According to the book, “Manito Park: A Reflection of Spokane’s Past”, by Tony Bamonte and Suzanne Schaeffer Bamonte of www.tornadocreekpublications.com:
When the 1893 depression swept the nation, it was devastating to those heavily indebted in real estate or new business investments. However, it provided an excellent opportunity for others. Those who had achieved some measure of financial security were in a position to take advantage of others’ misfortunes. Jay P Graves was in this latter category.