The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-10-11

IT..
In consequence Of report OF this case In the Express
which calculated to place the opposing creditors The
Bank OF Charleston, s. e. in improper light before thu
public, II is indispensable to state from the evidence their
true position. Thereport OF Express states Although
Of the most obsnatey opposed t is but justice to Messr
r. to say that their schedule in bankruptcy appears
be among the most bona de and honorable Of ofhe
1900 presented in this district inasmuch h assets
show large amount OF debts due to the firm and consi-
deIable real estate and other property belonging them
individuals and IRON which large has been, and
will be no doubt realized for the creditors by the general
assignee" This implies, OF course obstinate oppos
ton in case Of bona de bankrupcy-implcatng the
beraly Of the Southern banks, and prospect Of hand
some dividend. Both these implications unfounded
The creditors sought publicity, but deprecata
none and they protest against calling that report which
mond paying his Of the
debts by certificate n. co-partner having made a so.
stacory compromise out Of Court objection
,nued to his dischsrgeso that the pending oni,
affects Mr. Redmond against whom his creditors charge
LIST, That he put capital into the frm which began
in 1897 what has turned not TO be any capital
all and during its existence applied $500
Of his old private debtto relative in Ireland.
Proof VIM. Redmond was himself examined on oath
and The amount Of capital was in bills receive
ble and two stores Water street, and Pine
street in the fall OF 1887. Mr. Redmond contributed
of the capitals Mr. Laan drew about $I29 O00 my sell
about $40 000 As far as know, the withdrawn
applied to the individual purposes Of the several
household expenses 1887 to 1884, $4,000 which would
leave $64 which was applied to the ment Of debt,
by me-" Capital" The estate contributed capital
was encountered, one lot $4,000, one Sl4, 600"
NIB. These sold to pay the mortgages. and yield
ed the firm "The titles regularly
ed TO the firm and the titles put record As
the bills receivable constituting Of the capital
Mr. r. says the bulk oil them not received and
duced money" Tho creditors charge that the eppli
cation Of such large amount out Of concern Of no avail
able capital not bona fde. They also charge that
the profits did not this abstraction being less b
500 600 than the taken out leaving the firm per
fecty hollow and that its business xende to be
ween FIVE and six hundred thousand dollars which
not bona Gde They charge that from the November OF
s4 to their asking extension In April Is42 Mr. Rel
monds firm raised by fictitious exchanges s222 900 That
their trial balance Dec. 81 Ii4i, exhibited fictitious and
unavailable assets to the amount OF $4,000 leaving
them deficient that amount. That TO throw ths
loss on the southern banks, they caused sixty day
bills TO be drawn on them, based real trans.
action, and at time bad 800 900 running be.
tween Charleston and New York. That In April they
asked and obtained an extension from the Charleston
Banks for twelve months and in June stopped and hav
ing first paid odin full their New York creditors and
Of their correspondents abroad and up pledged
assigned every thing tl~t coN be mei,ed into money
they assigned the hopeless stock of valueess
which will not at best by the testimony two Witnesses
psy 10 cents IN 81 and hes not paid yet thing NJ
creditor hopes for 10 cents he whole has gcn,
INTO the hands of an officer peculiar to New York gene,
raj assignee, who has s26ool other estates to manage
Al yet the creditors have received nothing The only
real estate is contested claim to interest the
land but the lease Of Gothic and morg aged for
it's value and some wild lands IN the West They al.
lege that the acceptance OF these fictitious bills sxi,
days. with sure funds TO meet them, q fraud
That the undue given were r. sxsns
the act. That the Of uust funds enabling IN, to
hold out fictitious solvency was not bona fde
To maintain these allegations the creditors rely N.
evidence OF Mr.. Redmond himself, his books, viii
which he familiar his spondepce, and the test
mony OF his clerk II they sustain them. they insist thai
his IL not OF the clsss OF tho bankrupt lsw
reachesnay more the bank as deeply interested In the
bona fde character OF mercantile dealings has felt IL
duty investigate this and submit 1t TO court and
II s obstinate not TO be appalled, at the ex
pense and tedious delay necessarily incident TO such
case, then they obstinate; but they have feelings
Of Kindness TO crafty. And the press has been r.
sorted to- let the whole truth out and such printi
pies be vindcs,ed will sustain the mercantile charac
ter oil both cities. The testimony has been read and the
arguments OF counsel on both sides will develo-e tho
proofs and grounds The case IL continued to Friday
itb to-day at the United Suites Court Rooms In rear Of
the City Hall.