The Sligo had a long and enviable life. Originally launch as a three masted schooner named "Prince of Wales", she was ready for service in the Great Lakes and in the Atlantic Ocean. In 1874, the ship was rerigged as a "for-and-after" schooner and was renamed "Sligo". She sank when towed by the City of New York though a storm. She took on water and the combined weight of water and 500 tons of limestone broke the towing line. The City of New York, also sinking, headed for land leaving the Sligo to her fate. The Sligo managed to enter Humber Bay and sank less than a mile from shore with no loss of life. The single remaining mast extended above water but was soon removed.