Transfer to John W. Gates - Bet-a-Million Gates - Baltimore & Ohio Railroad Co. - Stock Certificate
Inv# AG1544 Stock
Ohio
The stock was transferred to John W. Gates, although it remains unsigned.
John Warne Gates (May 18, 1855 – August 9, 1911), commonly referred to as 'Bet-a-Million' Gates, was an American industrialist and gambler during the Gilded Age. He was a pioneering promoter of barbed wire, having been born and raised in what is now West Chicago, Illinois. Disliking farm life, he began proposing various business ventures to his neighbors at a young age, including selling firewood to local homes and the railroad. After a failed attempt at running a grain brokerage, Gates spent time at the local railroad station, reconnecting with former customers. This led to his participation in poker games, where he honed his skills in cards and games of chance. Following his studies in penmanship, bookkeeping, and business law at North Central College (now Northwestern College), he experienced failure as a hardware store owner. Gates then became a salesman for the Washburn-Moen Company, focusing on barbed wire.
When he was assigned to the Texas territory, he discovered ranchers were resistant to purchasing his product. To demonstrate its effectiveness, he staged a display in San Antonio's Military Plaza, showcasing charging cattle that could not break through the barbed wire fences he had erected. This success propelled him into establishing his own barbed wire manufacturing business, which eventually transitioned 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 entity, leading to a prolonged rivalry with Morgan through various business maneuvers; both were significant players during the Panic of 1907. Gates served as president of Republic Steel and the Texas Company, which later became known as Texaco. He played a crucial role in transforming the steel industry's production techniques from the Bessemer process to the open hearth process and contributed 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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