealthiest men.