Phelps and Gorham then negotiated with the Seneca nation and other Iroquois tribes to obtain clear title for the entire parcel. They acquired title to only about east of the Genesee River plus the by Mill Yard Tract along the river's northwestern bank. Within a year, monetary values rose and, in combination with poor sales, the syndicate was unable to make the second of three payments for the land west of the Genesee River, forcing them to default on exercising the remainder of the purchase agreement. They were also forced to sell at a discount much of the land they had already bought title to but had not yet re-sold; it was purchased by Robert Morris of Philadelphia, financier, U.S. Founding Father, and Senator. In some sources, the Phelps and Gorham Purchase refers only to the on which Phelps and Gorham were able to extinguish the Iroquois' aboriginal title.