The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1911-08-10
JOHN W. GATES.

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 a man of
enormous wealth, power in the fin
ancial world and the controlling
spirit of some of the largest business
Interests in the country. All this
he accomplished by his untiring en-
ergy, his shrewd business sense, his
unlimited self-conidence and his pro-
verbal 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 s., 1855,
the son of Asel A. and Mary Gates.
He received his early schooling at
the district school near his fathers
farm and then took courses at Whea-
ton College, in Wheaton, ILL.,, and at
Northwestern College, at Naperville.
He had no liking for the monotony
of farm life and decided to enter up
| on business career. His first bust
ness venture was contracting to husk
neighbours corn With the money
saved from this undertaking he
bought a one-third interest in a
threshing machine, then new in
vention. ~
The crops were bountiful and the
threshing business so profitable that
! after one year Gates bought out his
partners. While travelling with his
machine from farm to farm, Gates
became acquainted and fell in love
with Dellora R. Baker, the handsome
, daughter of a farmer near St.
Charles, Ill. He was but nineteen
years of age and practically penni-
less when he married the girl. He
contracted to clear some cumberland
for farmer and when he had full
: filled his contract, he had $1,000 in
bank. With this money he opened a
hardware store at Turner junction,
He did good business, but his ambi-
tion was not satisfied The possibil-
tiles of the barbed wire business.
then something new, attracted his
attention and he became travelling
salesman for Col. Isaac Elwood,
pioneer in the barbed wire business
Gates soon made for himself repu-
tation as being the best barbed wire
salesman 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 short war
of competition with Elwood, entered
into partnership with the latter.
Other, barbed wire concerns sprang
up and, to. prevent disastrous compe-
tition, Gates and his partner bought
up one, plant after the other. form
ing a wire trust under the name of
Southern Wire Company, with head
quarters in st. Louis. Still later he
formed combination with the Brad
dock Wire Co., near Pittsburg, Pa,
and, having absorbed two other con-
Germs! in the following years, he
formed the Consolidated Steel and
Wire Co: in 1892. Six years later
he sold out to the Federal Steel Com
pany, after he had organized the:
American Steel and Wire Company.
now part of the U. S. Steel Corpora
ton. 1t was originally capitalized
at $90,000,00O. Two years later the
big steel trust was formed by ]. P.
Morgan and the Gates companies
were turned into the merger. Gates
wanted to be one of the directors of
the trust, but Mr.. Morgan, fearing
his recklessness, did not consider this
advisable and kept Gates out of the
board.
A few years later Gates evened
his score with Mr.. Morgan, by buy
ing up the controlling interest in
the Louisville & Nashville Railroad,
which the Morgan forces were trying
to obtain. Gates sold out to Morgan
and his share of the profits amount
ed to several million dollars. After
while Gates entered the southern
field as competitor of the big steel
4 trust, and organized the Republic
4 Iron & Steel COMPANY. He hon plt