The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1888-06-15
A BIG PURCHASE.
by s. e. and G. x. Larabie and
Bennett Bros.
A Valuable Coal Property Also Bought

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The public are aware that some time since
Of tie Oregon Real Estate Company, COM
prising Holidays addition to East Portland
and so1e other property should be sold to
satisfy judgments held against Ben Holiday
to the amoun of 1888 ,00O. The sale took
was bought in by r. Koehler on behalf of
the creditors for 100000.
It is now known that Mr.. Nelson Bennett,
the we'll known railroad contractor, and
Messrs. Larabie Bros, of Montana, who are
stock at the sale and to pay the full amount
Of the claims against it therefrom. But the
day before the sale, as announced in the
O1egonion, Mrs. Holiday fled a bill in the
and to stop the sale. This was a new com
plication, and Messrs. Bennett and Larabie
did not bid at the sale, as they did not fancy
paying $3.50 600 for the stock with q brand
new lawsuit thrown in. 1t began to look as
hoped to clasp had slipped through their
fingers. The only thing left for them to do
was to bid or the stock themselves, which
! was done by Mr.. Koehler for $780, 600: This
leaves a legal claim against the Holiday
After the sale was made Messrs. Bennett
and Larabie came to the conclusion that
they would give the creditors the full
amount of their judgments, 1888 600, for the
for s133,000. This offer was accepted, and
Friday all the judgments were assigned to
Messrs. Bennett n Larabie except some
$4,000, which the owners hold, and for
which they will have an interest in the stock.
The claim for this $133,000 is considered an
Offset for the liabilities incurred through the
suit brought by Mrs. Holiday, and which it
| will be seen acted like a boomerang. 1t is
understood that the new owners will expend
q large sum in improving the Holiday ad-
dition property, and will then place it on the
market.
The late sale of a portion of the Holiday
estate affords great satisfaction not only to
the creditors, who secured their claims, but
to the public at large. as it has made avail
able for improvement the large tract in East
and has brought outside capital here and
men Of wealth and energy, who will hereaf-
ter be interested in and identified with the
progress and prosperity of the city.
pany covers not only the Holiday addition,
which comprises something over 1900 lots,
but also 80 acres at the o. & C. car shops,
the Seaside house and grounds, 100 acres,
the triangular block opposite the O. & c.
railroad office, the house and lot adjoining
Joe farm Of 10 acres at st. Joe in Yamhill
county. also town lots at Beaverton, Corne-
Illus and McMinnville. There is about $32,
600 of the 1888 600 of the claims which has
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Ladd and Wood, who will be interested in
the property to that extent, and Mr.. ii. Y.
Thompson, who has acted as legal adviser
for the purchasers, is largely interested:
The purchasers are energetic, enterprising
men of great wealth. They will expend $780,
900 in opening streets, erecting buildings and
otherwise improving their property in East
Portland before they will put it on the mar
ket.
This will be much more beneficial to the
| - 80 <Nn~ 50 - hn1 Fn1lor Snf0 fho
hands of some one without the desire or
available capital to improve it. One OF the
Larabie brothers, it is stated, will come here
to reside.
The purchasers of the property have dealt
eral manner, paying all the claims assigned
in full with interest and with no talk or
discount. In view of these facts the sale will
doubtless be approved by the Court.
In addition to the above Larabie Bros. and
Bennett Bros, with one or two others hold
ing lesser interests have also purchased 200
acres of coal land Is miles from Whatcom,
underlaid with four veins of the finest quail
ity of co%al-three veins of / feeteach and one
Of feet, which has been partially developed
and thoroughly examined by, an expert geol
ogist and is probably more valuable h the
Holiday estate. The coal tests up to 20 pei
cent. carbon, is first class coking and is under
government title. It is covered with magni
icent timber, is in the vicinity of great iron
deposits and only needs Is miles Of railroad
to give it an outlet. These properties could
not have fallen into better hands for theil
development, and the purchasers are CON
graduated on the acquisition of a large por.
ton of one Of the most prosperous cities OF
the coast, a country seat or two and mines
that We hope will PROVE as valuable as thu
Mountain View.