Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-14
SMITH ICE PLANTS
BRING HIGH PRICES
$15,525 Paid for Little Gap and
$15,oo6 for townsville
Place.

Although he had previously pur-
chased the Little Gap ice plant of
the Home Ice and Products Com
pany for s10,750, Thomas A. Brady,
of Bayonne. today bid in the proper
ty at a resale for $15 525. He also
purchased the townsville plant of the
same company, paying $15,006 for it..
The Home Ice and Products Com
pany is the concern that was
financed by Raymond e. Smith and
the Roseville Trust Company. Smith
at one time was president and treas
urer of the company, which had Of
fees in this city and in Plainfield.
He owned rs per cent. of the stock
of the company. which was thrown
into bankruptcy following the failure
of the Roseville Trust Company.
A few weeks ago at the first sale of
the Little Gap property was held in
the bankruptcy court by Ernest l..
Quackenbush, receiver. the plant was
sold to Brady for $10,750. The referee
the following day confirmed the sale.
A few days later j. H. Callahan. rep
resenting Charles Stopper. a painter
and decorator. of 944 Broad street,
gave a certified check for $4,000, to
guarantee an offer of $4,000 for the
plant IL the sale was reopened. Ref
cree Edwin G. Adams declared that
It was the best interest of the estate
to order a new sale and he so or
dered. Spaulding Frazier represented
Mr. Quackenbush.
The new sale was held in the
bankruptcy court today and three
men appeared to bid on the property.
Stopper did not bid above his $12,
offer. although Mr.. Callahan, claim
ing to represent unnamed parties. =
bid up the figure to $13. $50 before he
dropped out. E. S. Payne of New
York city. representing Manhattan
interests. competed with Mr.. Brady
for the property but finally dropped
out at the $15,525 mark and the plant
was knocked down to the Bayonne
man, at that price.
The property was appraised for
$4,000.
Considerable competition developed
at the sale of the townsville plant,
which followed Immediately after
the selling of the Little Gap property.
This time Mr.. Brady was opposed by
e. H. Long, representing the First
National Bank of Bangor, a $4,000
creditor of the Home Ice and Prod
ucts Company. An upset price of
$4,000 had been fixed on the property
by Referee Adams.
This plant had been appraised for
SS,000 and was encountered with an
$11,S00 mortgage made at the time
of the purchase and held by a num-
Der of former property owners. The
bidding went up in successive S.
bids until the s13,060 mark had been
reached when the advances were
made IN 81 amounts. Then renewed
vigor was put in the bidding and II
went rapidly up to the $4,000 figure,
when Mr.. Long dropped out in favor
of Mr.. Brady.
Mr.. Brady is president of the Con-
Bumers Coal and Ice Company of
Bayonne, which is controlled by the
Brady Brothers. He is also largely
Interested in the ice business at Lake
Hopatcong.
Both Mr.. Quackenbush and his
counsel, Spaulding Frazier, of Riker
& Riker are greatly gratified with
the results of the two sales. They
will appear before Referee Adams to-
morrow and ask for the confirma-
ton of both the sales. number of
the attorneys interested in the COM
pany declared the recent cold spell
was due in a large degree to the
high figure received for the two
plants.