The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1911-08-09
American Multi-Mlillonalre Died This
Morning In Paris After Desperate
Attempt to Keep
Alive.
% WAS WORTH sso,ooo,oool
Born as Poor as Poverty But Hads
shrcwd Business Genius and
Was a Sensational FL
nancier.

PARIS, Aug. s.-John w. Gates,
the American flnancier, died this
morning at $40 o'clock
Since noon he was kept alive with
oxygen and at o'clock his family :.
announced they had given up hope for
his recovery.
The death OF Bet-You-a-Millton'-
John w Gates, perhaps the best self
advertised multi-millionaire in Amer
lea, brings to an end financial and
personal career that has probably.
never been equaled
Worth probably $25,ooo00o or $80,.-
100000 at the time of his death, John
| w. Gates, "the forgetful man." who
stood not in awe of Morgan or Rock
efeller, or, in fact, the whole COM
bined Street" wanted the world to
know he had money He wasn't
| ashamed of it. Once he had his
| private secretary write to the New
York Herald: let it appear in your
financial page that during the late rise
in railroad stocks, J. w. Gates has
made between $3,o00,00O and $4,000
600. principally in Baltimore & Ohio
and Union Pacific, both great favor
ties of his
. Gates was born in Turner's juno
J don, H., or what is now part OF
South Chicago, on May 5, 1855. he
was poor as poverty. But, II south
: side tradition be true, Gates was an
7 early financier He farmed "on
), shares and usually bought out his
partners. He was a most excellent
: "hoss snapper" When he was Is he
was married to farmers daughter.
, After running a small hardware
t and grain business in Turner's juno
3 tion, Gates became a drummer, and,
he admitted himself, he was a
4 peach" He travelled for Isaac l..
E Elwood, founder of the barbed wire
s industry, and introduced barbed wire
Q in Texas, proving wonderful adept
e at the art of talking a man into
o buying Later he exemplified this in
i. selling out to the United States steel
( corporation at price far beyond the
n value of his works.
u II hadn't travelled long before
q found more money could be made
manufacturing wire than selling it al
$100 a month"; he said. With seven
manufacturing company and cleaned
up so per cent profit week. Elwood
owner Of the patents, objected. Wher
'e they served Gates with legal paper!
in st. Louis he moved his little plan
by ferry into Illinois and made more
wire. BY the time legal paper
ie reached him there he moved back t,
III and the owner of the patents ha
70 to make Gates his partner.
10 BY 1892 Gates had consolidated al
'n his holdings into the Consolidate
ne Steel & Wire Co., with 100000
1t, capital In 1895 he put 100000 int
cd the Illinois Steel Co., and was electe
at president In 1898 the Illinois Stee
to went into the Federal steel Co., an
ce under the kindly guidance of Roswe
P. Flower, Gates and Elwood sold OF
nt- at a large profit.
X, That year a wire war started
TX, Pittsburg. Gates anil Elwood rushe
,y- there and bought steel wire mill ft
to s1,Oo0,000 Just 43 seccrds later the
on bought another for $9oc,00O. Gate
to Jumped fast train Il d rushed
MD Cleveland, where he took over Il
ro- Cleveland rolling mills, "as a base
ga operations" for $4,000. 600. Gates al
he Elwood we're Buying mad Cat
went to Massachusetts and bougf
the Elwood went to Cincinnati and bougf
ice In the week between Christmas al
md New Year they bought s12,000,o
on worth of wire mills.
lin One week later the American Ste
ac- & Wire Co. Of New Jersey, capt.
ted $50 600 900, was launched.
lad Then Gates went into the mark
of From 1897 to 1901 was his prin
ap- His profits have been swollen by
va NOR. Gates was grand stand p
the former; self advertiser" of
Of Gary, Garritt H TenBroek and Ca
ent, had to rent good many sare depo
vaults to hold his securities. In is
ing after plan between Judge e.
,ab- Gary, Garritt n. TeaBroek and Ga
Jun. to combine steel and wire mills Il
nor great trust. had failed Gates 6
the Gary organized the Consolidated st
, to & Wire Co., of Illinois, Gates tax
; in one-fourth of the capital stock Of
,o{1-