Bridgeton pioneer. (Bridgeton, N.J.) 1884-1919, 1904-04-14
SALE OF THE
McGEAR BROS STORE.

One of the most valuable down town
properties in Bridgeton, Monday sold
at public sale, the aggregate price
being little short of thirty Thousand
dollars
The vendue was the advertised bank
rupt sale Of the real estate of the firm
of s. E. McGear & Bro. The sale was
made at the public auction rooms of
S. M. Hall, on North Laurel street.
There was quite a crowd of interested
persons present when Receivers Hoag-
land and Minch directed the sale to be
made
Lawyer VIM. A. Logue presented
the conditions of the sale and showed
the encumbrance against the place,
and notified the bidders that the prop
erty was sold subject to the encum-
brance. This amounted in the aggre-
gate to something near twenty mine
thousand dollars.
Auctioneer I'll. L. Tyler then pro-
ceeded to make sale of the property.
The first bidder was Walter H. Bacon.
He offered 800 above the encum-
brances. The bidding continued at
fifty dollar clips for some time, and
finally the bidding was narrowed down
to Lewis 8. Pierce and Henry Maier.
The last and best bid obtainable was
that of MIR. Pierce, $1l00. This made
the property stand the purchaser in
but little less than $50. 900. and by
most real estate men is considered
cheap enough.
The residence property on North
Pearl street was sold for $5 above the
encumbrances. Mrs. F. M. McGear
being the purchaser.
The individual interest of F. NJ.
.McGear in the estate of the late
Charles P. McGear was bought in by
Mr.. W. Fl. Bacon for $50.
The book accounts, whatever they
may be worth, were sold to Joseph Fl.
Powell for $13.
Mr.. Pierce was seen by Pioneer"
reporter Monday afternoon. Mr..
Pierce said he purchased the corner
store property alone. simply as an in
vestment, and not for Pierce & CARL
as was at first supposed. He had had
no.intention Of bidding upon the prop
erty, but yesterday morning he made
some inquiries as to the income from
the property, and attended the sale as
a.spectator with no serious intention
of becoming bidder. When he found
tine first bid was small he entered the
contest and kept on bidding until the
property was knocked off to him. He
frankly said that he would have bid
more if there had been further COM
petition as his business Judgment in
dicated the property was cheap
enough.
Mr.. Pierce said he would not re-
move the business of the firm to the
corner. He felt entirely satisfied with
the present location. He hoped that
the.corner would continue to be de-
voted to the dry goods business. and
Company would continue to occupy
the place.
Mr.. Pierce said that since the GALE
he had been waited upon by promi-
nent business man with an offer for
the property. but he had not suffi-
ciently acquainted himself with the
conditions to warrant him, at this
time, to consider any propositions
The property, he said was for sale, if
a.proper offer at the right time might
be submitted. At present he expected
the building would continue to be
tenanted as it is now
With this sale. all the assets of the
bankrupt firm Of 8. E. McGear & Bro.
have been disposed of, and if the real
estate sale is approved by the Court,
the final settlements will be promptly
adjusted by the Receivers
Those in position to know say that
the creditors Of the firm will get about
twenty-five per cent. upon the dollar.
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