The story of Pittsburgh: Coal and coke

Coal and coke (Vol. 1, nr. 4)

Bibliographic data

Multivolume work

Identifikator:: 1831622599

Document type:: Multivolume work

Title:: The story of Pittsburgh

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1919-1930

Collection:: Economics Books

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Volume

Identifikator:: 1831622963

URN:: urn:nbn:de:zbw-retromon-239757

Document type:: Volume

Title:: Coal and coke

Volume count:: Vol. 1, nr. 4

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1920

Scope:: [ca. 16] Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Coal and Coke

Collection:: Economics Books

withstanding the severe financial and industrial depression, he went on expanding his coke business. He not only succeeded in borrowing enough money to operate the ovens he already had, but to buy more. After this, Mr. Frick’s progress was rapid. The panic of 1873 really gave him his chance, enabling him, with his great faith in the future, to obtain large tracts of coal lands. No one else understood quite as well as Mr. Frick, the value of coking coal in the great steel industry, then beginning to make a rapid growth. At 30 years of age he was a millionaire. His business interests overflowed into many fields. He incorporated the H. C. Frick Coal and Coke Company, with a capital of $2,000,000, and owned 3,000 acres of coal lands, with 1,026 coke ovens. In 1882, there was a consolidation of the business of Mr. Frick with that of Carnegie Brothers & Co., and he became chairman of that corporation in 1889. The Duquesne Steel Works were later acquired, consolidated into the Carnegie Steel Company, and Mr. Frick became chairman. For many years—both before and after the organiza- tion of the United States Steel Corporation—Mr. Frick was one of the men of first magnitude who controlled the industrial policies of the United States. He usually exercised his power inconspicuously, but his compelling prominence cropped out from time to time. For instance, when the Interstate Commerce Commission published, in 1906, the names of the largest owners of railway stocks, Mr. Frick headed the list of individual owners; and in a list published in 1909, he was put down as the largest owner of Pennsylvania Railroad stock, the largest owner of Chicago and Northwestern, and one of the largest of Atchison, Norfolk and Western, and Baltimore and Ohio. Mr. Frick was a devotee of art, and exercised unusual skill and judgment in making his collection, supported by ample means. His collection is said to have cost him between $30,000,000 and $40,000,000, and to be worth $50,000,000 at present. It is easily rated as the finest private collection in the world. The supreme master- piece of the collection is the portrait of Rembrandt by himself. painted near the close of the artist’s life. This

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