The St. Louis Republic., 1903-02-13

never was a poolroom that did not make
big money. Any one can make money in a
poolroom. 1t can be operated for one
five-thouSandth part of the expense at
which a race track is operated. Then L
have the Newport track and own the ring
there. That is good enough for any one. L
consider Newport worth 5000 day in
good weather. 1t has not made SO much
SO far. but the weather has been bad.
Now ask any expert turfman If I did
not have the best end of the game pos
sible. Ask him if did not have a feasible
scheme. Ask him If my twenty-five branch
poolrooms. all dealing with central room,
were not good for $4,000 year at least.
Then l had just as much capital as I
could not use and take per cent per an
mum interest on them, when l was paying
more than that each week. 1 used all my
money, made 1t work where l thought 1t
would do the most good.
FIRM IS EMBARRASSED
BY NOTICES OF WITHDRAWALS
Il do not know how things will turn
out OF course, the thirty days clause
helps us and stops a run. but notices of
IN 10 have put US AL up n the air
go ahead. We must stop and wait to see
what our stockholders will do II they stick
on Withdrawing. we we can can scarce m hope ' to
carry on business. 1t may be that We may
have to sell our race track and farm at
d SdCGluCc anu CLOSE up lne pOOlT0OmS.
With one-eighth as much money. we
have three times the visible and tangible
assets of Arnold. and not one-tenth part of
his expense. tell you. We had grand
prospect when Arnold's failure broke it all
up. He took the gentleman sportsman's
end. the sucker end of the game. He
horses. Stables never paid and never will.
Neither does bookmaking pay nowadays
unless you can manage the ring to suit
yourself as / did at Newport.
Race tracks do their owners. New
port Is paying US and will more than treble
Its money-making ability in the next three
run inexpendvely. make their own prices,
which are one-half of track prices. Look
at some of the local rooms. know of
one which made million dollars in
eighteen months off a $4,000 bank roll.
can prove this My idea was a pooroom
and race track one. not bookmaking and
racing stable scheme.
DEPRECIATION OF STOCK
MUST BE SHARED BY INVESTORS.
"Of course this run handicaps U.S. Stock
IN the Fair Grounds and Deimar tracks is
worth 120 now. Let the State Legislature
pass law against racing. and that stock
would not sell for 70. SO It Is with n our our
now 1t is not worth 50.
II am confident that my scheme is sound
1 will go on with it. II not. 1 will wind
up. realize ell 1 can and give each stock
holder his due share. 1t may be that
ciate our property and make what we paid
81 for worth but 80 cents. But If 1t Is
forced on us. what can we do?
I'VE have plenty OF working capital, and
have met all demands as they come due.
We paid out 5000 on Withdrawals which,
in accordance with out thirty days clause.
fell due to-day. We also paid $500 or 5000
In dividends.
ACTUAL CASH ON HAND
AMOUNTS TO s2sO,OO0.
I'VE have in ST. Louis banks $1,000 of
surplus fund.- which equals at least 25 cents
on the dollar. not including our track,
working capital, bank rolls used in con-
Quoting our books at tracks, stock farm,
brood mares and stations.
1--WE have been notified since Monday.
when Arnold broke. of the intention OF our
depositors to withdraw 800 at the expira-
ton of thirty days. To-day 107 persons.
with claims amounting to 5000, who had
given notices of withdrawal informed US
that they would withdraw them.
THE company has paid out more than
$3.50 900 in dividends since the first Of the
year. We have been running since last
July.
Livery person who Is a subscriber to the
firm Is a partner to the extent of the cap
ital they have invested. in the transactions
and speculations of the company: This Is
understood in our contract. Other COM
panies had no such clause"
Asked II this clause was in the agreement
signed by the company In accepting de-
posits from the depositors, Ryan answered:
mo, 1t was not. 1t was impossible to put
covered by the words, as per our booklet.
The booklet states that depositors are part
ners in the firm. and attention Is called to
this in the agreement with our depositors