Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1913-09-04
Arcadia Bubble Too Full of Air.
(From st. Louis Post-Dispatch.)

tHrom ST. LOUIS Post-D1spatch.)
The application for receiver for
the Arcadia Country Club, fled last
week in the Circuit Court by five
members of the club and two credit
ors, discloses a story of "bubble
which burst" according to Walter HI.
Saunders of the legal firm of Leahy,
Saunders & Barth, attorneys for the
applicants.
Saunders is member Of the club
and is one of many st. Louis business
men who purchased bungalow sites on
the hill near Arcadia, Mo-, overlook
ing the artificial lake, which was to be
the beauty spot ofNa colony of elabo-
rate summer homes. He says that,
now the bubble has been punctured, it
is rather amusing, although painfully
real, to contemplate his holdings van
ishing into thin air.
The bubble was blown in 1909, ac-
cording to Saunders, when John H.
Curran, then immigration Commits
sioner, explained to st. Louis men the
possibilities of club site in the foot
hills of the Ozarks. Homes overlook
ing proposed placid lake, stocked
with game fish and equipped with mo-
tor and sail boats and canoes, and
boulevard system by which automo-
biles could easily reach any part of
the preserve of more than 5000 acres,
was the dream which caused business
men to advance the money to make
the bubble vision of loveliness and
dream of the future, Saunders said.
The bursting of the bubble followed
the discovery by members, after
months of deliberation and discussion,
that in the fanciful visions of the pro-
moters they had underestimated by at
least 100000 the cost of completing
the fairgrounds and making the home
sites habitable on basis of comfort.
Discouraged by the outlook and en-
tangled in litigation and threatened
foreclosure of deeds of trust on the
properties, the Board of Directors
voiced the sentiments of the mem
bers when resolution was passed
authorizing an application for a re-
ceiver.
When about 100 residents of St.Lou
is had contracted to join the club, aft
or Curran had outlined the purchase
of ground in Iron and st. Francois
counties, near Arcadia, Mo-, the orga-
nization was formed with capital
stock of 100000. About 5000 acres of
land was purchased from the White
ner- London Realty 90. for $100, 900.
AS part of the purchase price, ac-
cording to Saunders, the realty COM
pany was given club memberships
aggregating $4,000, which they could
dispose of, and deed OF trust was
given on the property for $49, ,00O
Flint Garrison, of st. Louis, mem
ber of the club, became enthusiastic,
according to Saunders, and transfer
red to the club 652 acres of land in the
valley through which creek ran.
This property was to be used, Saun-
ders said, to construct large lake by
damming the creek, and for home
sites on network of boulevards sur
rounding the lake.
The club directors executed a deed
on the lake property, and uotes for
$50, 900, which was to be the cost Of
constructing the dam, and the notes
were taken. over by the Bankers'Trus
90. Other bungalow sites we're sold,
and the membership grew to more
than 200.
The first sign Of alarm was sounded,
Saunders told, when civil engineer
told members that the dam as being
constructed would not hold and would
either collapse or leak. Developments
proved his statements correct, Saun-
ders said, and the dam proved leaky
and the visionory beautiful lake is on
Iva shallow pond devoid of loveli-
ness.
One OF the subcontractors sued the
club for his part Of the work done and
litigation began to threaten the orga-