The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-08-28

street in 1907. the panic year.. under
circumstances which at first on
WINGED the street that he had been
crippled financially. but as events
progressed those who had believed
that the ''house of the twelve part
ners" had dissolved on the brink of
ruin We're compelled to revise their
estimates. This stock exchange firm
OF c. G. Gates and company was
nomlnally headed by the financier's
son. but the elder Gates was the
dominant factor in it's affairs.
IT had been organized to succeed
Harris. Gates and company. the brok-
erage house through which John w.
Gates conducted his earlier opera
lions in the street. During its brief
existence it had been by far the most
spectacular firm on the board, and
was credited with carrying at times
as much us S125,000, 900 on margin.
Gates himself had been M of the
modest operators in the market and
was tho biggest bull during the boom
of 1906.
Armed with millions made in tho
promotion of various steel combina-
tions in which he was interested, in
Guiding the absorption of his Ameri-
can steel and Wire company by the
United States Steel corporation. Gates
llrst broke into Wall street as a great
figure in 1901. His successes haG
made money for a large following.
With their help he became a factor
IN the street and worried even the
Morgan interests. 1t laid up many
scores against him, which the public
generally supposed would be paid off
some day.
His first and most famous triumph
was shorsly after the formation of the
steel corporation. Wall street woke
up after a brief period of excitement
on the stock market to find him in
control of the Louisville and Nash
vile, taking il away from the Belmont
interests. j. P. Morgan and company
stepped in n took the road off the
hands or the Gates CROWD at a hand
some profit. In later years he was
frequently arrayed against the Nor
gan interests and was one of the big
figures in the pool which acquired the
Tennessee Coal and Iron
and the Republic Iron and Steel COM
pany. These two concerns were COM
monty believed to have been bought
as inc nucleus for a proposed rival
The panic lillcd any possibility that
might have existed of such a com
hination when the syndicate was fore
cd to rclinnuish the Tennessee Coal
an" r company to the steel trust.
IL was when tho silent panic car,v
in 1907 began that whispers first
gained currency Of q heavy s%hrinkagc
IN the Gates fortune. but after tie
smoke had cleared the street evolved
'h" opinion that with characteristic
MOBILITY Gates had switched his bull
position before the crash came. He
himself shortly after the dissolution
or his sons stock exchange firm in
the summer of 1907 made public an
nouncoment that he was as rich as
ever.
The Texas company in the four
years after John w. Gates decided to
leave Wall street alone grew phe-
nomenally. 1t was the outcome Of a
venture made by him less than IL de-
cade before in the new oil fields of
the southwest, then dominated by the
HIandard Oil company. At the time
OF MS death it had grown to a $50
uoo,ooO concern, in which he was by
lar the largest stockholder. In con-
n%ection with this development he had
bought heavily of Texas land. and
was the promoter and practically the
sole of Port Arthur. Tex.
From the $4,000 appraisal deduc.
liohs Tor administration expenses.
acnts. and commissions, amounting to
H-.ooo . are made, which brings his
het estat" TO about $15.50O, 900. No
definite valuation can be placed m
the estate because the bulls of Mr.
,IdlcS fortune consists of stocks and
nonds' these continuously nuctu-
ate as the market rises or falls.
a report of the appraisal of Mr.
Gates New York property was filed
yesterday in the transfer tax office of
the s~urrogatos' court by Deputy State
controller Fraser. Appraiser Solo
mon G~oldenkranz finds this to be
mortn only se2.sSs. This property
consists of his garage at 103 Wes.
fitty-second street. valued at $50.
900: office furniture at II Battery
Place. worth $3.50, and a 1908 model
OIL a Packard limousine. worth So. 006.