The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-07-05
REMARKABLE RESULTS.
Great Prices Obtained in the
Coles Chancery Partition
Sales Enterprising Real
Estate Work.

AScspSN OAA
Real estate dealers and owners, and
the public generally, and the heirs of
Elizabeth u. Coles Estate particularly,
have not yet finished speaking in a com
plimentafy strain Of the positively re-
markable result Of the great partition
sale of 262 lots, which was conducted by
Au%ctioneer Frank Stevens. Of 55 Mont
gomery street, Tuesday, Wednesday and
Thursday afternoons of last week, in
st. Michaels Hall. Altogether Auction
eer Stevens was not pounding for prices
longer than nine hours, but in that time
he disposed Of every LOT, desirable or
otherwise, at its fair market value; in
fact, secured between 5000 and $4,000
more than the appraised valuation.
Great credit is due Mr.. William G. e.
See, the Special Master of the Court Of
Chancery, for the excellent judgment
exercised before and during the sale, and
to Mr.. William Cudlipp, the Solicitor
of the Compla.naats. for difficult and
careful advance work.
The sale was a remarkable one for
many reasons. To begin with. a more
opportune time might have found for
dumping such a load of unimproved
realty on the market. 1t Is said that
a majority Of the beneficiaries of the
sale desired a -postpolement, while others
argued for a prompt disposition. June
18th having been mutually agreed upon,
A~uctioneer Stevens, together with Mr..
James G. Young and Mr.. Clements. Of his
office, and a large forcS Of assistants,
went to work with a will. determined to
make the great sale a success, and bring
about a result satisfactory to every one
concerned. A correct description Of each
lot to be sold was procured, pamphlets
were Issued showing the exact location
and giving a true statement of the sur
roundings and noting all Improvements
and conditions of streets. There was a
-thcrcughness about the pamphlet that
inspired prospective buyers with conf
ence.and many purchasers were made
solely upon the descriptions in that pam
phlet, and there is yet to be a complaint
as to false or incorrect information.
Mr.. STEVENS ENTERPRISE.
Auctioneer Stevens method of intro
ducing a sale win probably resolutionize
that branch Of business in this city. 1t.
will have to be followed If public sales
are TO be successful. Mr.. Stevens also
has a method of his own of practically
working up a buyer for every lot he is
to sell before he offers it to the public
This was his success III The great city
sales as we'll. The result of this move
several more springing up on the day
or the sale, and the natural conclusion
is lively competition and full value re-
ceived for the seller.
Previous to the sale Of the Coles
property, spectators We're discouraged.
Many aucfloaeers wee coaluct,ng pub
going to sacrifice; in fact, slaughter
prices. Spesnlators We're amazed at the
results. here sprang up a hold off"
became somewhat dull. The Coles sale,
results. There. sprang up a 'hold-off'
CONFIDENCE. and the tone Of the market
AeSs A'a ,oB IS iafs,l WV 3"
There Were various reasons upon
opinions that the Coles property would
not be sold. For instance, the Pavonia
section of the city may be regarded as
Ilots, were scarce, As . whole, they were
and will not advance until the city spends
s] 8 tlstse r mpahg n si pdgsn5nE ana and p 6uilds
stances are Remmed in by railroads.
g difficult task to accomplish what Mr..
Stevens did. A review of the prices
he procured will show that buyers paid
for lots in some instances as though
they were covered with silver dollars.
Tt was certainly not their location that
drew out the money, and liberal think
ing dealers frankly acknowledge that 1t
was the management and conduct OF the
sale by the auctioneer and his associates.
Said one gentleman speaking of the sale:
"The auctioneer built up competition for
every lot. no matter whether 1t was well
situated or whether covered with three
or four feet of water. No lots were sacri-
feed. and If such sales occurred oftener
Jersey City realty would soon be com
GRATIFYING PRICES.
There is not a sale on record since war
times, where so many city lots were
sold ct any one sale, and where such
gratifying prices were procured.
An incident of this sale. giving an
.dea Of the prices obtained can be
cleaned from the following. A private
offer of $1,000 was made for about fifteen
lots. and real estate dealers considered
tfr1t a very hatter:ng offer, but Special
Master See world not agree to the pri-
vate sale. At the conclusion of the sale.
when the sa1e prices of these same lots
were figured up. it was learned that
Auctioneer Stevens hed secured the as
fonishing sum of s21.535. or s13 535 more
than the heirs before the sale ware
satiesed to teke. and would have taken
had it not been for the objection by the
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