Filthy Stinking Rich, Cobalt Style

Squatting on Nipissing – a family’s home under construction somewhere on the Nipissing Mine.

Most of us know what the phrase “filthy rich” means, but I asked Google for its opinion. The AI bot replied:

Filthy rich is an informal idiom that means extremely wealthy, often in a way that’s considered excessive or offensive. It can also be used to imply that someone became wealthy through unfair means.

Origin of the term
The term “filthy rich” originated in the United States in the 1920s. It was used to describe wealthy people who avoided the worst effects of the Great Depression by purchasing land, houses, and other assets cheaply.

Similar terms
A similar term is “stinking rich”, which is also used informally and often disapprovingly to describe someone who is extremely wealthy.

Isobel McLaughlin captured this scene of Earle Street when she came to Cobalt in the late 1920s, or early 1930s. You’ll recognize the peaked dormer of the former Finnish boarding house that still stands today, behind the Cobalt Public Library. Earle St. was named for Nipissing Mines owner, E. P. Earle.

Who were Cobalt’s wealthy?

We all know that MANY people made their fortune from the silver mines. Take the legendary Fred Larose, the poster boy of the “rags to riches” fables that persist to this day. He got rich, but not filthy rich. He lived out his days comfortably after he sold his claim.

For those in the “Filthy Rich” category, we turn to The Busy Man’s Magazine. In 1909, the publication featured “The Millionaires of Cobalt” and listed dozens of people who struck it rich in the early years. Remember, that’s one million dollars in 1909. Adjust for inflation the value is at least $25 million in today’s money.

The author asked the question – “Who were they?” He went on to name those who made their money honestly, crediting an astute business sense, good timing, good luck, and plain old elbow grease.

About 200 others made their money by buying low and selling high on the stock market.

Ellis Potter Earle

One of the men on the list was Ellis Potter Earle of New York. He was a successful businessman before McKinley and Darragh spotted the shining nuggets at the south end of Cobalt Lake.

Early shipments of silver ore were sent to his processing facility in New Jersey. He saw the riches with his own eyes and immediately took steps to acquire property which was named the Nipissing Mine. At 846 acres, this was by far the largest mine in the camp.

Was he rich? Heck, yeah. Is it fair to call him “filthy, stinking rich”?

Read on. Below is the first page of his obituary.

*The Montclair Times* Oct 15, 1942 Ellis P Earle obit pg 1

Mind blowing revelation

I was stunned when I flipped the paper to page six, to continue reading about E P Earle.

*The Montclair Times* Oct 15, 1942 Ellis P Earle obit pg 6 You read that correctly.
Through his connection with Nipissing Mines, Earle was director of the firm that financed the building of the Empire State Building!

Stinking filthy rich? If the shoe fits…

Look back at the family’s home on the Nipissing property. It was under construction. Now look at the building below, also not yet finished.

Did Earle make his money honestly? I have no reason to think otherwise.

Still, it’s jarring to juxtapose these two building with direct ties to the silver mines. Knowing what we know about the hardships the families endured here in the early years, and the struggles that continue to this very day thanks to the legacy of the silver mines, in my opinion, the term “filthy stinking rich” is justified.

Filthy Stinking Rich, Cobalt Style