El Paso herald. (El Paso, Tex.) 1901-1931, 1914-02-28
How Gates Won Riches
Born Poor Boy on Illinois Farm,
He Climbed to Fame and For
tune Through Energy
Foresight.
By Madison c. Peters

T Ohm WARNE GATES, whose mete
Oric rise to millions startled tn,
- whole world, was born a poor boz
on a very small farm situated al
Turner Junction, which mas beer
swallowed up in West Chicago. Tn,
Gates were Of New England stock. of {
1ar back English ancestry The father
OF Jonn W. was Asel A Gates. mar
OF ShlftlesS disposition. The boy was
sent to the district school of Kane
county, but not liking that institution
ne changed to the school in Du Page
county.
Started as Hardware Clerk.
Gates was just able to read. write
and cipher a, little when he was taken
away from school and put in q hard
ware store He learned the business
and saved money with which he went into
business for himself in the same line All
turner Junction which was good sized
Town at the time. He did very we'll but he
lnoughI the store and place too small. so he
went to Wheaton in the same state and
opened business there. but there was not
-1s}aI I1igLleg n hardware ana had Gates re-
a millionaire still it led the way to the ave-
nue. on winch he walked to immense wealth.
Became Barb Wire Salesman.
IN the course Of business he happened to
meet Isaac ElwoOd, proprietor of the Ell
wood Barbed Wire works at DeKaIb mn
ElwOOd wanted to push his barbed wire and
seeing that Gates was a likely young man
win the appearance OF hustler. Elwood
- 10.
mat was the great step on the road to sue
cess Gates proved a good salesman he in
r,iIae 80 8, Da[ Ie wire TO Texas and sold
illliSs OF IT, With few hundred dollars HI
hau saved, he opened up a factory Of his
9Wh Tor the manufacture Of barbed wire at
- LOUIS Mo. 1t was an immense success
Gates made money rapidly and soon was
I'm in ana looked upon as a rising man Of
Started Business Of His Own.
ms success led him to embark in greater
en- 45 Uses In 1850 he organized the South
(PennsyIvania) Wire company. Then a few
, ears aIterWard he combined with other
10 Iectories' the whole coming under the
laIlls OF the Consolidated Steel and Wire
Of the factories.
Won Fame as SpecuIatOr.
rms concern in 1898 sold out TO the Fed
eral Steel COMPANY Gates had already fFa
yy sar previous organized the American Steel
1, ia ~ Nlre company, which became a sub
slIlaTyi company of the United States Steel
70 poratlon By this time Gates was already
n the millionaire class Then ne branched
3 u, dlohR other lines and became the most
l.dIlhs ana spectacular Spectator of his
, -ILle. lie became identified with many
a x operations IN railway and Industrial
Stocks He was one of the boldest venturers
-Lal ever entered Wall street and juggled
WIN millions as recklessly as boy films
! com IN q toss for suspender buttons. He
vas extraordinarily lucky, not through any
4 len foresight and certainly not through
- iilll lIon, but simply through sheer
uck- One Of his most remarkable coups
GaS securing the control OF the Louisville q
go - =, LLOlu IN spite OF the EFFORTS OF
If the day
~ Tried Hand as Railway Magnate
, GdIes became q director in the Baltimore
OHo railway, Western Maryland Railway
~ pdllyr the Tennessee Coal, Iron and Rail-
DAD company the National Bank of North
america, the American Salt company the
NeW york HippodrOme, the Republic Iron
M steel company of New Jersey the
Ihlled states Realty and Improvement com
'any, and several others.
Earned SObriQuet bet n Million"
ne was one Of the most prominent figures
IN the American turf and wagnred large
,u.IIns on his favorite horses. He also in
ltlssu IN other forms of gambling, and was
len seen at the faro, roulette and card
aDles OF the big cities. His favorite ex-
'fesslon was bet million"
ne married Bellora Baker at St Charles
zane county, III. Feb IS, 1874 He died
liT rec years ago probably worth SIS OOO, 600
ms son, Charles Gilbert Gates who going
ne pace that kills. died at 81. also became
3 VaIIng Spectator on the Chicago board
j Iraue' and was a noted spendthrift