Ira Yates of Texas Rancher Turned Oil Magnate
Ira Yates rose from a Rankin grocery store to a vast Pecos River ranch in 1915 paying 2.50 an acre for 16640 acres. Despite 11 harsh dry years and mounting debt his honesty earned neighbors' respect as West Texas oil booms began transforming his fortune. He later became one of Texas's wealthiest men through oil rather than cattle, with ranching as his first love.