RECORD SPENDTHRIFT

Evening Post, Volume LXXXVI, Issue 146, 17 December 1913, Page 11

RECORD SPENDTHRIFT

MILLIONAIRE'S STRANGE CAREER. £200,000~~1N TIPS. (FROM OUR OWN CORRESPONDENT.) LONDON, 31st October. Charles Gilbert Gates, the only son of the late multi-millionaire, John W. Gates, whose death occurred this week, was one of Airierica'3 most picturesque spendthrifts. He was only 37 years of age. He suffered from internal trouble, and had been warned by his doctor to lead the most temperate of lives. During the last three weeks he had been shooting with a party of friends in Wyoming, and making merry generally, and lie was struck down by apoplexy just afe he was about to board a New York train. "Charlie Gates," as the young millionaire was familiarly known, not only inherited the wealth of the famous "Bet-you-a-million" Gates, but also most of his father's characteristics. He used to spend a million a year, and his motto was "Speed" is life." He loved gaiety, and he was always a conspicuous figure at any "big event" from Paris to San Francisco. Like his father, he was noted chiefly for the lavish distribution of tips, gaming for high stakes, and plunging *n the stock market. Educated at private schools in the Middle West, ho began his business career in his father's office, as clerk, at the age of seventeen. But his activities outside office hours soon began to make him a national character. In the stock market and as a Turf plunger, a practicaj joker, and an automobile "road nog," he had few equals, and his reckless use of money soon attracted atten.lon. The West and its business possibilities for excitement did not absorb us attention for long, and in 1901 he appeared in New York, bought a Stock Exchange seat for £10,200— then the record price— and opened a banking and brokerage office in Broadway. Until 1907, the year of tho great panic, lie ran the business, and then, after at% unsuccessful attempt to break a steel combine, his firm of Charles G. Gates and Co., which served as a medium for the enormous speculations of John W. Gates and the "Chicago crowd" in plunging, went out of business, paying up more than £18,000,000 of debts. Released from even the semblance of business, Mr. Gates toured Europe, leaving in his wake showers of 1000 dollar bills. He^oncesaid he spent £200,000 a year in "tips." A few months ago he nearly frightened a Minneapolis waiter to death by paying for a £20 dinner with a £200 bill, and telling him to "keep the change." For special trains Charlie Gates spent fabulous sums. The first of his whirlwind trips was a run of £3000 miles from the wilds of Arizona to New York. The' distance was covered in 74hrs. 19 mm., and the tVain cost £1500. He paid an, average price of 6s a minute for Bpecial trains. Like his father, he was a great gambler, arid on one occasion he is said to have lost £8000 in a single night, playing roulette in New York. His name was open sesame at Canfields whan that notorious gambling house was in its glory. He was a" good loser, and his generosity was never disputed. Just before he died he spent £1400 in buying fur overcoats for his friends. He gave a chauffeur £200, and presented a guide on a trip with £200 also. Last Monday Mr. Gates declared that he had just made a big "turn" on the Chicago Board of Trade, and felt he was obliged to spend £14,000 right away to relieve his feelihgs. / Mr. Gates was a director of five lorge Texan companies and president of two, others. His fortune is estimated at* £8,000,000. He was married twice. His first wife was Miss Mary W. Martin, of St. Louis, who divorced him in 1911. A month later he married Miss Florence E. Hopwood, of Minneapolis. With his death the house of Gates, whose traditions he carried out to the last, perishes, for he was the only son and had no children.