The New York herald., 1877-02-14
A DRAMATIC MORTGAGE.
Losing Nearly Fifty Thousand Dollars in Try
ing 10 Save Less Than Pours ri
THE PARK THEATRE LEASE.

aud II revealed drama interesting In It's way as
''Our Boarding House" This play might be
called "Our Theatre or the Mysteries Of Mortgage"
and could be put upon the stage with all the access
sories it would doubtless ''draw" we'll Colonel
Sellers the Hon. BardwelI Siote or any OF the moro
notable successes OF tho Park
HISTORY LEASE.
The Park Theatre situated at the corner Of Twenty
second street and Broadway, built in 1873 by Dion
Boucicault on icasehold premises acquired from the
New York Lilo Insurance ana Trust Company in 1865
by James Pursscll Previous TO Pursseis lease, bow
ever, tho property burdenod by courtyard agree
ncnt between its prior owners and tho owners OF ad
joining properly whereby all persons claiming under
such prior owners were restrained building upon
the rather wild looking aud dilapidated space In
Twenty second street familiar TO all frcqucnters OF
Broadway This courtyard lease also contained re-
strcon against any slaughter house. sm ith shop, fur
nace steam ongne brass foundry, rail or other iron
factory or any mandatory Of gunpowdcr. glue. var
nish vtrio ink turpentne or Tor tanning dressing
or preparing skins. hides or leather or any brewery
dstillcry, or any other noxious or dangerous
trado or business. No mention Of this agreement
was led In Purssells In 1873 Purssel exc
cutcd mortgage OF tho jeaschold to Dion Boucicaut
Tor 500 000 which Mr. Boucicault assigned George
w. Riggs the well known Washington banker In
September 1874 Purssel cvIcted from his possess
siop aud In May, 1875, the leaschold interest was
adjudgcd to be sold at public auction. fcw words
viii explain this ransacton Mr. Pursseli sub let the
premises Bouccaut for the purpose OF building the
Park Theatre and gave mortgage Tor $2c 900
part Of Boucicault raised some OF money
necessary by assigning this mortgage to Riggs, and,
the speculation proving unpruhtaDe, Riggs sold the
leasebold interest under judgment Of foreclosure.
THE HISTORY OF MECHANICS LIEN.
While the theatre was building Michaol GrosZ and
Frederick II. Grosz. dong business Michael G:osz
Son, filed mechanics lien against that somewhat
noted structure 3,206 IS Tor work done and
terlals furnished during Its construction. That lien
has history which IS apt to irighten many honest
mechanics who have faith in that wise provision IN
law AT the time this lien filed there
was due on tho d. Parsscll Boucicauit mortrage
Ss sum taxes Judgments ana
and other liens aud cncu mbrances, amounting IN ato
SIS, ,OOO making, together with tho amount duo
tho mortgage, the sum Of 500, which, with the
amount duo on plaintiffs lien OF SO, 70O would have
amounted 10 over $45, 500. In order 10 make them.
buy the property at the foreclosure sale Il It iaed
TO reach the amount necessary To cover thor lien.
The sale took place July II, 1875, and the property
purchased by them for $42 900, they paying cash
ten per cent OF the purchase money.
A DISCOVERY,
When this purchase was completed and Grocz Son
had already Invcstcd ST. 900 th- properly labor
materials and money, It occurred to them 10 inquire
into the title. search was made, and tue courtyard
tons. This discovery, naturally enough, made them
hesitate IN completing purchase made only 10 cover
tneir on out subsequently .o%na 70 oe ouIaene9 py
property. Tho court yard had turned out 10 be
only an unsightiy bit OF waste land IN
mense value, and 1t was not certain even II the
theatre could be made 10 pay something like retnun.
erutive rental that they would not be compelled pull
II under the restrictions Of the courtyard agree
ment To many minds the theatrical business IS
noxious, and m!ght not be Impossible to prove 10
the satisfaction oi court that u Is dangerous.
Thcreupon the purchasers declined to complete their
purchase. aud assigned ns the principal reason for
their refusal the existence o tho courtyard lease ana
the further fact that no notice Of was given al the
sale.
PROCEEDINGS TO COMPEL.
When IL became known that GrOsz Il Son refused to
complete their purchase Riggs Co. moved in tho Su
preme Court before Judge Brady, TO compel them 10
consummatc IT, THIS order was granted, and " was
Court oi Appeals by the latter on the ground that
there being no averment that the conditions COM
planned OF reduced tho vauc OF tho property Grosz
Son go anu compelc II IS here that the most
singular tact connected with the transaction Is re-
yeaea While these appeals wore pending n Inc General
issued order for tho resale OF the premises and Il
advertised by Riggs Co.. all tho restrictions Of
the courtyard agreement being this time introduced
into the notice and terms of sale. Tbis the plantiIs
the present action acgc was Tor the purpose
OF preventing anybody from buying the property and
il bought by the defendants themselves or ST. 000
Then the sngularly modest request that Grosz
Son should pay them s4l, ,OOo the difference between
demand that <he present proceedings instituted
and the question argued yesterday was whether Grosz
Son aie liable TO pay this large sum- and to forfeit
besides the purchase money already paid and the
amount due their tien whether they shall be re-
leased from Inability under tho resale and have the
purchase money already paid refunded to thcm
THE DRAMATIC IN THEATRE BUILDING
In this story there ''pOt' as striking and brill
liant IN every way as any that Mr. Boucca1it ever
stage. Never before wero tho mysteries OF a mort
gage dramatic nor tho sequences OF drama better
sustained until the climax was reached. Although
dealing with the everyday affairs OF life the dramatIst
went 10 work as IL he was constructing play Pnr.
posing to build theatre. he subet Pursels eAsehold
and then took his cssors mortgage tor $50 00O TO OBJ
tam the money 10 do 1t with. The theatre was built
but its protector was ncvU identified with It's manage
ment and the lessee, who had Obtained possession o IT,
for long time held 1t by unforeseen series Of ortu
uous circumstances Notwithstanding Riggs Co.
held the assignment Of the mortgage which purscll
gave to Bouccault and which would have to be met
day, nobody made any provision unto the day OF
foreclosure pursell evidently thought he was getting
rid OF theatrical venture in allowing his lcasehod to
be sold 10 satisfy mortgage, which he gave ap-
parcnty for better than that Mr.. BOuccaut
thought the site an excellent one Tor new theatre.
1t does appear that he ever received q dollar OF
from The theatre, and there mas been popular
tradition that he never did: He was not however, SO
unfortunate as the thrifty mechanics who put their
labor and materials the the build.
ing, and after paying ST. 200 purchase money trying
to save their lion found themselves 600 In debt Tor
their endeavOrs.
THE YALL or THE CURTAIN.
Pursel's discontinue supplied htting "stuaton''
this new ana original DRAMA but when the second act
ended with the purchase OF the easehod interest ny
Grosz Son u would have been impossible 10 predict
that the curtain would finally fall upon denoucncn SO
remarkable In tryingto save S. 100 they have lost
$4S 900 unless court OF equity can furnish them 70.
lef To obtain such relief an Injunction was granted
by Judge Donohuc January 81, 1877, staying all pro-
cccdings on motion Tor commitment ioT
contempt Of court which Riggs Co had obtained
against GrOsz & Son Tor their refusal to pay the
81 600 deficiency the resale Tho counsel fol
Riggs X Co clam that Grosz x Son should have made
their motion IN the rigina suit and yesterday asked
that The injunction be dissolved for this reason. The
case argued al great length by X. Duncan Hnrr,
and John Il Parsons for riggs h Co. aud Elbridge T.
Gerry and John X Porter for Grosz Son, alter which
Judge Barrett took tho papers, rcscrvng his decision
THE FILTHY STREETS.