New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-09

turf They took over with them Wlza'"
trainer. wishsrd. who has remarkable
faculty of turning selling platers into stake
horses The English stewards didn't fahcy
the plunging Americans. and the LONDON
newspapers intimated that Wishard was
doing queer things 20 his horses.
The two Rein boys. who rode for the
Drake stable. created a sensation by win
ming race after race. one day Drake
bought a selling platter by the name oil
ROYAL Flush The horse was entered IN
tho Coodwood Cup. as was also Richard
Croker's Americns and one OF the best
thoroughbreds out Of the Prince Of Wales
stable
some. DAYS before the race Americas was
thought TO have a chance. and Gates pct
good deal of money on him at a long
price. Royal Flush was quoted around %
TO t. Nobody thought he had a chance.
Two DAYS before the race Nlshard
"'clocked" ROYAL Flush in record time TOR
the Goodwood cup distance and told Drake
and Gates He predicted that Royal Flush
would win the race Gates Immediately
sent betting commissioners everywhere to
back Royal Flush. The odds fell to To L
johnny Reiff on Royal Flush won the clas-
sic in a canter and Gates, after he mad
distributed grstuities lavishy, found that
he had won 10000 ROYAL Flush won some
races after that. but he was soon lost
sight OF
The "klllns" on Royal Flush was made
in July. 1900. The American Presidential
campaign was Just opening. Gates. VINO
had made trip through the West before
going abroad was firmly 81 the opinion
that barring some disaster, the crops would
be enormous and the railways would be
chokcd with traffic. He told his friends in
London and Berlin that prosperity was
written in large letters across the face of
the American continent He predicted
great bull campaign IN Wall Street II Nc
tnley defeated Bryan. Union Pacific at
that time was selling below $50. Gates said
that e would sell at par before the winter
was over-if Mckinley was elected. one
dsv in the autumn Gates handed some pa
pers to friend Al the Carlton Hotel. with
the remark, There's a good bet on the
election" The papers were calls" on 5000
shares OF Union Pacific extending into the
new year.
Certain London houses agreed 10 deliver
20 Mr.. Gates at his call 5000 shares of the
stock at prices ranging around SIS For
the privilege or these calls Mr. Gates paid
about s150coo. "Gf Mckinley ia elected"
said Gates. ~ ought 10 get my money
back Don't YOU think so2" And if Nc
Hiuley is beaten you lose $4,000 I'm
charge IL up 10 ROYAL Flush" said Gates.
Mckinley won. the great bull market put
rnon Pacific n $3.50 within Few months.
and Gates cleaned NJ about $500 an IN hts
calls.
Su Margin Deals.
IN active markets IT. was not unusual for
Gates 10 carry a line Of So. o0aO00 or go
"7.pD worth Of stocks on margin Some ~
the older men in the street tried again and
again - tie him ND, but they never sue
ceeded Gates always had hi7 eyes open
Where he couldn SEQ far enough with his
own eyes he paid somebody else 10 look
ont FOR him. No operator IN Wall street
ever organized more elaborate system Of
getting advance Information Of things that
would affect Wall Street When the Street
was waiting anxiouslv for The inal decision
in the Northern Securities case. and The
Union Pacific party believed that II had Je-
feated James J. Hill. Mr. Gates one day
sent word 20 Nj HIS Office that he had
something 10 toll him.
Mr. Hill was told nv Gates that tho
Supreme Court decision would De against
the Union Pacific. Gates didn't tel now
he knew II, but he assured Alr. HI ne
knew what he was talking about North
ern securities began 20 soar That tav, and
never stopped until II had advanced 80
share Some DAYS later the Supreme Court
decision was made public. II was Just what
Gates said IN would De.
Gates was a born bull he never TOOK
any part IN bear campaigns. because ne
was zoo much of an optimtst 70 net on
stocks going down Every time during me
last six or seven years when the market
had a bad break the story went around
u The 5 6uIi market Of he fall Or 1902 VAS
almost entirely a Gates markct Gates ana
his following put -. Pau nearly To so
and were loaded mp with stocks Wnen ],
Was discovered that the standard OF crowd
bad been selling stocks al the way up.
The market collapsed and the Gates crowd
took heavy losses
that Mr. Gates's fortune was greatly de-
n,eted. but when asked about IL lie only
smiled Friends then estimated 2ir estate
a figures VARYING from N"H."N 10 go
0rlV0
His Oh Interests.
After he retired from Wall Street Mr..
Gates went to Texas. whore he became in
rerPSfpn IN inc OIL menus lIl lilf ''Nt''''
ern part OF that state. He became prom-
nentlv Identified with the Texas company
which has since grown 70 be the largest
independent oil company in the country. IL
is commonly known as John W. Gates OIL
concern. and he had devoted most of MS
time 10 its affairs during the Inst re"
wears The company y a worthy rival even
OF the standard Oil Company, which com
pletelv abandoned the Texas field 10 the
Gates company. Mr. Gates was an active
director and one OF the largest stockhold-
ers Of the company and his death VIII ne
severe loss TO the corporation II was
due largely TO his efforts that the COMPANY
crew from a small concern. with S.Vn'D
capital 70 the huge corporation that II rs
to-day with q capital sock OF %jo'rylV"
and owning 500 miles II pipe line, reaching
Texas Oklahoma and Louisiana oil fields,
with an ocean terminal IN Europe ana a
half dozen terminals on tic Atlduuc sea
hoard I'm this country. besides many local
distributing stations IN the interior. Inc
gross earnings Of the company are about
SO OO0OO0 wear and il is through his con-
nectlon with this company that Nj. Gates
succeeded In re-establlshing himself as
financial power ma the land
II is believed that flying trip made 10y
Mr. Gates from Paris 20 London and back
in behalf Of his oil interests about the
middle of June hastened bis death. At that
time he had a conference with Lord COW
drav. head Of the oil firm Of ;. Pearson ~
son and as Il result lt was reported So
cured for hts TeAas COMPANY I'D. -1n----