The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1901-05-31
NODEAL WITH HAMMOND.
SMITHS OFFER FOR TONGUE
POINT REPUDIATED.
Railroad MaRnate Now Offers 81 15,.
900 Cash With No Conditions
Attached.

The deal that pas been pending for
the acquisition Of the Tongue Point
sawmlll site by A. r. Hammond is of
and the committees appointed by the
commercial bodies 10 solicit land do
nation Of $4,000 have ceased their la
bOrs. From the present. outlook II is
doubtful II Nr Hammond will be
able 10 secure fhe site upon the terms
now offered owing 70 an antagOnlsm en-
gendered by his reputation Of the
proposition made BY Walter G. Smith.
The property owned by the Columbia
Land & Investm 'nuC Company at Tongue
Point embraces over 300 acres and was
purchased by the company from Hiram
Brown for $4,000. To secure payments
due from some Of .he stockholders
mortgage was given Mr. Brown for
$4,000. When the railroad subsidy was
raised for HImmond's road One-ninth
Of the tract owned By the company
was turned over to him, and he has
since owned that int crest. The other
members OF the syndicate have paid
taxes each year until It now represents
total investment Of Si3500O
Mr.. Hammond had previously made
two offers FOR she site. each Of which
was refused by the stockholders. The
negotiations, which were abruptly
broken or yesterday, were commenced
last Saturday. when Walter G. Smith
a stOckhol1ar in the company owning
the site. arrived in Astoria and stated
that he had proposition to submit
from Mr.. Hammond. In an interview
Mr.. Brown ag-. led to cancel the mort
gage in consideration II $1,000 and Mr.
Smith stated that Mr. Hammond would
pay $4,000 for the site and a further
bonus Of $4,000 II work was NOT COM
menced on the sawmll before the ex-
piratiOn Of ninety days.
The saWmill WAS believed to mean
much 10 Astoria and the stockholders
~ the company agreed 10 part with
their holdings II land donations 10 the
value Of $4,000 were secured TO partial
ly reimburse them This was easily
raised Wednesday and yesterday morn
ing and IL was believed that the deal
would be concluded before Mr.. Ham
monl left for California last night
But the hoDes were doomed TO fail Of
realiz ition. Yesterday c. W. Fulton.
representing Mr.. lTlmm)nd. addressed
a letter 10 DR. Alfred Kinney stating
that the offer made BY Mr. Smith had
been wholly unauthorized. He stated
that :he railroad magnate stood ready
70 pay s15,000 Cor the water frontage
and the larger part Of the upland tim
Der. but that no conditions or forfeit
was to De alta ,hed 10 the sale In other
words Mr. Hammond offered $4,000 for
wha, cost the company $135000 and was
under no obligations to erect a Saw
mill on the site or make any dispos.-
uln of IT, other than suited his person.
al plans.
4 meeting of the stockholders will
probably be neld .oday at which time
the offer OF $4,000 will be formally re- /
iected Mr.. Smith has written 10 friends
in Astoria intimating that Mr. Ham !
mond has not acted in god faith with |
him. ma hat ha was 10 use the slang |
Of the streets. thrown down" by the |
railrCll man. He further stated thar |
~ would he ashamed 10 show his face ,
in Astoria again. after what he citizens !
would probably consider his wan. n as
sr~lption Of authority.
Business associates Of NJ ]. Kinney, II |
is understood. stand ready 10 pay a
fair price for the property and erect
a savmill II tbs is nN' done the d.
rectc-s will hold the land, take up the
mortCage and await The arrival Of a
purchaser. Mr.. Fulton had nothing to
say yesterday beyond the fact that he
had written the letter stating what Mr..
Hammond would do and repudiating
Mr.. Smiths proposition. If the commit
tee desired to accent the cffer Of $4,000
the money would be paid over at any
time: II they desired to reject 1t there
was nothing more TO be said.