John W. "Bet-A-Million" Gates signed Colorado Fuel and Iron Co. Share - 1902 dated Autograph Mining Stock Certificate
Inv# AG2001 Stock
Issued to and signed on the back by John W. Gates.
John Warne Gates (May 18, 1855 – August 9, 1911), often known as 'Bet-a-Million' Gates, was an American industrialist and gambler during the Gilded Age. He was a trailblazer in the promotion of barbed wire, having been born and raised in what is now West Chicago, Illinois. Disliking the agrarian lifestyle, he began suggesting various business ventures to his neighbors at an early age, including the sale of firewood to local residences and the railroad. After an unsuccessful attempt at operating a grain brokerage, Gates spent time at the local railroad station, reconnecting with previous customers. This experience led him to engage in poker games, where he refined his skills in cards and games of chance. After studying penmanship, bookkeeping, and business law at North Central College (now Northwestern College), he faced setbacks as a hardware store proprietor. Gates subsequently became a salesman for the Washburn-Moen Company, specializing in barbed wire.
Upon being assigned to the Texas territory, he found that ranchers were hesitant to buy his product. To illustrate its effectiveness, he organized a demonstration in San Antonio's Military Plaza, featuring charging cattle that could not breach the barbed wire fences he had constructed. This achievement propelled him to establish his own barbed wire manufacturing enterprise, which eventually evolved into steel production. His company was later acquired by J. P. Morgan's U. S. Steel, but Gates was not invited to join the new organization, resulting in a prolonged rivalry with Morgan through various business strategies; both were prominent figures during the Panic of 1907. Gates held the position of president at Republic Steel and the Texas Company, which later became known as Texaco. He played a vital role in revolutionizing the production methods of the steel industry from the Bessemer process to the open hearth process and contributed significantly to the development of Port Arthur, Texas.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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