Bisbee daily review., 1905-12-10
MICHIGAN COPPER LETTER
 TELLS ABOUT ARCADIAN
THE BIGGEST THING MICHIGAN
 EVER HAD ON PAPER.

Tenn Lawson Provided the Literary
 Bureau, and the Suckers Did the
 Rest-The "Lake'' Is the Name of
 the Newest Thing in Michigan Cop
 per.
 (By Homer A. Guck. editor The Min ing Gazette)
 Houghton, Dec. ,. - No better il- lustration of the fact that the present widespread excitement over coppers is not a crazy boom could be found than the frost which was given the pal pable attempt to create big boom in Arcadian. The public, in buying cop pers is showing that fine discrimina- ton which was not evident in the booms which we have known up this way in the years gone by.
 The Arcadian for example: Six or seven years ago when the Arcadian was floated it was to be the biggest and greatest and grandest copper prop osition in the world. It would rival even the Calumet & Hecla. Exten- sive territory was secured. The stock was floated on the market at enormous figures. Tom Lawson did the adver- Using and was clever enough to get delegation of rich Jews of Chicago into the deal good and plenty. The best mining men were secured at enor- nous salaries. The virgin forest was replaced by two beautiful avenues con taining a half a thousand handsome homes in less time than it takes to recite the story of the smash-up. Two million dollars is a conservative esti mate of the money spent. Magnifi cent steel shaft and rock houses were built. The mine was opened at the rate of 1900 feet a month-a record eQualled only by the Calumet & Hecla. Fifteen hundred men were employed. At Point Mills a three head stamp mill was erected. The copper country of Michigan had never seen anything like it before and has not seen anything like it since.
 And while this was going on, what happened in the market? Tom Lawson was in charge of the publicity work, so it has always been supposed, any way Lawson did a lot of advertising for it. The stock went up, up, upI like a streak of light on a clear even ing sky. Local people got into it to some extent, although they should have known better. Arcadian hiC the s100 mark one day when the public was craziest and the publicity depart ment was working strongest. It looked all square enough. Tom could figure out where the dividends were to come from. However. it happened that Ar cadian lacked one thing. That one thing was copper. It takes copper in the rock to make copper mine q paying proposition, no matter what may happen to the stock market value of any mine. When the big stamp mill began to run, the copper returns showed less than one per cent copper. One per cent. even on such an enor- nous scale as the Arcadian proposed doing business is not enough to make money. It takes a mighty economical management to make mine pay divi- dends or even keep it's head above the financial mire of bankruptcy on less than one per cent.
 When the certainty of the fact be- came apparent to the stupidist invest or or speculator on the market-the fact that the Arcadian would necessari- ly have to find more copper in the rock if she would make good, there was terrible tumble. The bottom drop ped clean out of Arcadian. There were numerous charges in circulation re- garding the deal, many people lost whole fortunes in it. nothing was ever done. It was looked upon as one of those unfortunate things that happen when people lose their mental balance when considering finances.
 But the Arcadian has been in bad odor since. The magnificent city was torn to pieces. The houses were sold off for song and moved to Houghton and Hancock, where they were rebuilt. The steel shaft houses were torn down and sold to new companies needing them on the South Range. The mag nificent stamp mill at Pointe Mills was sold to the Centennial which is now pounding out copper at a rate of more than one per cent. And the Arcadian stock went down to less than one dol lar a share. It was begging around sixty and seventy cents for a few years, for the exact condition of the treasury will show a heavy mortgage in hands of somebody, probably Mir Burrage. This mortgage was for near ly million dollars but now it is claim ed that this was reduced by several hundred thousand on the sale of the machinery, mills and other properties.
 Anyway the Arcadian hit a lot of people and hit them hard Local people have a habit of remembering things of this sort. Lately when al Robert Shields. who was clerk under