The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-08-09
JOHN ". GATES, GREAT
FINANCIER DEAD
Continued From Page one.

venture was contracting to husk a
neighbor's corn. with the money
saved from this undertaking he bought
one-third interest in a threshing
machine, then a new invention.
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 be-
came acquainted and fell In love with
Dellora r Baker, the handsome
daughter Of a farmer near st. Charles,
I'M. He was but 10 years Of age and
practically penniless when he married
the girl. He contracted to clear some
timberland for a farmer and when ne
fulfilled his contract, he had $1,000 in
the bank With this money he opened
q hardware store at Turner Junction.
He did some good business, but his
ambition was not satisfied. The possi-
hilfties of the barbed wire business.
then something new, attracted his at
| tention and he became a travelling
salesman for Col. Isaac Elwood, pio-
neer an the barbed wire business.
Gates soon made for himself a 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
Iup and to prevent disastrous compe-
tition Gates and his partner bought
up one plant after another forming
| wire trust under the name or the
Southern Wire Co., with headquarters
In st. Louis. still later he formed
combination with the Broderick Wire
Co. near Pittsburg, Pa, and, having
absorbed two other concerns IN the
following years, he formed the Con-
solidated Steel e. Wire Co. In 1882.
Six years later he sold out to the Fed
eraI steel CO., after he had organized
| the American Steel q Wire Co, now
part of the u. S. steel Corporation. 1t
was originally capitalized at 100000
600. Two years later the big steel trust
was formed by j. 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 con-
slider this advisable and kept Gates out
Of the board.
A few years later Gates evened up
his score with Mr.. Morgan. by puying
lup the controlling interest In the
| Louisville & Nashville Railroad, which
the Morgan forces we're trying to OBJ
tain. Gates sold out to Morgan and
his share Of the profits amounted 70
several million dollars After while
Gates entered the southern field as a
competitor to the big steel trust, and
| organized the Republic Iron & Steel
Co. He bought up the controlling In
terest in the Tennessee Coal, Iron &
Railroad Co. and acquired important
holdings OF iron ore owned by the Ala
Ibama Consolidated Iron & Coal Co,
and the international Power Co.
For a number Of years Gates resided
lin Chicago. where he owned fine
mansion on Michigan avenue. He sold
the house in 1903 and removed 10 New
York where for some time he occu-
lpied apartments at the Plaza hotel
lpayine $4,000 a year rent for the
same. He had been pIunger and
daring SPECTATOR IN Chicago but bis
career In New York was even more
spectacular. Wall street began TO fear
him and the public wondered ct his ex-
travagance and recklessness in gamb-
ling operations. whether at the card
table. the race track or the stock ex-
Ichange. In the course Of his life Gates
Host many millions by daring specula.
tionv. but recovered his losses and &C.
IcumuIated an enormous fortune estl.
mated at from s2b.0oo0o0 20 $50.
900 900. During the last few years hi
devoted d great deal OF his attention
to the development of bis large Dusi.
ness interests in Texas and IN otkei
parts or the south ana southwest.