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The Niagara, a schooner, was built in 1873 at Barcelona, New York. It was constructed with wood as its primary hull material and featured a single deck. The vessel was built by Parsons & Humble and originally owned by Winslow of Buffalo, New York.

With three masts, the Niagara had a length of 204.6 feet, a beam of 34 feet, and a depth of 14 feet. It had a gross tonnage of 765.65 and a net tonnage of 726.52. The schooner had a capacity of 55,000 bushels.

Tragically, on September 7, 1887, the Niagara met its final demise. While being towed by the steamer Australasia, it broke free during a gale, causing the schooner to capsize and sink. The incident occurred approximately 3.5 miles off Vermilion Point in Lake Superior. The crew managed to escape the sinking vessel, but unfortunately, they were lost when the lifeboat capsized. The wreck of the Niagara was later located in 1972.

Throughout its history, the Niagara had several noteworthy events. After its launch in September 1873, it was enrolled in Buffalo, New York, on September 18 of the same year. In October 1873, the schooner was involved in a collision at Port Huron, Michigan.

In 1883, ownership of the Niagara transferred to James Corrigan of Cleveland, Ohio. The vessel was employed in towing the Kasota in the wheat trade between Duluth, Minnesota, and Buffalo, New York in 1885. In 1886, it was towed by the Raleigh. By 1887, the Niagara was being towed by the Egyptian and Australasia. On April 19 of that year, the schooner lost its mainmast in a squall on Lake Erie, indicating the challenges it faced in navigating turbulent waters. Finally, on September 7, 1887, the Niagara met its tragic end when it capsized and sank during a gale on Lake Superior.

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