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Show I INVESTORSLOSE MONEY "Get-Rich-Quick" Concerns Havo Got Away With Enormous Sums Belonging To Depositors. A. J. Arnold, tho head of tho turf Investment company which went to tho wall In St. I.ouls, has sailed higher and fallen harder than nny schemer who over tackled tho tint as a way to riches. Other plungers on tho turf hnvo been known for their own Individual Indi-vidual losses or gains. Such men as Itiloy arannnn, "Pittsburg Phil" and others played for themselves. Whon thoy lo3t the)' wero tho only losers. It wns different with Arnold. Ho couldn't lose. Arnold was a born schemer. Ho bo-gan bo-gan scheming when ho was 20 years of age, and he Ib now 43. Ho began with nothing, and tho reports say that ho has failed for about $2,000,000. It Is something of a trick to bo ablo to fall for such an amount, and In that rcspoct Arnold has boon a magnificent success. Arnold began carefully and did not seek notorloty. Ho was way down at tho stnrt and handled 10-cent ptoccs. Later ho got hold of somo half dollars and about ten years ago ho bugnu to handle paper money. Ho never antagonized an-tagonized anyono. Ho kept plugging and his friends bcltevo now that ho never meant to cnuso nny patron to lose monoy. Arnold had an Idea that ho could do something thnt can novor bo done, so his friends say. Hero was Arnold's schemo In his own words: "If you had $10,000 In cash, a good Jockey, a string ot good horses and facilities for finding out what was going on, don't you think you could turn out a few hundred dollars' dol-lars' profit every weok? Well, that Is Just what I am doing, and tho fow hundred on evory $10,000 that I havo enables mo to pay C por cent Interest ovory week. If I Intended to bust, you don't think I would buy rnco horses and farms and other things that could bo seized, do you? Not much; If I was a crook I would bo doing business in a different way." Arnold's argument won. In tho latter lat-ter part of 1900 ho had enough money to establish his co-oporntlve business and to ndvertlso it. Money began to flow In nnd Arnold began to pay out 5 per cent a weok. The Investors got tho lntorest nnd tho principal back If they wanted It. Arnold began to buy farms; his namo appeared In tho dally newspapers as a prominent factor on tho turf. One day ho made a big killing kill-ing at St. Louis and pcoplo rend about 03 Hi j I isimsfc Jn It. Tho result wns ho recolved moro money for his schemo. Tho Arnold schemo succeeded so woll that others Imitated It. Millions of dollars were lnvestod. Tho turf, of course, could never pay such rates of Interest and the schemers were forced to pay Interest out of receipts of customers. cus-tomers. Tho receipts had to grow. Withdrawals meant ruin. Arnold being be-ing tho flr3t In tho flold was naturally tho first to fall, because ho handled tho most money. |