Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-05-22
TO FIGHT SCHEUER
SALE TO MUTUAL
Heirs Believe $541, 900 for
Commerce and Broad Streets
Property Too Low.

The sale of the Scheuer building at
Commerce and Broad streets to the
Mutual Benefit Life Insurance Conn
pany for s541, 600 has caused con-
siderable comment among the real
estate men of this city.
The amount received for the prop
erty is considered a very low figure
by those in eclose touch with real es-
thate values here. Several members
of the Scheuer family say the amount
is too low and an effort will be made.
it is understood, to have a new sale
ordered
According to Leo Scheuer, one Of
the sons of Simon scheuer, late
owner of the property, the confirma-
ton of the sale by Judge William p.
Martin, of the Orphans Court, will be
opposed by the attorneys for the ex-
ecutors of the Scheuer estate.
1t was pointed out by Leo Scheuer
to an Evening Star reporter today
that his father, the late Simon
Scheuer. refused an offer of sS50.OOO
for the land site of the present
Scheuer building just before the
present structure was started. This
offer was quickly turned down.
That Offer, Too, Was from Mutual.
Mr.. scheuer said this offer also
came indirectly from the Mutual
Benefit Company. That was early
in the fall of 1904
The present building was erected
by E. nj. Waldron & Co., of "a South
Sixth street. 1t was completed in
July, 1906, at total cost of exactly
$17o,66S
Considering the $S5o,O00 offer re-
fused by Mr.. Scheuer and $170,6s the
cost of erecting the building on the
site, the value of the property, in
1905, was approximately $52o,66S. The
amount bid yesterday at the auction
shows an increase of only s20,3S2 in
eight years.
The Mutual Benefit Company now
controls practically the whole block
between Clinton and Broad streets.
The present insurance building has
an IL" running from Clinton street
over to Commerce street, facing the
latter street Immediately in the rear
of the Scheuer building. With the
passing of the Scheuer building into
the hands of the insurance company,
the alley between the buildings from
Commerce street will now probably
be closed.
The insurance company, according
to Frederic Frelinghuysen, the pres
ident, has no intention of making
any improvements to the new prop
erty at present.
The building was sold yesterday at
public auction in the Court House.
The sale was conducted by former
Judge Thomas A. Davis, of Howe &
Davis, proctors for the executors of
the estate of the late Simon Scheuer.
Bid in by II. H. Dawson.
The property was bid in by Henry
H. Dawson, who. it is said, was act
ing for the Mutual Benefit Life In
surance Company, owners of the ad-
Joining property on Broad street. Mr.
Dawson refused to state whom he was
acting for, but would not say he did
not represent the insurance company.
The Court House lobby was filled
with lawyers and real estate men
when shortly after 2 o'clock former
Judge Davis read a description of the
property and announced the terms of
the. sale. The property IS encountered
to the extent of $S75, 3S9.05, of which
amount 100000 is first mortgage
held by the Prudential Insurance
Company and 100000 second mort
gage held by Philadelphia concern,
the remainder of the amount being
made up of unpaid interest charges
and taxes.
The first bid received by Auctioneer
M. ]. O'Connor was s450,O00 made
by Fred w. Egner, of the Fidelity
Trust Company. From this figure
the bids went up in jumps of $4,000
and upwards until Mr.. Dawson made
his first bid of 100000 even. Mr..
Egner raised it to $501,000 and then
when Mr.. Dawson jumped it to $685.
900 Mr.. Egner dropped out. The bid
remained at the last figure named by
Mr. Dawson SO long that former
Judge Davis ordered a recess of ten
minutes to enable the bidders to figure
out what they wanted to do.
On the resumption of the bidding
Siegfried Leschziner raised the bid to
$510 900, and after that for more than
an hour it was just succession OF
slow raises. first by Mr.. Dawson and
then by Mr.. Leschziner, until Mr..
Dawson finally placed the figure at
| S54l, 600, where Mr.. Leschziner quit.
With the exception of few jumps
OF $500 at a time the bids were all
in $1,000 increases after the $4,000
mark was reached.
The building brought almost S146,-
900 over the amount of encumbrances
against it and it Is that amount that
the purchaser will have to turn over
to the estate within thirty days after
the sale- is confirmed by Judge Will
lam P. Martin in the Orphans Court
The terms of the sale provided for q
| per cent. payment Immediately on
the auction being consummated and
Mr.. Dawson gave former Judge
Davis a check for $1,000 as soon as
the property was knocked down to