The Tupelo journal., 1903-02-20
No MONEY FORTHCOMING.
Investors in the Arnold sect Rich
Quick" Scheme are Up
Against it Hard.
MOTLEY THRONG AROUND THE OFFICES.
"A story Current that the Firms
Funds Have Been Transferred to
Paris I'm the Form of Exchange,
Purchased in $4,000 Lots, by the
st. Louis Manager.

IAFIS III the OTHl VI ENcnanBcs
Purchased in $4,000 Lots, by the
st. Louis Manager.
st. Louis, Feb. 13.-Thursday morn
ing the investors in the Arnold e. Co.
get-rich-quick turf Investment con-
Germ realized that the firm was not
only insolvent, but that they would
probably not realize one cent on in
vestments..
According to the Investigations of
one investor, the firm had'not only
foreseen the, s~mash-up, but had pre-
pared forit. 1t is asserted that Man
ager Gill had for some time been
buying foreign exchange in sums of
$40 900 and sending the exchange by
mail to a Paris bank.
The scenes of the previous morn
ings since the suspension of pay
ments had been announced by the
Turf Investment Co., were repeated,
but in milder manner.
The motley >throng, largely poor
persons, gathered before eight
o'clock and grew steadily.
The office doors were locked, except
the cashiers reception room, but
from there people surged through
the rooms into the other offices.
The visitors had a helpless look,
and many openly announced that all
their saving pere invested. Many per.
sons from the country towns came in
All desks were locked, and not
as many employees We're present as
during the previous days. The col
order porters' looked disheartened and
were without their uniforms.
Sporting Crowd Not in Evidence.
1t was Il thorough picture of des-
pair. Few of the game-of-chance peo-
pie of the day before were there.
At nine o'clock Attorney L. D.Good-
man came in and Immediately went
to the private Offices and was closeted
there for Is minutes.
Now, good people, you had better
go home" was the opening statement
of Attorney L. A. Goodman to all the
people who could cram themselves
into the cashiers office.
Can't Get Money Unless II Court.
Il know you want money, but the
affairs of this firm are likely to get
into the hands of the United States
court and be wound up there.
1T is financial suicide for you peo-
pie to act in this way. You must
know that this firm has hundreds of
thousands of dollars of assets, but
they can not be sold at the moment.
"You ought to know that to put a
a ce horse on the market in a mo-
ment would kill his value. Good
horses would not bring $500 with such
handling.
$50 home, let Mr.. Arnold and Mr..
Gill have a chance. You will be all
right. The attachment on the horses
at New Orleans will be released in a
few days"
The process in the involuntary
bankruptcy suit filed by Frank J.
Kuhn and other creditors is made re-
turnable for February 2s.
Attorney Goodman says assets are
scattered from California to st. Louis
by the way of New Orleans. and can
not be estimated by any one but Mr..
Arnold.
Direct charges are made by invest
ors that disposal of property was be-
gun Monday, when suspension was an
nounced, and that the Legislative in
vestigation' explanation was an ex-
cuse to cover the concerns prepare
tons for dissolution.
Crowds throng the offices of all
the other turf investment companies,
demanding their money. The man.
ayers of these concerns say they are
paying all claims.
Grand Jury Investigating
ST. Louis, Feb. 13.-The February
grand jury dropped all other bust
ness, Thursday, in order to take up
the investigation of the "get-rich-
quick" turf investment companies.
The companies to be investigated in
clude E. j. Arnold 81 Co.. Christy 8
Co., United Turf & Investment Co.,
International Co. and the John f.
Ryan Co.
The United Turf & Investment Co.
closed down Thursday, posting a no.
tice on the door of their offices in
the Fullerton building, reading: of
fee closed until further notice. Due
to investigation" Many depositors
visited the offices Thursday ard left
with heavy hearts. Not a few were
women, who wept bitterly at the loss
of their savings.
Christy & Co., in the Missouri Trust
building, closed down Thursday, re-
fusing to pay either the weekly divi-
dends or refund the original deposits.
An angry mob besieged their offices
and clamored in vain for their money.
The International Co., Sixth and
Olive streets, was besieged all morn
ing by investors, but they were paid
as fast as checks could be written.
Billet for Capt. SiGsbee.
Washington, Feb. 13.-Capt. Charles
d. Sigsbee, who was in command OF
the battleship Maine when she was
destroyed in the harbor of Havana,
will probably be assigned to duty as
commandment of the navy yard at
Bremerton, Wash.
Convicted of Perjury.
Anderson, Ind, Feb. 13.-W. G. Mus
sci, president of the Mussel Brewing
Co., of South Bend, was found guilty
of perjury here, and will be sentenced
L. IL a,1f.,x ~y Gov ~, ,lo+>-