Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-05-23
Amazing Wall Street Career
Said to Have Led to Loss
Of $3O,OoO,OOO
SETS RECORD AS A PLuNeER
Wall Street Asitated by Rumors of
Sale Of Large Holdings by Masnates
--Gates and Corey Among Those
Who Have Let Go Of Big Blocks of
Stocks.

New York. May 23.-Henry G.
Frick lost $SO,Ooo,ooO in the Wall street
slump, according to a report current
in banding circles yesterday. The au-
thority for this statement Is one of the
best known bankers of America, q
man of the highest standing and the
head of one of the greatest banks OF
the country.
He asserted Mr.. F'rick was loaded
with high priced stocks when the turn
in the market came, and was forced to
dump large holdings at whatever they
would bring. Mr.. Frick is said to, have
been carrying hundreds of thousands
Of shares, and when he was compelled
to unload this burden there was a de-
,vastating deluge on the New. York
Stock Exchange that carried every
thing down with it.
Nh Tricks holdings were largely in
Union Pacific, Atchison and United
States Steel Shares. When these
crashed, all Aother stocks were crushed
along with them
1t is said Mr.. Frfck was the greatest
stock plunger the world has ever
known, and that the story of his opsr-
atoms, Ii it-ever becomes known, Will
be one Of the most amazing financial
deals on record Mr. Frick is something
of man of mystery, and he never lets
the public into his confidence. 1t has
been known however. that he was pill
ing up millions with great rapidity,
and it was supposed he was shrewd
enough to escape with his gains. Now
it appears that his fabulous winnings
were ION paper"
1t is estimated In financial circles
that Wall street in bleeding Mr.. Friek
for sac. 100000 has got back all 1t loaned
him for several years past
Wall street had an interesting series
Of rumors about the financial Sgiants
who are said to have fallen by the
wayside One was to the effect that
John w. Gates had been forced to sell
his holdings in the Tennessee Coal
and Iron company which might there
by fall into the clutches of the Steel
combination. A Wall street news bu-
reau said:
ut is reported on good authority
today that j. P. Morgan & Co.. have
taken over at private sale approximate
~ 100000 shares of the Tennessee Coal
and Iron stock al a price said to be
$50 share Presumably the bulk Of
this block was the holdings of John
w. Gates and his friends, and that
the $50 said to have been received was
considerably more than the average
price which he and his friends paid for
the same, for 1T is understood that
they and the Schley- Hanna syndicate
began accommodating Cennesse Coal and
Iron stock at below $40 a share.
Rumor has it that Charles M.
,Schwab recently has disposed of large
holdings of his United States Steel
corporation common stock, and to this
is attributed partly the recent heavi-
ness In that stock: The. liquidation
Is said to have been necessary to en-
able him to carry out his agreement
with certain banking interests which
have befriended him financially to pro-
vide for certain underlying bondsN Of
the Bethlehem Steel Company. 1t also
is thought possible lnal Inc report tIat
Mr.. Schwab has mortgaged his palatial
residence On Riverside drive for. some
thing like s1,Oo0.oOO may be connected
with this situation. 1t is known posi-
lively that Mr. Schwab borrowed ST.
600, 900 two months ago and it has been
rumored that he wished to sell his So
100000 home,
From Pittsburg comes the report
that w. E. Corey, president of the
United States Steel Corporation, is
selling the common stock of the COM
pany of which he was a large holder.
1t is further stated that Mr.. Corey's
resignation as. president Of the steel
corporation has been presented to the
executive committee of the corpora
ton.
Mr. Corey's reason for selling his
stock is stated to be revenge in being
practically ousted from the big corpor-
alton. A selling order of $4,000 shares
Of steel common was executed in the
New York market.