Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-04-28
I AMILY BIDS IN
\ SCHEUER STORES
$4,000 Is Price Paid by Wives
of Frederick and Leo
Scheuer.
$4,000 WAS APPRAISED
VALUATION OF PROPERTY
Business Will Be Recognized
Immediately and Conducted
Along New Lines.

After six months in the hands of a
receiver andt vice on the verge of
being sold to individual buyers the
seven stores formerly owned by S
Scheuer q Sons were returned to the
Seheuer family, the highest bidders
for lump sum of $4,000 in the
United states District Court today by
order of Federal Judge Joseph Cross.
The total appraisement of the stores,
including value of leases, was $780,
509.ss
z The bid of $4,000 was for every
thing, the business name of S.
Scheuer & Sons included, and was
ssigned by Mrs. Lucia K. scheuer and
Mrs Rita x. Scheuer. wives of Fred
serck and Leo Scheuer, of the bank
rupt firm.
Members of the Seheuer family
were in the court room and were in
terested spectators throughout the
hearing. For time it looked as II
:. the bids would not be accepted by
Judge Cross.
= Then Herbert NJ. Lloyd, of New
York, attorney for the Merchandise
4Creditors' committee, spoke in favor
y of accepting the lump bid of $4,000
= offered ythe Scheuers, on the
ground that this bid aggregated more
Ethan the total of individual bids Of
fered by private people for the differ
cent stores.
= The $4,000 bid was handed TO Ma
Athan Bilder, attorney for the receivers,
sin the court room this morning, and
8there was considerable discussion as
Ito whether or not the bid should be
considered because it was submitted
fafter the time set for the opening of
bids had passed.
Decide TO Take Bids.
Judge Cross finally accepted the bid
offered by the Seheuers on recon-
mendation of Attorney Lloyd. and
ordered that the total amount of the
Z $40, 900 be paid over to the receivers
Shefore II O'Clock noon next Saturday.
Ma check for $4,000 had accompanied
the bid.
III The receivers were then instruct
&ed to return all the checks which had
#HttOlilHdIltd bhN bliiti hiN9 " 1900
owners.
y The individual bids received by the
treceivers aggregated only about $685.
300, although no bids were submitted
Ion a great deal of the property.
lease on the Park place store
1gnd leases on three other stores were
Did in and the appraisers placed the
pvalues of these leases at $4,000.
i,nl COS n
fbn the Park place store, which was
! appraised at $4,000. was practically
<valueless, because lie expired in 1917
ind there was no agreement for re-
newal
~ Several bids submitted were with
Sin rs per cent of the amount of the
appraised valuation of the stores
Erlesignated, but 1t was decided to sell
THE stores as whole instead of divid-
ling for individual buyers. This was
shfter attorneys for the majority of
THE creditors had assured Judge
Cross that the lease on the Park
! splace store was practically valueless
seheuers Elated.
Frederick Scheuer was greatly
. telated over the result of the bidding.
"Everything will be different with
: the Scheuer stores in the future he
! said.
"A complete reorganization will take
! place. The new firm which will
handle the business will be incorpo-
. rated under the name of S. Scheuer &
Sons Company, and will conduct the
stores along strictly business lines.
I THE stores which have not been
layne as well as the rest will be
, dropped and the deadwood will be
! scleanod out
The Schuers took possession of the
stores Immediately.
The firm went into bankruptcy on