The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-12
TURF INVESTMENT
CONCERN BUSTED
E. j. Arnold Firm AnnOunc-
es the Absence of
Funds.

ST. LOUIS, Mo-, Feb. 1.-THE Of
fees of the various turf investment
companies were thronged from an
early hour today with depositors, many
of whom were from out of town, who
wished to withdraw their money. At
the offices of e. J. Arnold & Co. the
announcement was made by Attorney
l.. d. Goodman, acting for Manager
Gill, that the company had no money
to pa yeither dividends or principal.
Attorney Goodman stated that E. j.
Arnold was detained at Hot Springs
until he could close out his interests
there, and that he would return here
Thursday.
A petition has just been presented
in the United States district court by
creditors, asking that Arnold & Co.
be declared bankrupt and q receiver
appointed to wind up it's affairs.
At the Offices of the International
Investment company payments were
resumed today to a large number of
depositors, among whom were many
women.
The Christy Syndicate Investment
company, which began paying off yes
terday, was today crowded with in
vestors, who desired a return of their
money. John O'Neill, who, with w. c..
Christy, composed the company, an
nounced that payment on Withdrawals
had been suspended thirty days, but
that dividends might be had by any
wishing them. 1--WE had to take thirty
days to protect our customers" said
Mr.. ONeill. Our assets are $4,000,
and we only owe $4,000, so by taking
the thirty days we shall be able to
turn ourselves around, and no one will
lose dollar"
Excitement Is intense among de-
positors Of the various turf investment
companies over the present condition
of affairs.
E. ]. Arnold is now holding confer
enceS with his local agent at Hot
Springs, Ark, and several local GUS
toners, who are making vigorous pro-
tests because Of their inability to with
draw funds. Arnold is accompanied by
detective He says Gill, his st.
Louis manager, just called him up over
the long distance telephone, and said
that they have not stated they have no
money, for they have, and will pay in
full.
Arnold denies failure. He states he
had $350,000 assets, and this will fully
cover all liabilities. His book will open
at Hot Springs as usual
NEW ORLEANS, La, Feb. Iii. l..
Morrison today secured an attachment
against the stable of horses of E. J..
Arnold & Co., at the local race track, in
AS a result of a suit of attachments
served on the John J. Ryan Co-opera-
tive company on Tuesday a run was
started by depositors on number Of
cooperative turf investment com
panies l-ere, and today a petition was
filed in the United States court by
creditors asl1fng that E. J. Arnold &
Co. be made to show why they should
not be declared bankrupt.
Tonight Mr.. Arnold wired from Hot
Springs, where he now is, that he was
not bankrupt and would settle with
his creditors, and that they would lose
nothing. He is expected here tomor-
row.
The offices of E. j. Arnold & Co.
were filled with people today clamor-
ing to withdraw their investments. In
the offices Of the John J. Ryan COM
pany was enacted a similar scene. Peo-
pie filed the Railways and thronged
the streets before the two firms head
quarters, and extra police were detail
ed to provide order. Depositors were
informed that they must give thirty
days notice. This served to increase
the excitement, and for a time it SEEM
ed that a riot would be started, but
special police preserved order and no
ritiOuS trouble resulted.
At the International Investment COM
pany depositors were paid as fast as
they came, and as they passed out
to the street the cry I've got mine
was necessarily sounded and other
anxious depositors pressed forward to
get their money.
At the offices Of the Christy Syndi-
cate Investment company word was
given out that depositors must give
thirty days notice to get their money.