The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-04

the market and unfortunately his money and
These fake. ilIesitimate and bogus concerns
should be weeded out OF the business. and to tais
criminal laws, affxinE thereto a penalty tina;
would drive these spurious and Discretionary
orHer gan companies out Of business.
GRAIN BROKERS AND
GRAIN BUSINESS GENERALLY
Other Legislative. committees have made ex-
future AMI az the gpn ae sest r ,b feans IN
business business are 80 far-reaehing that nothing but a
many weeks investigator. would enable th,s
cSmmitics 20 make recommendations in regard
who have recently come into existence with new
Wso The pabs sEoR & i 1sr nawaF against
We pnhes.tatinsly condemn all dealing in fu-
that class Whose only excuse for existenes is to
6st the sr pg6 d for fr;ssr ,
mate.
TURF-INvEsTMENT
COMPANIES.
These Institutions are Of modem origin. The
sesHs to haze been f. J.: Arnold & 20. Then
hTis;S syhiicats BFoatEl. TSo@ss Walsh she
Maxim Gay and others.
until the examination which was begun by the
Grand Jury instiga,ed by the Circuit Attorney OF
present corim:ttse When the crash '' came sGns
company after company closed its doors Or re
upon examination Of these companies. We found
them 10 be mere shells with little o. money
or available assets hand and the millions
ot dollars handled by them either laid out in
a saf ga the oe:Ts
msnasers Of the said companies
mold is supposed to be in Mexico. The books OF
said company being in the hands OF the Grand
as has DEVELOPED. no assets Of Arnold & Co.
except stock farm and stock thereon. office
iaI pvd in cash we :;,, found 49,, 49,.
has rad AMI
garnishsed in the hands OF the repositories. and
session OF the real estate holdings and other per-
George A. Dice. Inspector Of the Post Office
he lad made an examination OF F. J. Arnold &
showing Arnold & %: had on hand $50 900 more
assets Than their liabilities, and that Ryan &
Inherent examinations OF these concerns were
@ by " na his na aa nat i his
report To- the department recommended that they
swer az to their liability for criminal Of the
mails. and that 50 FAR as his report went they
against them. that the ruling of the Department
was not In accordance with his recommendation:
partment at washington by somo process or
other unknown 70 your committee. 2yeIruled the
cases pending against these companies and they
,e TO oS w Had s
Tnent at Washington acted promptly and properly
lions Of dollars would have been to the
people Of the state of Missouri and other States
In order to protect the people who are attracted
by the fair promises and the payment OF OK
traordlnary profits dividends. and 10 prohibit
the improper and vicious misapplication and alb
sorpton Of the money OF the people who conf1e
in the representations OF investment companes
your committee recommends that a law be rassed
which will prohibit the doing OF business by
said Embarrassment companies or other Ike
institutions in this STATE.
BOND AND OTHER
INVESTMENT COMPANIES.
There humber Of companies issuing what
known y RDld b0Qls in this STATE. Your
DIittoe did not have tine make thorough
examination Of all these matters or companies.
and. therefore, cannot make any recommenda
tons in regard to the same
There numbers OF investment companies
doing business in the State, which, at first
glance. appear to be solid. substantial. firm and
reliable. who have Incorporated under the laws
81 the state with a capital stock ranging a.
high as $1,000. and from such an examination
tine public are enable to make these
pani.s appear to be stable when IN reality their
Organization II questionable. and their manner
Oi doing busfncss cannot stand the test % n
close inspection. Under this general head might