Started in 1893, it was the first railroad to reach the new, booming mining district from the "outside world" and as a result it earned substantial profits in its first years.

The F&CC's first main terminal was located in Victor, the "second city" of the district but its branch lines served many of the largest mines within the area.

In addition, flash floods washed out significant sections of the F&CC mainline in the narrows of Phantom Canyon several times.

A final, large flash flood destroyed enough of the F&CC's right-of-way to convince its new owners it was financially unwise to spend money rebuilding it; and the line was abandoned and scrapped.

Today Phantom Canyon Road, which incorporates much of the original grade for this route but has fewer crossings of the creek, is part of the Gold Belt Byway and is open to traffic for most of the summer months.