The label certainly suggests it comes from the New Jersey area, although I don't believe it confirms that it is a minor league jersey. I have a c. 1940 very professional-looking "Sacramento Cardinals" jersey that made during the time the Cardinals had a Pacific Coast League team in the California state capitol, but the seller, who is an authority on Sacramento baseball stuff, said it belonged to a local amateur team.
I did learn that the Bears became a Yankees farm club in 1931. Leland's describes it as a 1920s jersey, and mentions the Bears were a Yankees farm club, but omits any closer ties between the jersey and the Yankees.
I mentioned earlier that I believe the jersey was made later than described. Here's a screenshot I took from a Camden historical website that offers some potentially useful information ...
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