Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1911-08-24

fered to bet him that the sunset at
another California beach was finer, and
sunset mentioned, a Judge was APP
pointed in the party and Gates sug-
sested that all hands. when a stake
had been made. should run over to
Coronado. That meant, being inter-
pieted. that Gates chartered a special
and at q cost Of $1,000 took the party
over to Coronado to settle the bet. AS
they alighted at the station. Gates
! espied a slot machine. He announced
that before the unset they must GER
tainly clean out the machine. Accum-
he turned in at this occupation, but did
not finish with the slot machine until
nine o'clock at night and the sunset
bet had to stand over until the next day
for it's decision.
After the American Steel and Wire
f1otation, Mr.. Gates spent a summer in
England. His friend John A. Drake.
son of Governor Drake bf Iowa, took a
string OF horses across the ocean to
race on the English courses. Gates and
Drake were a sensation on the English
turf. They took over with them a wiz
ard trainer, Wishard. who has a re-
markable faculty of. turning selling
platers into take horses. One day
Drake bought a selling platter by the
name of Royal Flush. The horse was
entered in the Goodwood Cup, as was
also Richard Croker's Americas and
one of the best thoroughbreds out of
the Prince of Wales's stable. Some days
before the race Americas was thought
to have u chance. and Gates bet a good
deal of money on him at Il long price.
Royal Flush was quoted around 25 to
l. Nobody thought he had a chance.
Two days before the race Wishard
"clocked" Royal Flush i'm record time
for the Goodwood Sup distance. and
told Drake and Gates. He predicted
that Royal Flush would win the race.
! Gates Immediately sent betting COM
missioners everywhere to back Royal
Flush. The odds fell to 6 to 1. Johnny
Reiff on Royal Flush won the classic
in a canter, n Gates. after he had
distributed %gratuities lavishly, found
that he had won $500. 900.
A Great Clean Up.
This was in July. 1900. The Amer1-
can presidential campaign was just
opening. Gates. who had made a trip
through the west before going abroad.
was firmly of the opinion that. barring
some disaster, the crops would be
enormous and the railways would be
choked with traffic. He told his friends
Ah AAN ~AAN SAt4S =
was written in large letters across the
face of the American continent. Union
Pacific was selling below $50. Gates
said that it would sell at par before
the winter was over-if Mckinley were
elected. One day in the autumn Gates
handed some papers to a friend with
the remark. There's a good bet on
the election" The papers were calls"
on $4,000 shares of Union Pacific, ex-
tending into the new year. Certain
London houses agreed to deliver to
Mr.. Gates at his call $4,000 shares Of
the stock at prices ranging around SIS.
For the privilege of these calls Mr..
Gates paid about $3.50, 900. "If McKin-
ley is elected" said Gates, 81 ought to
get my money back. Don't you think
SOP" And IL Mckinley is beaten you
lose $4,000" u charge it up to
won. he great bull market put Union
Pacific to $3.50 within a few months,
and Gates cleaned up about 81. 500. 900
on his calls.
Gates was a born gambler. When
he was a country shop keeper out in
illinois he spent many a night in a
"~boxcar' on the siding, playing the
great American game by the light Of
a trainman's lantern. In active mar
kets 1t was not unusual for Gates to
carry a line of $25. 900, 900 or $50, 600, 900
worth of stocks on margin. No Oper-
ator in Wal street yer organized a
more elaborate system of getting ad-
vance information of things that would
affect Wall street. When the street
was waiting a%nxiously for the final de-
cision In the Northern Securities case.
and the Union Pacific party believed
that it had defeated James j. Hill. Mr..
Gates one day sent word to MI. Hills
office that he had something to tell
him. The railroad president walked
down Nassau street and across wall
street to the rAunger's office. There
he learned from Gates that the SUI
preme court decision would be against
the Union Pacific. Gates didn't tell
how he knew it. but he. assured Mr..
Hill that he knew what he was talking
about. Northern Securities began TO
soar that day. and never stopped until
1T had advanced so a share. Some
days later the supreme court decision
was made public. 1t was just what
Gates said it would be.