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 railroad hauled people and goods into the mining district, and ore concentrates from the mines south for milling in either Florence, through a branch line to Canon City, or transfer to the D&RG for milling in Pueblo, Colorado. 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. Ultimately, the F&CC began to struggle financially as other competing railroads, built to the standard gauge, Midland Terminal and Colorado Springs & Cripple Creek District Railroads entered the district from Colorado Springs from the north or east. In addition, flash floodswashed out significant sections of the F&CC mainline in the narrows of Phantom Canyon several times. By the early 1900s, the railroad was in serious financial trouble and merged with other railroads of the area under the Cripple Creek Central holding company. 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. In 1912, the Adelaide Phantom Canyon bridge–named for the nearby settlement of Adelaide–was abandoned. The railroad went out of business in 1915. The F&CC's well-kept motive power, twelve Consolidation freight engines, six 4-6-0 Ten-Wheelers passenger engines, and one engine to power commuter trains were quickly sold to other area gauge railroads. An F&CC subsidiary, the Golden Circle Railroad, which operated commuter routes within the district itself, continued to operate for several more years after its parent's abandonment. 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. The Canon City branch roughly follows County Road 123 from the Phantom Canyon Road toUS 50 near Canon City. The graded gravel Phantom Canyon road is suitable for regular cars and has a unique bent bridge.
