The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-08-10

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tsaeis. Gates tsAtas .pv-toarta .
the capital stock a. 81 0eea oae Til
he Later Sid 9,st L the Ataerieat
Steel u Wire Co. rueetsins ST spq.
sod for his original Investment q.
sl..0eo. a06- e,ates himself under
wrote SEA goo 900 OF the stock .
The American. admitting that he Il
ceived a large profit for the under.
writing. but forgetting how much Il
Was.
Gates Was really forgettui, so Ne
said. Once he carried Il check tor
sl,2ao.000 around III his pocket un-
I'll requested to cash il so books
might be balanced. In 1917. after
astonishing Europe. Gates came back
10 New York with harbaric pearls
and gold. On his clothes, the spoils
of LonGon, he paid $500 duty on
a dos collar of pearls aud diamonds
$4,000. He was going away rejoic-
ing when a collector asked about a
$4,000 pearl necklace, That's
true. said Gates, Il forgot TO de-
clare the darned thing His forget
fulness cost him S21 1000.
OF the 90,0GU.o00 stock of the
American Steel & Wire Co, $4,000
900 disappeared and Gates had for
unYtnp'' v,hatn II ,,-apr IL, !, q, va
membered.
Seemingly harsh judgments OF
Gates thus are explained. If j. p.
Morgan really told Gates: You will
not be taken into the directorate OF
the steel trust, Mr.. Gates; you have
made your own reputation ana must
abide by it," Morgan may have
decent upon Louisville & Nashville,
Morgan declared lit was necessary
for the financial preservation of the
soad" to buy Gates out, it might
nave been that man of SO unstable
memory was not safe as IN efficient
ailroad manager.
How He Beat Market.
Gates would go to any extreme to
i'd his side of the market. In 1909
Gates was short in the market. He
shut down 10 of his steel mills,
hrowing Thousands OF men out Of
employment and causing a panic.
'tocks tumbled and Gates cleaned
up.
His operation in Louisville &
Nashville was spectacular. The road
vas under the conservative manage
ment of August Belmont. Gates
formed a syndicate to get control.
Belmont awakened to the fact too
late. Within six weeks Gates ane
his associates had 100000 shares
and controlled 100000 others. Nor
gan, Directing to gentlemen buying
ailroads over night" had to save
he situation 1t is estimated the
profits of the Gates pool were So
100000.
Gates always claimed credit for
,eing the master brain who evolved
he United States steel cooperation,
whose bitter enemy he now is. Self
important and almost acting as a
oraggard, Gates appeared recently
before the Stanley steel investigating
cmmittee OF the house of represent
ltives in Washington and laughed as
e told how Morgan and others had
cen forced to turn to him for sup
port in organizing the billion-dollar
oncern.
OF late Gates and his O Charley
ave been investing heavily in Texas
ii fields and bucking the Standard
Oil. Gates was one of the heaviest
tockholders in the Republic Steel
. Iron Co., which has remained
alocf from the steel trust and fought
/ consistently.
Gates and his bets We're always in
he thousands. He played poker for
immense stakes and was reputed to
ave lost $4,000 once on a trip
rom New York to Chicago.
Gates once went in" for military
show and for a time was colonel of
Illinois militia. His home was in
New York, Chicago and Texas.
Mrs. Gates was Miss lDellora r.
Baker of st. Charles, Ill. He is sur-
vived by one son, Charles Gilbert
Gates, of whom one of the Pulitzer
school journalists once wrote:
The younger Gates vas a brill
liant and joyous sight. Three dia-
monds blazed in each suspender
buckle. Three more diamonds shone
in his negligee shirt front. His butt
tons glittered with costly baubles.
The glamor of his presence overpow-
cred everybody in the Office except
his father"
Young Gates, whose wife recently
secured a divorce, will, it is said, in
herit the larger portion of his
fathers vast estate.
SENATOR FRYE DIES IN