Sale of the Northern Transportation Co. Property
Philo Chamberlain Gathers the Prize for $10,600
The property known as the N. T. warehouse and wharf in this city, consisting of the stone building* on the corner of Water and Seneca streets, the wooden warehouse adjoining on the north, and the wharf fronting on the river from Seneca street to Irwin & Sloan's property, was sold at public auction in the office of the old company this afternoon at half-past two o'clock b A. W. French of Cleveland, receiver for the company.
Among the persons present, who bid upon the properly, were Philo Chamberlain of Cleveland, Orson Breed of New York and Peter Lappin of this city. After Mr. French read the authority by which he was acting, he invited bids in a manner which showed him to be a natural auctioneer.
Although the property was appraised at $10,600 it was started at $9,500 by Mr. Breed and gradually, by $100 bids, found a point at which it was sold, $10,800, to Philo Chamberlain. The property was first struck off to Mr. Chamberlain at $10,600, but he suddenly recollected that the bonds of the company, in which part payment can be made, could not be divided, and after using his lead pencil for a moment he asked the Receiver to reopen the bidding, which was done. On the second sale Mr. Chamberlain swelled his bid $900 and the property was declared sold to him. It is supposed that Mr. Chamberlain was acting for the new company, the Northern Transit.
The property is among the most valuable in Oswego. The stone building was erected over forty years ago by Walton & Walt and was for many years the leading dry goods stand in the then village.