■-DEATH OF STEEL MAGNATE
AND FINANCIER. AFTER A
MOST REMARKABLE CAREER
(Continued from Page Five)
in the steel world. Two of his ven
tures netted the Carnegie concern
many millions of dollars with scarcely
any investment.
Up to this time the switching
charges between the various Carnegie
plants had been very profitable to the
railroads and expensive to the Car
^negie company. Mr. Frick built the
Union railroad to weld the scattered
^ Carnegie plants together. This elimi
nated the switching charges and saved
enormous sums for the Carnegie com
pany.
It was Mr. Frick who later took
over a large portion of the Mesabi
ore fields, on Lake Superior, in a big
deal that guaranteed the Carnegie
company for fifty years a minimum an
nual supply of 1,200,000 tons of ore,
driving a shrewd bargain with the
Rockefellers, who owned these ore
lands.
Rupture with Carnegie
Later Mr. Frick conceived the
proposition of buying out Mr. Carne
gie entirely, and in association with
11 Henry Phipps, the second largest
owner of stocks, and with the co
operation of E. H. Moore and others,
Mr. Frick asked Mr. Carnegie for an
option on his interests. Mr. Carnegie
demanded $1,000,000 for a ninety-day
option, and named $157,950,000 in cash
and bonds for his entire holding. This
price, with the additional cost of the
stock of the other partners in the
® Carnegie company, brought the cost
of Mr. Frick’s scheme close to $250,
000,000. The matter was taken to J.
P. Morgan, who was not impressed
with the idea. The plan collapsed,
Mr. Frick’s option expiring at a cost
of a million dollars, which Mr. Car
negie pocketed. This was the first
failure Mr. Frick had ever known,
but it was also a blow to Mr. Carne
gie, for the failure of the Frick syn
dicate left him in the position of hav
ing been on the market with his hold
ings, which apparently could not be
I
The Romance of Steel
Mr. Carnegie became very bitter
and tried to oust Mr. Frick entiiely
^ from the steel business. They devel
oped a quarrel with many ramifica
tions. Mr. Carnegie sought to have
the board of managers declare Mr.
Frick’s stock forfeited at par value.
Mr. Frick replied with a suit for an
injunction to prevent this confiscation
of his stock, but the case was finally
settled out of court by the reorganiza
tion of the Carnegie company, which
made several Pittsburghers million
aires overnight. It made Mr. Frick
one of the wealthiest men in the coun
try, but it was disappointing to him
later when Carnegie, with the aid of
of Charles M. Schwab, succeeded in
interesting Mr. Morgan in the scheme
he had previously rejected, and out of
this interest came the financing of the
United States Steel Corporation in
1901. By this again Mr. Frick’s for
tune was doubled. His $31,000,000 in
vestment in the Carnegie company
was turned into $61,300,000 in the
* United States Steel Corporation, al
though Carnegie had stolen his thun
der. Mr. Schwab was made president
of the Steel Corporation and Mr. Car
negie’s representative in that concern.
Rivalries of Magnates
In 1903 times became hard and
United States Steel dropped to a low
level. Mr. Frick then bought every
thing he could in the way of steel
stock and when the excitement was
over it was found that he had acquired
enough to be a power in that concern.
His first move was to dethrone Mr.
Schwab as president, but W. E. Corey,
another Carnegie man, succeeded
Schwab. Then Mr. Frick attacked
Corey and succeeded in having him
removed. Mr. Farrell, Frick’s friend,
‘"was finally made president of the
great corporation.
^ The breach between Mr. Frick and
Mr. Carnegie never fully healed. A
small instance of it was seen in Pitts
burgh, where Mr. Carnegie built a
large office building, naming it after
himself, next door to which Mr. * rick
built another building twice as large
and named it after himself. Mr.
Frick incidentally became one of the
largest holders of real estate in Pitts
burgh. In New York Mr. Carnegie
built a magnificent home, and some
time later Mr. Frick built an even
more palatial residence on the site
of the old Lenox library, between
Seventieth and Seventy-first streets,
on Fifth avenue. It was here that
he provided for a picture gallery
which is one of the largest, if not the
largest, private gallery in the world.
It contains some of the most valuable
and famous paintings by Velasquez,
Rembrandt. Gainsborough and other
masters. Many of these canvases are
said to have cost Mr. Frick several
hundred thousand dollars each.
Mr. Frick also maintained a beau
tiful summer home at Pride’s Cross
ing, Mass. He was one of the largest
owners of Pennsylvania railroad stock,
was one of the company’s directors,
and its dominating factor. He was
also a power in Reading, Baltimore &
Ohio, Norfolk & Western and other
railroads.
On December 15, 1881, Mr. Frick
was married to Miss Ada Howard
Childs of Pittsburgh. Four children
were born to them, two boys and two
girls. Mrs. Frick, one son and one
daughter survive.
NOTICE
The meetings of the board of equal
ization will be held at the office ol
the clerk, in the Ostrander building
every night between the hours of £
and 9 p. m., up to and including Mon
day, December 8, 1919, during which
time any and all persons having an>
objections or corrections to offer as
to the amount or manner of assess
ment of their taxes are notified to be
present.
By order of the members of th(
board of equalization.
(Signed) K. G. ROBINSON,
Clerk.
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