New Jersey Wills - April 27, 1898 - James H. Peters

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New Jersey Wills - April 27, 1898 - James H. Peters

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James H. Peters's Will

The Store And Business To Be Offered For Sale

The Will Probated at Freehold on Monday - It was Made Last November - The Estate Goes to His Sister, Wife and Children

The will of James H. Peters of Red Bank was probated at Freehold on Monday. The will was written by Mr. Peters himself, the whole document being in his handwriting. The will was made last November and was witnessed by James J. Quigley and Robert H. Hibbetts, two of the clerks employed by Mr. Peters in his store. The will has not yet been recorded, and hence is not yet open to the public, but the general provisions of the will have become known.

The will first provides for the payment of all the debts which may be owing by Mr. Peters at the time of his death. The will also provides for the investment of $1,000, the interest of which is to be used to keep the family burial plot in good order. Mr. Peters some years ago erected a very handsome mausoleum in the family plot at Fair View, at a cost of several thousand dollars. The income from this fund of $1,000 is to be used perpetually in keeping the mausoleum, as well as the plot itself, in order.

The executor, who is Charles Henry Ivins, is directed to close out the business of Mr. Peters on Broad street in such manner as will be for the best interest of the estate. Provision is made for the sale of the store building, and also for the sale of the rest of the real estate owned by Mr. Peters, should such disposal of the real estate be deemed advisable.

A very liberal income is provided for Miss Caroline Peters, a sister of James H. Peters, during her lifetime, and all the rest of the income from the estate is to go to Mr. Peters's wife. At the death of his sister and his wife the entire estate is to go to the two children of Mr. Peters.

It has also become known that by the terms of the will, in case Mr. Peters's sister and wife should die, and his two children should die before coming of age without leaving issue, then the whole estate is to go to the Red Bank Presbyterian church, to build a new church and to provide for its maintenance. The death of these four persons under the conditions named is so remote that there is very little probability of the church ever getting the property.

The will provides for the investment of a considerable portion of the funds of the estate in the erection of houses on the property of Mrs. Peters at Long Branch. The income from this investment is to follow the same course as the income from all other investments of the funds of the estate.

Men who are familiar with the value of goods such as are carried in the store have been through the building since it was reopened for business on Tuesday of last week, and they estimate the value of the goods at about $50,000. An inventory of the stock of the store in now being taken by Theodore F. White of Red Bank and William R. Stevens of Eatontown. This inventory will not be completed for two or three weeks to come. The store will continue open for the sale of goods. As soon as the inventory of stock is completed, an effort will be made to find a purchaser for the goods then remaining on hand, and a customer will be preferred who will buy the store in addition to buying the goods. It is said that some New York parties have the purchase of the store and stock under consideration, with a view to starting a department store here.

Source: Red Bank Register, Wednesday, April 27, 1898

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