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.