The disaster was brought about by the appointment of a committee by the Missouri legislature to investigate the "get-rich-quick" situation. St. Louis had become the haven of every conceivable class of swindlers, who swarmed there in such numbers that the legislature deemed it wise to look into the matter. What motive inspired it to take this action was a mystery. Sufficient, however, to observe that when it came to following out its own recommendation to pass laws that would drive the "get-rich-quick" companies of all kinds out of the state something stopped the legislation. The investigation of the "get-rich-quick" concerns in Missouri by the State Senate Committee resulted in an elaborate report, which was presented March 3, 1903. This report had the following to say of the turf investment companies: "These institutions are of modern origin. The pioneer in this field, especially in this state, seems to have been E. J. Arnold & Co. Then followed Ryan & Co., the International, The Christian Syndicate, Brolaski, Thomas Walsh, Maxim-Gay and others. "These concerns were presumably prosperous until the examination which was begun by the grand jury, instigated by the circuit attorney of St. Louis, Hon. Joseph W. Folk, and your present committee. When the crash came, company after company closed its doors or refused to pay back to depositors on demand, and upon examination of these companies, we found them to be mere shells, with little or no money or available assets on hand, and the millions of dollars handled by them either paid out in dividends, squandered and gambled away on race tracks, or absorbed by the officers and managers of the said companies. "The evidence discloses the fact that E. J. Arnold is supposed to be in Mexico, the books of said company being in the hands of the grand jury. So far as the search under legal process has developed, no assets of Arnold & Co., except a stock farm and stock thereon, office furniture and fixtures, and a few hundred dollars in cash, were found. "Ryan & Company claim that they have on hand $200,000, which has been attached and garnisheed, in the hands of the depositories, and the same process has been used to take possession of the real estate holdings and other personal property.