Bridgeton pioneer., 1897-03-18
100000 WAS BID.
Much Surprise Was Expressed at the
Figure Which Purchased the En-
tire Plant and Property.


The South Jersey Traction Company's
property was sold Thursday afternoon
nnder foreclosure proceedings in the
Court of Chancery. The sale was made
in front of the Court House.
For weeks this sale has been generally
discussed about town, and all sorts of
speculation has been INDUCED in by the
citizens. There have been rumors of
various syndicates being formed for the
purpose OF buying the road and there has
been much said about further extensions
providing this one or that one was the
successful bidder.
The sale was first advertised to take
place early in February, but has been ad-
Journed and yesterday it was understood
| that the sale would actually take place.
Some time before two o'clock in the
afternoon there were many who gathered
at the Court House, and when the sale
was made, there was big crowd of
gentlemen gathered about the Court
House, representing all walks of life. Of
course Special Master David j. Pancoast
| was there. He was standing near Walter
LIE
Bloomfield H. Minch, the Trustee for the
| bond holders, came down from Trenton
to look after the sale. George Wood, the
| noted capitalist whose name is a house
hold word in Millville, was present, ac-
companied by his son and his legal repre-
sentative, Samuel HI. Grey, the distinguish
ed gentleman but recently appointed by
| Cnuarn0r Gr;r A n r
| the State. Lawyer II. o. Newcomb, of
Millville, was also with Mr.. Wood.
In another group were F. S. Lewis, H.
H. Lewis and Aaron Fries. These Phila-
delphia capitalists were never separated,
! and as the sale resulted, it was shown
that they were there for business. The
| General Electric Company had rep
resentative present, but he was not in
evidence as he would only have made
bid had there been way down bargain.
Some of the crowd pointed out several
men as being William ]. Thompson, of
Gloucester, but they were mistaken, that
distinguished gentleman not being
| present.
| 1t was few minutes after two O'Clock
when Auctioneer H. L. Tyler mounted
the block, asked for attention and read
the long description of property to be
sold, and continued with the conditions
of the sale. They were the usual sort,
the sale being made subject to the con-
| firmation of the Court; ten per cent. of the
purchase money to be paid when property
was struck off, and the balance of the
money to be paid to the master on the
10th of April. Lawyer Grey asked to see
the conditions after they were read, and
ne studied them carefully, while the
Auctioneer waited. He then spoke to his
client, Mr.. Wood, and later asked Judge
Pancoast to amend them slightly, which
was done,
Then Auctioneer Tyler asked for bids.
He began by asking someone to start the
property at $500, 900, but nobody EN- braced
the opportunity. He dropped $25, 900 and
nobody responded. Then he fell to $780,
600 and seemed surprised that bidder
did not break in. When $4,000 was
asked for, Mr.. f. S. Lewis nodded his
head and Mr.. Grey for Wood raised it to
S6O.OOO. Mr.. Lewis came back with an
other $40 600 bunch, and Mr.. Grey nodded
his head for $4,000 Confidently Mr..
Lewis said $4,000 and then the Auction
eer was halted. He vainly pleaded for
another $4,000. He asked for half of it
and finally gave bidders an opportunity
to make $1,000 bids. But there was no
advance. The usual warnings were
given, "once, twice, third and last call,
and sold. The buyer ?" asked Mr.. Tyler.
Mr.. Lewis stepped forward and quietly
said IF. s. Lewis, Trustee" this was re-
peated by the Auctioneer, ,and the big sale
was over.
There was general surprise that the
road was sold so cheap. Those who were
supposed to know something about the
sale thought the prog erty would bring at
least Sl30,000, while others believed it
might reach even Sl5O,OO0. 1t had been
firmly believed that Mr.. Wood would
make the road bring considerable more
money than it did, and his ceasing to bid
was a matter of great surprise. He
seemed to be in good humor, however.
and went away smiling most atfably.
Mr.. Lewis, the purchaser, as Trustee,
is a representative Of syndicate, of
holders of 200 of the bonds of the
company. After the confirmation of the
sale by the Court, the syndicate will
promptly organize a company for the
operation of the road. At present Mr..
Lewis, through his local representative.
will operate the road, and there will be
no changes. The car service will be the
same, and all of the employees will con-
tinue as heretofore. What will be done
after the 10th of April is matter of con-
lecture.
The PIONEER endeavored to learn
something of the prospects for the future,
but did not CLEAN much information.
Ihat the new company to be organized
Will be permanent organization is posi-
tive, and the entire road will be operated,
ia ~ tISNx.