Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-16
Like Hogarth's Famous Masterpiece

JOHu w. Gdl6S was president u
the Wire Trust, and for his interest
III this and other corporations sold to
the Steel Trust at its formation, he
is said to have received $40,000,000
After this he established stock
brokerage firm in New York, which
carried on the largest gambling
transactions ever known on the
Stock Exchange.
From this time Charlie Gates had
all the millions he wanted to waste.
His father set him an example in
gambling, and gave him unlimited
money to do it with. The father was
known as "I-bet-you-a-m million" Gates,
because he was always ready to bet
an enormous sum on any PROPOSE
ton.
Stock speculation became bad in
1903, and clients of the Gates firm
lost $20,000,000. John w. Gates re-
tired from business with failing
heath but large part of, his for
tune. He had a tremendous phys
ique, which he inherited from west
ern pioneer stock, but the kind of
life he led wore him out compare
lively early, for he died at the age
of fifty-six. He was able to en-
dure that life longer than his son.
1t was not to be expected that the
good old pioneer stock could stand
another generation of abuse.
Charlie Gates could scarcely pass
a minute of the day without gamb-
ling. He went to Saratoga few
years ago to spend his time gambling
on the horses by day, and at Can
fields gambling tables at night, but
that was not enough for him. He
used to bet every day that the horse
he rode to the races would beat
somebody else's. He bet as much as
$500 on this, and would have gone
10 any lllnlI.
For several years he was in the
habit of taking a party of friends
to French Lick Springs, Ind, where
he played roulette and faro at the
notorious gambling den that former
ly fiourished there. One year he
took with him a party of four
friends. For board and lodging for
these friends, himself and wife, he
paid $3.50 a day at Tom Taggart's
hotel.
He lost several hundred thousand
dollars on the green tables. His
father then investigated the game
and decided that the player did not
have a reasonable chance. He per-
suaded his son to swear off gambling
at these tables and agree to pay
a forfeit of 100000 if he broke his
promise. Charlie kept the compact,
but to console himself he bet freely
on dog and badger fights, boxing
matches and other sporting events
that were held at the village. Dur
ing the day he wired stock gambling
orders to New York.
The gambling episode that pleased
Gates more than anything else in
his life occurred at Rawhide, New,
in 1908.
In the course of twenty minutes
he lost 100000, got it back and
netted $4,000 profit.
In 1910 he lost $4,000 in one
night, while gambling at a place
kept by Albert Rothstein in New
York. He paid his losses with
check. 1t was time for the banks to
open when Gates started to leave in
the morning. To n IKE sure of the
money Rothstein proposed that his
partner should accompany Gates to
the bank and cash the check. The
gambler afterward complained that
his partner had kept the money.
Mad extravaganza of one kind or
another marked every day of his life.
After entertaining party of friends
at the Hotel Rogers in Minneapolis
in 1909, a check for about 500 was
handed to him. He gave the waiter
a $1,000 bill, said hurriedly keep
the change, boy" leaped into his
automobile and hurried away.
At Los Angeles in the same year
he gave $500 for a very ordinary
looking bulldog.
Actual physical speed was one of
the most marked features of Gates's
mania. 1t has been calculated that
he was arrested eighty times for
.; the Star Company. Great Gritain Ri