Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-06-01
WATSON BUILDING
To CHANGE HANDS,
IS AGAIN STATED
Philadelphia Clothing Merchants
May Assume Lease of Broad
and Market Street Stores.

Negotiations for the sale of the
Broad and Market streets buildings,
stock and fixtures of the clothing firm
of George Watson & Co. have been
resumed within the last few days and
may be completed at an early date, it
was stated today.
Church. which owns the land on which
the Watson buildings are located is
necessary to complete the transaction,
so far as the transfer of the lease of
will expire on May /. 1926, and 1t is
the first time any of the prospective
purchasers of the Watson property
have progressed so far as to open ne
gotiations for a transfer of the lease.
The prospective purchasers are said
to be a Philadelphia firm, which oper-
ates clothing stores on an extensive
scale in other large cities. While the
identity of the firm has not been dis
closed several well-known clothing ex-
perts known to have been connected
with some of the firms chain of stores
have been looking over the Watson
stores for several days. Later they
visited the offices of John r. Hardin,
who, as guardian of the minor heirs of
the former owner of the store, has a
complete inventory of the stock and
fixtures. This was made about five
months ago, when an offer approx
mating 100000 was said to have been
made for the plant. The latter offer
was rejected and it is said the price
now under consideration is consider
ably in excess of that figure.
The property is said to be more de-
sirable for the present prospective pur-
chasers than for any of the others who
opened negotiations because they do an
extensive manufacturing business and
would utilize all the vacant floor space
in the Broad and Market street build
ings.
1t Is understood that the firm in
question is desirous of securing an ex-
tension of the Watson lease, which has
only sixteen years to run. With that
object in view negotiations have been
opened, it is believed, through Mr.
Hardin, representing the Watson inter
ests, and Charles Grant Ellsworth, who
appears for the church. Neither Mr..
Hardin or Mr.. Ellsworth will discuss
the affair further than to say that the
lease has not yet been transferred. All
the Watson employees are aware that
the plant is about to change hands, but
when or to whom they do not know.
A new inventory of the stock may
have to be taken, although that of the
fixtures taken last February may an
swer now. The inventory may cause
short delay in closing the transac-
tions. Another slight delay in closing
the deal was anticipated in obtaining
the consent of George Watson, jr., to
the rental of part of the buildings.
which he owns, and for which he re-
ceived an annual rental Of $1,000 during
the life of his brother Clarence. Mr.
Watson is now In Redlands, Cal, with
his mother, widow of George Watson,
ST. 1t is understood he has assented
to the lease of his part of the property
on condition that the business be con-
tinued under the name of George Wat
son G. Co.. as 1t has been for fifty
years. This arrangement, it is limited,
was highly satisfactory to the prospec-
tive buyers.