Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1877-05-26

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0g. Thee weak tads induced Mr.
Day, the owner. t. tell the forty ~
ffty gent@enen wbo attended the
sale the financial condition OF the
property and the terms Of sale. which
had been neglected before. He said
that the encumbrances amounted to
about $50 900, one mortgage for S29,-
900 being held by the Germania Life
Insurance Company Of New York,
one for $1,000 by Mrs. L. h. Avery
of New York, one for 81, 900 by Alex
ander Hay of Philadelphia, and one
for 1000 by Mr.. Chesbrough of
niagara Falls, the remainder being
due for interest and unpaid taxes.
All of these debts the purchaser must
assume, the $4,000 mortgage, with
nearly another thousand added for
interest, must be paid before 10
o'clock tomorrow morning, but the
remainder of the price might stand
on mortgage as long as desired.
On hearing these terms the $50, 900
bidder withdraw his offer in the
greatest haste, but his vacant place
in the circle was at once supplied by
bid from j. F. Schoellkopf & Son
of Buffalo, who offered S67 900 for
the property. This bid was cried
with some vehemence for half an hour
or more, but there the market stuck.
Going, once; going, twice." had
no effect on the bidders, and at length
it was decided to adjourn the sale
until after dinner, to give the expect
ed buyers chance to think it over.
During the recess Mr.. Day ex-
planned to little knots of ready lis
teners why he is selling out in such
haste for it is only ten days since he
decided.to sell. He came to Niagara
Falls, he said, years ago a rich man
and bought this property. The title
came originally by grant from the
State of New York to Judge and
Gen. Porter, in 1906, being known as
the one-mile reservation, and was
sold by their heirs to Walter Bryant
and Boston company in 1852. Mr..
Bryant began to dig the hydraulic
canal, lost all his money, and sold
out to Horace H. Day in 1860, having
lost nearly $500, 900 for himself and
his company. Mr.. Day finished
digging the canal, bought Grass Is
land for a harbor, spent S70O, 900 and
took in nothing. Soon beginning to
need money, he mortgaged the pro-
perty. One of these mortgages, the
10000 one to Mr.. Chesbrough, was
due some time ago, and Mr.. Day,
being ruined, had no money to pay
it. He offered SIS 900 bonus for an
extension until the 1st of August, to
give him time to advertise the pro-
perty for sale. This being refused,
he tried to induce the British Gov
ernment to buy the power for manu-
featuring Gotten cloth, but failed,
and the canal property had to be sold
before l0 o clock tomorrow morning,
at which hour it was advertised to be
sold by tine Sheriff to satisfy Mr..
Chesbrough's mortgage. The fran
chise. Mr. Day explained, includes
the exclusive rgh; Of power from the
American fall, and the tax valuation
Of the property is slss .0oso. The
hydrnulir cGaal Is Ion feet vide. one
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