St. Louis, Mo., Feb. 11, 1903.--Runs were made on the E. J. Arnold Turf Investment Company, the International Investment Company, The Christie Investment Company and John J. Ryan & Co. yesterday by hundreds of men and women who during the last six months have invested their savings with these co-operative bookmaking concerns in the hope of enormous profits. The International and Christie companies paid all the stockholders who appeared, at first. Then they decamped. Arnold & Co., in accordance with their announcement which caused the panic among the "turf speculators" yesterday, refused to pay back any stock certificates, although still claiming to be perfectly solvent, and determined to pay the usual weekly dividends until affairs of the company are wound up. At the offices of John J. Ryan, owner of the Newport (Ky.) Race Track, a riot was averted by the presence of the police; and the excited investors, who were reminded that their stock certificates are payable only on thirty days' notice, went off in a state of rage and anxiety at once amusing and pitiful. HOW ARNOLD INSPIRED CONFIDENCE. Arnold was a wise one. He knew how to work the game. First he sent to New York and bought the famous race horse Gold Heels. This horse had won many of the great Eastern classics. He broke a tendon and was useless, but Arnold's investors did not know that. They would swear by Gold Heels. Then he caused his "bank" to issue a letter along the following lines: American Central Trust Company. Capital--$1,000,000. Surplus--$500,000. S. Schnurmacher, President. Wm. S. Simpson, First Vice-President. Joseph Wachtel. Second Vice-President. Franklin P. Hunkins, Third Vice-President. Edward Bauder, Secretary and Treasurer. DIRECTORS. Shepard Barclay, Edward Bauder, G. A. Bauder, John N. Drummond, Jr., Henry W. Gehner, Morris Glaser, Frank Griesedieck, G. A. Gurner, Franklin P. Hunkins, John D. Manley, H. I. Mills, John A. Nies, H. F. Powitzhy, Leo S. Rassieur, B. Schnurmacher, Wm. S. Simpson, Joseph Wachtel. St. Louis, Mo., May 15, 1902. TO WHOM IT MAY CONCERN: The firm of E. J. Arnold & Company, of this city, is one of our largest depositors, and we consider them amply responsible for every obligation they may assume. AMERICAN CENTRAL TRUST COMPANY, By EDWARD BAUDER, Sec'y & Treas.