New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-13
TALES OF JOHN ". GATES
How He Founded Fortune on
Barbed Wire and Steers.
INDIFFERENT TO VAST SUMS
Always Ready for a Game OF
Chance-Waiter CANDLES
Him Away.


who died the other day IN Paris. caught
his fortune with barbed wire ana
anchored IL with a bunch OF borrowed
Texas steers
II was a little incident that occurred In
San Antonio a generation ago. The YOUNG
fellow who was destined TO hold the steel
industry OF the country in his hands had
tried several little ventures and finally de-
cided there was money in barbed wire
then new thing. He hired out as
drummer al 800 a month. took roll OF
wire ard started for Texas. where he had
heard there had never been seen straho
Of that kind OF fencing. He made MS
plunge I'm San Antonio In rue Gates style
Making corral in the centre OF the
main street he borrowed 81 bunch OF steers
from a ranchman and drove them into H.
Bv that time the multitudes had gathered
Then the drummer and geyeral volunteer
assistants harried and irsulted those pe-
righted cattle till they had branded them-
selves in divers fantastic fashions against
Mr. Gates's fence. But they didn't break
tho corral.
In an hours time Jobg W. Gates hao
sold moro ba-bed wire t.isn his employer
could manufacture in a month. HIS iort-
une was begun.
That buIl-in-the-pen method Of doing
business annoyed Wall Street when the
plunger struck Il some years later.
A veteran OF the Street called on MN
one day IN rive him some advice-for the
Streets good.
trah
the Street" said the Old broker.
II don't give a tinker's dam FOR trdoi-
lions" said Mr.. Gates. II come from
part Of he country where new traditions
are made every day"
II took the Wall Street crowd some time
to learn that. And It cost them money
His very frankness deceived them. once
uben he had been hard hit the reporters
called 10 see II he was out OF the game
"No bows" he assured them, I'm not
broke. hut I'm pretty damned badly bent,
Coates Is down and out and trying 10
hide II by fake frankness." said the wise
ones. and proceeded henceforth 10 ignore
him.
Then one morning they woke up to learn
that Mr.. Gates had gained control of the
Louisville e. Nashville And the wise ones
went down and paid a tuition bill for in
struction in Gates methods
In relation to the beginning OF Mr.
Gates's career as n steel man II was tod
that lie was on a train going from New
York 20 Chicago with Mr.. Lambert, with
whom he had lust made about sl5, 600 in
eight days. and just az they reached Pitts
burg suggested investing this money In
tNtt liz In
bank.
What would you suggest doing with
it," asked Mr.. Lambert.
Lets get off here and buy some mills,
said Mr. Gates.
They did.
Most tales of John w. Gates centre
around his love for games OF chance.
One day out In Texas. where they heard
that he was fond Of playing poker for large
stakes a local delegation from one or the
small towns that desired his interest and
friendship came with the news that the
BOYS had made pool and raised $4,000 TO
play game of poker with him.
Gates looked at his watch and replied:
"Rovs. | haven't much time to stay in
town and | am sorry to disapppint you. l
tell YOU what I'll do. I'll match you for it
Mr. Gates's last Office was In the Trinity
Building He called his firm Charles u.
Gates & 60. Others termed ii The House
of the Twelve Apostles" as dozen part
ners were i'm IT, Gates was considered
good bridge whist player Often after
n m bridge was played in the office. One
dav there were only three to plaX. A young
man OF good family. but not wealthy,
came in.
Sit down" said Gates. agreeably. Il
hate to play with dummy"
How much a point do you play?' asked
the newcomer.
Fifty" said Gates.
"I can't afford it." was the rejoinder.
twenty-five is a big game for me-
We'll, make up the rubber said Gates
disappointedly. Wen play for twenty
five"
The Young man played well. had luck
and won.
we have a sort Of clearing house here
said Gates when the game ended. III
send YOU your check In the morning.
The young man got a check for Sl3,Wo
Astounded. he took IT to the signer
what does this mean?" lie asked. II
calculated that 1 won $3.50 We were play
ing for % cents a point. weren't We
Eve were playing for SO u point re-
turned Gates
.\yhs-at! Why, If I'd lost / couldn' tihave
paid"
..If YOU hadn't paid we'd have run you
out Of the city" said Gates. codiN But
YOU won. Cash that check IL WaS'caahed.
Besides this pleasing little story TO EN-
phaslze MIR Gates's sermon, another was
being told YESTERDAY.
The Governor. Of certain Western state
was playing poker here with Gates. John
s Drake and one Of Gates's brokers. The
game grew slow.
Lets raise the limit from So to N.Ooc.'
suggested Gates. The broker demurred
He knew the value OF money. But the limit
was raised The Governor won $4,000.
How much are you WORTH" the broker
admirnely asked the Governor.
Fifty thousand dollars
Are YOU i'm the stock market
Yes fer 1900 shares
Sell"
The Governor did. The panic of lso7sfol-
lowed.
Even in the years or his more frugal be-
ginnings he had the gambling instinct well
developed Pete McManus. who went
TO Texas with INN I'm 1876 to sell the new
fence material, once told how he had gone
to the races in ST. Louis with Gates. and
how. on the way there Gates had handed
him a roll OF bills To place on certain
horse. This j. the way McManus related
the story.
How much money is there in the rolf"
/ asked
Fifteen thousand dollars he replied,
as carelessy as If II was Is cents.
II placed the $1,000 around among the