Omaha daily bee., 1903-02-22
BAUM BUYS BENNETT STORE
Only Competing Bidder is GurdOn ".
Wattles Of Union National Bank
SALE @EANS OBSERVATION-DISCLOSURES
A. NO Favorable BIDS AEe hlsoeSSsed
for the Departments Separately,
the Property f. sold
in Bulk.

The stock, fixtures and all Claims OF Inv
W. r. Bennett company we're sold yesterday
morning to ]. E. Baum by the trustee OF
the company, r. e. Hastings, for SI9'SOO,
after several bids had been received.
The property was first offered by de-
partments, but no offers we're made on the
majority. The jewelry department, valued
at Ss.945.34 received a bid Of $1,000; the
hardware department, valued at S14,067,S 3
received a bid OF SO, $50, while one bond OF
the Omaha Country club. valued at 500,
brought a bid OF $50. A bid of $40, 900 was
made on the personal property Of the com
pany, exclusive OF the claims on the build
ing company, and then the entire prop
erty, including the claims on the building
company and a lot in Reeds second ad-
dition. was placed on sale. The only bid
ders we're J. e. Baum and Gurdon w. Wat
ties. Mr.. Baum opened the bidding at
SIS, 900 and at the same time hled a
waiver Of the claim Of the O'Donohue-
Redmon company for $1,000 against the
mercantile company, to be effective in case
the property was purchased by him. Mr..
WattIes raised the bid and by in
crease Of 800 the figure advanced to 49,
700. which figure was bid by Mr.. Wattles.
Al this point John r. Webster announced
that lie held a contract with the Bennett
Building company that a department store
would be conducted in the building for a
term OF ten years and tina a purchaser
who bought and used the building for an
other purpose would have to settle with
him.
Mr.. Baum's Last hid.
Mr.. Baum bid 79,SOO. Mr.. wattles asked
n It would be possible to enforce al
agreement made at a meeting of creditors
with the president of the Bennett Building
company whereby the purchaser of the
stock would receive a lease upon the terms
offered to the mercantile company, and
that II so, he would bid 500, 900 for the per-
sonal property. c.. B.. Keller, represent
ing the trustee, said the sale could be
made only under the terms of the legal
rights OF the mercantile company now ex-
listing, and the conditional bid of Mr.. Wat
ties was not considered. The proprty was
then sold to Mr.. Baum.
After the sale the attorney for the trus-
tee said the store would be opened for bust
ness as soon as the sale was confirmed.
Mr.. Baum would make no statement of his
intentions pending the confirmation Of the
sale.
Mr.. wattIes, after the sale, indicated that
he was considering the question Of filing
a protest against the confirmation Of the
sale, but would not state the grounds upon
which he might make the protest.
The report of the sale was filed yesterday
morning, with the recommendation Of the
trustee that It be confirmed. Judge Munger
is 90 busy preparing a written opinion or
the railroad tax case that he cannot take
the matter up until next week.
With the confirmation of the sale the
trustee will have in his possession about
$3.50, 900, slightly more than $1,000 having
been received from sales held by him al
receiver during the time the store was rur
after the proceedings in bankruptcy were
begun. This amount. 1t is said, will pay
about S3 por cent of the claims against the
company, other than the preferred claims
which must be paid in full.