Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-08-09

Tue fHtC JOuu o"'Nr
PARIS. Aug. e.-The death this morn
ing of John w. Gates. the American
hnancier, has called forth many ex-
pressions OF regret. not only from
nImberless Parisians. as we'll as his
business associates and friends.
Mrs. Gates and her son. Charles G.,
Gates. are much worn by their long
period of anxiety and nursing, and
much sympathy for them is expressed.
AS soon as word of Mr.. Gates's death
had been cabled to America messages
of coincidence commenced to arrive at
their hotel from friends and business
associates in the United States and
elsewhere.
All arrangements for the disposition
of the body have been made by Harry
st. Francis Black, president Of the
United States Realty and Improve
ment Company, of New York.
Z Some of those here who were near
Mr.. Gates estimate that his estate will
be found to be nearer $40, 000,0 GOO than
$50, 900, 900.
As a freckled, sturdy, r~ed-cheeked
boy on his fathers little farm he made
Ills 2 OF IlOlSA ny SIuChlH6 tOII. WIFI
a little money in his possession he
looked about for an investment and
found that he could get a third owner
ship in a threshing machine. Young
Gates did so well with his share that
he was o o able to buy out for part
ners. With the machine he made a
tour of the Illinois fields and cleaned
up a profit of 81. 200 and married.
At De Kalb, ILL.,, Isaac Ellwood was
manufacturing barbed wire for fences.
Gates had bought an interest in n
hardware store and was selling barbed
wire. He went to Mr. Ellwood and
tried TO get an interest in the manu-
featuring plant. He was turned down,
but managed to get a job as drummer
for the concern. He got so many or
ders and made so much money oil per-
centage that finally he got an interest
In the plant and, once having this, he
began to pool the businesses of va
rious wire-making plants. In this way
he actually founded the present $780,
900, 900 steel wire trust.
He soon became a capitalist and this
combination of wire manufacturing
plants was put into the larger fold
the great United States Steel Corpora
ton, 1t was here that he ran against
j.. Pierpont Morgan n rubbed the fur
the wrong way. He proceeded on a
plan TO get even with the king of
wall street, and cornered the Louis
Vile and Nashville Railroad stock, a
road that Morgan wanted in the
great, widespreading system of roads
financed by his house.
The brokerage house of Charles @.
Gates & Son was formed, and in New
York 1t soon made the record for
transactions. handling in one day 425,-
600 shares. on which the commission
came to $50, 900 for the day.
1t was thought that Gates was
floored during the panic of 1907. But
he was not. He had been through
losses as heavy before, and 1t is said
that in a poker game IN ChicaSo in
which only millionaire gamblers played
he had lost everything he possessed.
-Four years ago Gates and his son,
Charlie, went to Texas, n there the
father became Farmer" Gates. He
made his Texas properties pay and
started an oil company. which did a
w%hopping big bsuiness and which the
oil trust did not seem able to break.
Just prior to sailing ne was called
before the Stanley committee of Con-
sress and questioned as to the form
ing of the steel trust. His testimony
was highly entertaining, for he told
of an all-night meeting at the home
of j. Pierpont Morgan and the decision
to make and control the trust. He
told Low Andre@ Carnegie had started
in to fuss with the railroad situation
and how he was feared by the Morgan
Rroup
ANDY he said, was always cutting
prices and was generally an uncertain
and disturbing quantity in the steeI
situation, He said that the Laird OF
Skibo got $4,000, 900 for his steel hold
ings, although he had agreed a year
before TO sell them for half thatssum