1897 Fred T Gates John D Rockefeller Financial Advisor Duluth Stock Certificate

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Portrait of Frederick T. Gates.<br>Frederick Taylor Gates (1853–1929) was an American<br>Baptist<br>clergyman, educator, and the principal business and philanthropic advisor to the major oil industrialist and philanthropist<br>John D. Rockefeller<br>, Sr., from 1891 to 1923.<br>Standard Oil<br>Gates then became Rockefeller's key philanthropic and business adviser, working in the newly established<br>family office<br>in<br>Standard Oil<br>headquarters at<br>26 Broadway<br>, where he oversaw Rockefeller's investments in a series of investments in many companies, but not in his personal stock in the Standard Oil Trust.<br>From 1892 onwards, faced with his ever expanding investments and real estate holdings, Senior crucially recognized the need for professional advice and so he formed a four-member committee, later including his son,<br>John D. Rockefeller, Jr.<br>, to manage his money, and nominated Gates as its head and as his senior business adviser. In this capacity Gates steered Rockefeller money predominantly to syndicates arranged by the investment house of<br>Kuhn, Loeb & Co.<br>, and, to a lesser extent, the house of<br>J. P. Morgan<br>.<br>[<br>1<br>]<br>Other roles<br>Gates served on the boards of many companies in which Rockefeller had a majority shareholding; Rockefeller at that time held a securities portfolio of unprecedented size for a private individual. Although Gates is recognized today as a philanthropic advisor, in fact Rockefeller himself regarded him as the greatest businessman he had encountered in his life, skipping such prominent figures of the time as<br>Henry Ford<br>and<br>Andrew Carnegie<br>.<br>[<br>2<br>]<br>When he ceased being a business advisor to Rockefeller in 1912, he continued to advise him and his son,<br>John D. Rockefeller, Jr.<br>, on philanthropic matters, at the same time serving on many corporate boards. He also served as president of the<br>General Education Board<br>, which was subsequently merged into other<br>Rockefeller family<br>institutions.<br>Philanthropy<br>Gates focused exclusively on philanthropy after 1912. He moved Rockefeller from doling out retail sums to specific recipients to the wholesale process of setting up well-funded foundations that were run by experts who decided what topics of reform were ripe. In all Gates supervised the distribution of about a half-billion dollars. Although Rockefeller himself believed in folk medicine, the billionaire listened to his experts, and Gates convinced him that he could have the greatest impact by modernizing medicine—especially by reforming education, sponsoring research to identify cures, and systematically eradicating debilitating diseases that sapped national efficiency, like hookworm.<br>In 1901 Gates designed the<br>Rockefeller Institute for Medical Research<br>(now<br>Rockefeller University<br>), of which he was board president. He then designed the<br>Rockefeller Foundation<br>, becoming a trustee upon its creation in 1913. Gates served as president of the<br>General Education Board<br>, which became the leading foundation in the field of education.<br>By 1912, however,<br>John D. Rockefeller, Jr.<br>was taking control of philanthropic policies, with Gates slipping to second place. Although Gates never quite lost his religion,<br>[<br>3<br>]<br>he began shifting the direction from religious charities to decidedly more secular pursuits like medical research and education. Gates designed the<br>China Medical Board<br>(CMB) in 1914. Rather than viewing China through the traditional missionary lens of millions of heathens to be converted, Gates placed his faith in science. He complained the missionaries in China were trapped in the "bondage of tradition and an ignorance and misguided sentiment in the supporting churches."<br>[<br>4<br>]<br>They had made few converts and fumbled the opportunity to spread Western science. There were hundreds of medical missionaries but they linked Western medical "miracles" to the teachings of Christianity. Instead o