Bridgeton pioneer., 1903-12-10
SERIOUS FAILURE
OF j. f. BRADY CO

announced in brief paragraph that
the j. +. Brady Company, packers
had failed. People generally, even OBJ
serving business folk, had all along
considered this concern one of the
most substantial of the South JERSEY
enterprises. How serious the crash
is at present problematical None
seem to be able to say what are the
liabilities and what the assets. Ger.
tain it seems to be that the assets. ex-
oepting the plant, have been practi.
cally disposed of.
Much distress follows in the wake
of the financial disaster, particularly
among the farmers of'this section. In
ten days from the date of the an.
nouncement of the failure the pro-
ducers had expected to be settled with
in full for all of the tomatoes, SQUASH.
pumpkins and other produce furnished
the concern, the contracts made call
ing for settlement on the 18th day
of December. What is due the farm
ers interested, from the company.
represents very largely all that the
years work to the agriculturists
means in the matter of profit, and
many of them depended upon the set
Element of the 10Th of the present
month to Iliquidate many bills for
fertilizers, etc., that have been con-
tracted, the payment of taxes due on
the Goth. and the settling of interest
charges, etc.
How many farmers are thus hard
hit cannot at this time be stated. The
Brady Company did very large busi-
ness, and it procured the entire tomato
and other crops from large number
of farmers. because the latter had ex-
plicit confidence in the concern. born
bylreason of past satisfactory dealings
In fact there are a number of farmers
who this year contracted with the
Brady Company for tomatoes at fifty
cents less per ton than was paid by
other concerns, because of the abso-
Lutte security that was felt in the en-
terr rise. There are numerous farmers
to whom the company owe from $500
to $500 and $500, while there may
possibly be others who have even
greater claims against the company
The blow to the farmers by this fail
ure is even greater from. the fact that
the past season has been a most dis
couraging one, owing to the poor
crops.
Some of the growers are inclined to
censure the Brady Company consider
ably, and charge that advantage was
taken of the confidence felt in the
concern by the producers. One promi-
nent farmer creditor said Saturday
night that the company must have
known for some time the true condi
tion of the financial affairs of the en-
terprise, and yet the managers have
since September been taking every
pound of their produce under promise
to pay December 18th, when they
must have known that settlement
would be absolutely impossible These
same victims further declare that an
unusual effort seems to have been
made to dispose of all available assets
for every kind and description of
packed goods have been shipped almost
before the labels were dry and tie en-
tire stock cleaned out just ten days
before the time for the settlement of
the contracts.
The forcing of the concern in the
hands of receiver was brought about
by the action of one of the company,
Mr.. Charles Vannaman. He claims
that he has long been dissatisfied with
the condition of affairs. especially of
the plant operated in North Bridge
ton, Eand was unable to get satisfac-
tion. Through his counsel, Mr.. j.
Ogden Burt, ESQ.,, he made application
before Vice Chancellor Grey, for the
appointment of Receiver. The rule
to show cause was granted, the matter
to be heard before the Vice chancellor
to-day at Ohanoery Chambers at Gam
den. Notices to all the creditors were
mailed Saturday afternoon, that the
application for the receiver would be
heard to-day. Some Of the creditors
have already taken steps to more thor
oughly investigate the conditions sur
rounding the failure and it may be
that the concern may be thrown into
bankruptcy.
The cause given for the failure Of
the Brady Company is explained prin-
oipally by the poor crops Of the past
two years. It is understood that the
company contracted to furnish packed
tomatoessin large quantities and that
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