Bridgeton pioneer., 1904-06-30

Vannaman & Turner plant, and it was
treated the same as constituting the
J. f. Brady 90. out of the funds of
which the liabilities were paid.
/ In the purchase of the interest of
J. F. Brady, who had rs shares, he
was paid $4,000. In raising this money
the note Of the J.. F. Brady Co. was
discounted. This note, he said, was
paid out Of the funds of the J.. f.
Brady Co. in February 1901, $45o0 be-
ing charged to Mr.. Turner's account
and $45oo charged up to Mr.. Yana-
mans account. The note was put in
evidence.
''Did you ever pay it back?" "No
sir.''
Then you took $450O from the J. f.
Brady Co. with which to buy this
stock and have never paid 1t back.
"I have never been able to. Have
had very much Of loss since then and
have never been able to do it,"
''Mr. Turner, find here in this
ledger in your account Of date July
81. 1908. an entry of $450o. Is not
that the $450O used in the purchase Of
the J. f. Brady Go. ?'' "Yes, sir, it
is.''
How is it that this entry was not
made until this late date, about two
years after the transaction was con-
summated. -
II was not keeping the books at the
time of the transfer of the Brady stock
and when discovered that the above
had not been made 1 made it, as you
see."
II find in this ledger marked ex.
hibit No. 3, in January Is, 1902, your
profit and loss account shows debit
Of $21, ,444, don't it?''
Yes, sir. -
II find here in your profit and loss
account of..January Is, 1908, a DEBIT is
shown to exist of $35, 900. Did you
not then know that the company was
insolvent?"
Yes, sir.'
"You were then discounting paper
in the Cumberland Trust Co., were
you not?''
eyes. SIR
II show you statement, will You
state who made it?''
/ "It ia in my handwriting. !,
ssWhat was the purpose of rendering
this statement to the Trust Company
"It was really for the purpose OF
showing that the company was sol.
vent"
"To what amount?''
"The inference there is $33, 900,
guess
"When was the statement fur.
nished?"
| lit must have been early in the
year 1903.'
Although your books of the com
pany in your handwriting in January
10, 1908, showed that your company
was insolvent to the amount of $685.,
900, you make this statement that you
were to the good $33, 900. What in
duced you to make such a statement,
knowing that it was wrong?''
| "Mr. Turner, you may read this
statement, and the stenographer will
take it down. said Mr.. Fithian.
| 81 am not going to read it; there
is the statemenB.
"Will you read it?'
"No.
That is the statement. I have iden
titled it,
Il "Mr. Fithian put the question form
ally to have it 60 on the record and
again Mr.. Turner declined to read the
statement.
Mr.. Turner was withdrawn from thu
stand for short time and Mr.. Johr
s. Ware, of the Cumberland Trust
Co., was sworn.
Mr.. Ware said that in 1908 he OBJ.
tanned statement from Mr.. Turner o1
the Brady 90. by repeated requests
He was desirous to know something
Of the condition OF the affairs of the
company.
The statement was given between
February ~ and March 10, 1908, and
the company wanted renewal o1
notes held. On the strength of this
statement they considered the com
pany perfectly solvent.
Mr.. Ware read the statement which
gave the assets of the Brady 90. al
$76, 900. Liabilities, $42,650 and "not
dollar against it,, as the body oi
the statement gave it out. Mr.. Ware
was excused.
Mr.. Turner was recalled to the wit
ness stand. Being handed ledger ex
hibit No. witness was asked if ir
the profit and loss account, the note
for the purchase of the John F. Brady
stock was included in which a deficit