The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-08-09
"K|NG OF PLUNGERS'
John w. Gates Yields to
Death in Paris.

PARIS, Aug. 9-John w. Gates, the
American fnancier, died at $40 this
morning in tfe arms of his wife and
his son, Charles G.. Gates.
The end was peaceful and it seemed
as though he was falling asleep. The
usual restoratives failed in the last
crisis.
Others present at the bedside be-
sides the members of the family were
Drs. Gross and Reeves.
For a week Mr.. Gates practically
had lived on oxygen inhaled through
a tube, which was constantly fastened
to his robe beneath his mouth. When
the heart failed oxygen was admins
tered more freely through a funnel
strychnine and oil of camphor were
given him from bage. In addition to
this, caffeine. used to give artificial
force. and the kidneys and body were
frequently drained.
Lost Fifty Pounds.
The recurrent congestion of the kid
neys was experienced at noon yester-
day and it was found necessary occa-
sionally to administer heart stimu-
lants. The physicians had been en-
couraged by an improvement in the
action of the kidneys and lessening
of the inflammation of the lungs. The
patient, however, showed unfavorable
symptoms and DR.. Gross was hastily
summoned.
Mr.. Gates had lost fifty pounds
since he became i'll. Most of the time
he sat leaning forward in his chair
John Warner Gates, whose daring
speculations on Wall street won for
him the popular title of the King of
Plungers," was a self-made man if
there ever was one. Starting from
practically nothing, he fought his way
up until he became man of enormous
wealth, a power in the financial world
and the controlling spirit of some of
the largest business interests in the
country. All this he accomplished by
his untiring energy. his shrewd bust
ness sense, his unlimited self-confi-
dence and his proverbial recklessness
in taking chances against tremendous
odds.
John w. Gates was born on a small
farm near Turner Junction, now West
Chicago, ILL.,, on May 8, 1855, the son
of Tsel A. and Mary Gates. He receiv-
ed his early schooling at the district
school near his fathers farm and then
took courses at Wheaton College in
Wheaton, ILL.,, and at Northwestern
College, at Naperville. He had no lik-
ing for the monotony of farm life and
decided to enter upon a business ca
reer. His first business venture was
contracting to husk neighbours corn.
With the money saved from this un-
dertaking he bought a one-third inter
est in threshing machine, then new
invention.
| Buys Out Partners.
The crop was bountiful and the
threshing business so profitable that
, after one year Gates bought out his
partners. While travelling with his ma.
chine from farm to farm, Gates be-
came acquainted and fell in love with
Dellora r. Baker, the handsome dau
ghter of a farmer near st. Charles
Ill. He was but nineteen years of age
and practically penniless when he
married the girl. He contracted to
clear some cumberland for farmer
and when he had fulfilled his contract
he had 81, 900 in bank. With this mon
ey he opened a hardware store al
. Turner Junction. He did good business
, but his ambition was not satisfied
, The possibilities of the barbed wire
business, then something new, attract
ed his attention and he became travel
ing salesman for Col. Isaac Elwood, a
? Gates soon made himself reputation
as being the best barbed wire sales
man in the country. He earned large
commissions, but that did not satisfy
him. -
He decided to start in the business
of manufacturing barbed wire on his
/ own account and, after a short war Of
competition with Ellwood, entered in
, to partnership with the latter. Othel
: barbed wire concerns sprang up anG
: to prevent disastrous competition
, Gates and his partner bought up one
, plant after another, forming a wire
trust under the name of Southern
Wire Company. with headquarters il
ST. Louis. Still later he formed a com
: bination with the Braddock Wire Co.
near Pittsburg, Pa, and, having alb
, sorbed two other concerns in the fol
, lowing years, he formed the Consoli
dated Steel and Wire Co, in 1892 Siy
years later he sold out to the Fedora
Steel Company, after he had organized
: the American Steel and Wire Com
J pany, now part of the U. S. Steel Cor
poration. 1t was originally capitalized
, at 100000, 900. Two years later the biz
steel trust was formed by ]. P. Nor
! gan and the Gates companies were
, turned into the merger. Gates wanted
. to be one of the directors of the trust
I but Mr.. Morgan, fearing his reckless
i O. An-