Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-07-28

ware store and was selling barbe(
wire. He went to Mr.. Ellwood an(
tried to get an interest in the manu-
featuring plant. He was turned down
but managed to get a job as drummer
for the concern. He got so many or.
ders and made so much money on per.
centage that, finally, he got an interest
in the plant, and, once having this, hi
began to pol the businesses of the vari.
Gus wire-making plants. In this way
he actually founded the present $780,.
100000 Steel Wire Trust.
Whenever Gates felt that his judg.
ment warranted it, he would risk his
savings on the hope of doubling them
Whether 1t was in a poker game OF
in the matter of an investment he
would take his chance.
He soon became a capitalist and this
combination of wire manufacturing
plants was put into the larger fol6 OF
the great United States Steel corpora
ton. 1t was here that he ran against
j. Pierpont Morgan and rubbed the fu,
the wrong way. Mr.. Morgan did not
like the speculative spirit of the west
erner and stood out against Gates be-
ing made member of the board of the
newly formed Steel Trust. Gates was
bitterly disappointed. He proceeded
on plan to get even with the king
of Wall street, and cornered the Louis
VILE and Nashville railroad stock, a
road that Morgan wanted in the great
widespreading system of roads financ-
ed by his house.
| Gates became big factor in finance
and back Of him rallied financiers who
came under the general classification
OF the Gates crowd" The brokerage
house of Charles G. Gates G. Son was
formed and in New York it soon made
the record for transactions, handling
in one day 425,0OO shares, on which the
commissions came to $4,000 for the
day.
| Gates had always been known as q
calm winner and a cool loser, but the
panic of 1907 almost foored him. When
the bottom dropped out Of stocks and
he was asked what he thought of the
situation he pulled his hat over his
eyes and said: It's hell"
1t was thought that Gates was floor
ed then. But he was not. He had
been through losses as heavy before,
and 1t is said that in a poker game in
Chicago in which only millionaire
gamblers played he had lost every
thing he possessed. This was before
the panic and the Wall street clean up
of the "Betcher- a Million" Gates.
But he always came back and there
were big winnings. One Of these was
on the English race track, where he
backed 25-to-1 shot and cleaned up
the better part of a million on the
one race. He is also reputed to have
made big winners at poker as we'll as
at the rases, although he made big
losings with the cards. One of his un-
| lucky streaks caught him in Saratoga,
500 minute, with total loss OF $685.
600. 1t is said that the next day no
one would have guessed that he had
been hit so hard at the national card
game.
Four years ago Gates and his son
| Charlie went to Texas, and there the
| father became Farmer" Gates. He
made his Texas properties pay and
started an oil company whibh did a
whooping big business and which the
Oil Trust did not seem able to break
When he was ready to take his tour
| abroad this year he had millions to
spend and risk and all seemed we'll in
the world for the farmer"
| Just prior to sailing he was called
before the Stanley committee of con-
gress and questioned as to the forming
Of the Steel Trust. His testimony was
| highly entertaining, for he told of an
all-night meeting at the home Of ].
Pierpont Morgan and the decision to
make and control the trust. He told
how Andrew Carnegie had started in
to fuss with the railroad situation and
how he was feared by the Morgan
group.
Andy" he said, was always cutting
prices and was generally an uncertain
and disturbing quantity II the steel
situation. He said that the Laird OF
Skibo got $32O,000,OOO for his steel
holdings, although he had agreed a
year before to sell them for half that
sum.
When asked how he formulated his
opinions of the giant industrial and A.
nancial situations in the United States,
he replied.
Il get my opinions from hard
knocks"
Mr.. Gates was then a far from well
man, but he stuck it out on the stand
and told all that he knew in breezy
and decisive manner.
Farmer" Gates was taken Ill as soon
as he got to Paris, and his son Charles
rushed to his side. Conflicting reports
were given out, and finally 1t became
known that the game of life and death
was being played by the great specu-
lator The crisis came and 1t seemed
| that the cards had been dealt by fate
so that John w. Gates would have to
pass in his checks for good and ALL
Always an interesting character,
frank of speech, daring in all his ef-
forts and having a big heart under his
broad bosom, Johnny" or "Betcher-a-
Million" or Farmer" Gates had hun
dreds of friends who sorrowed when
he was stricken.-New York Journal.
Lees Care of His Army.