Bridgeton pioneer., 1904-06-30
BRADY COMPANY
AFFAIRS EXAMINED.

Referee in Bankruptcy Hon. Lewis
T. Stevens, of Cape May. held meet
ing of the creditors of Charles O..
Newoomb and the J. f. Brady 90. at
the.Court House Monday, at which the
examination into the affairs of the
bankrupts was had.
Chas. O. Newcomb was the first one
examined and his affairs inquired into
as to his bankruptcy.
Mr.. Newcomb was examined as to
his payments of two $500 notes, one OF
which was endorsed by his mother.
and the other by George Hates.
The examination into the Newcomb
case was short. and the affairs of the
Brady Go. were Immediately taken
up. Messrs. J. III. Powell and Hamp-
ton g. Fithian being the attorneys be-
fore.the Referee.
John 8. Turner was the first one
called to testify.
A number of claimants were present
with their claims.
The examination was conductedlby
Mr. Fithian. Of Hampton & Fithian.
Mr.. Turner said he was now EN-
ployed at 50th and Lancaster avenue,
Philadelphia, and resided in Camden.
He was first connected with the Brady
90. in 1887 as a general utility man.
Before that was glass decorator.
He subsequently became bookkeepei
for the Brady Go.
Became financially connected with
the company in 1894 by purchase OF
fifty shares when the company was
incorporated. The shares were 800 9
share. the fifty shares equalling $4,000.
Paid no cash on this stock, said it wai
charged up to him. Gould not FIND
the charge in ledger of 1894.
Mr.. Hogue and Mr.. Goldsmith, two
accountants, were present with the
books Of the Brady Go. Ledgers Of
1898 and 1894 were submitted as ex.
hibits. The ledger of 1898. he said,
was the ledger of Vannaman &
Turner. AS an absolute fact he said
the ]. F. Brady 90. never owned the
plant Of Vannaman & Turner. Nc
entry exists showing his payment fol
$4,000 for the fifty shares of stock al
far as he could say. He never paid
any cash, he said, for this stock. II
any dividends accrued it was credited
to the account Of the stock.
''Do you mean to say that you aot
$4,000 worth of stock from the J. F.
Brady 90. and don't know whether
you paid for it or not?' asked Mr.
Fithian.
II don't know" was the reply.
''Don't you know that the company
never received cent for this stock Of
not?''
II don't know it.
"Mr. Turner, don't you know tina
the $4,000 or $4,000 standing against yor
does not include the $4,000 for thi
stock?''
"I was not able to pay for it at tina
time, I know. for I was getting only
$12 week. r."
Beyond a charge of $3.50. 63 for in
terest of ledger account there was NJ
charge exceeding 800 on his ledge
account.
Beginning with the first item OF
ledger Of 1898 was charge of $l5
then another of $15, and another o
$25, then $50, but none of these debit
were chargeable to the $4,000 worth o
stock. Then followed an entry o
$500. which was transfer Of stock t,
him in 1898. The $4,000 worth Of stool
was issued to him February II. 1894
But most fortunately, notwithstand
ing the statement Of the witness tina
he had paid no cash on this stock, ii
looking over the journal of March
1894, he discovers the entry shown,
deposits Of $500. $1,000. on account O
this stock, and on the next page de
posit Of $500 In full for stock BY Johl
S. Turner.
After he made this discovery, Mr.
Turner quickly and emphatically sal,
he paid the cash for the $4,000 stock
as it was so shown by the book, ant
he explained that Mr.. Brady, in SOM
manner W hich had now escaped hi
memory, assisted him to raise tn,
money. "There is nothing funn,
about it, declared the witness.
The witness said that the Wanna
man 8 Turner plant at Greenwich ha,
never been transferred to the J. f
Brady 90. An entry of June 1st
1901, showed that the intention was t,
transfer this plant, but had neglected
to do SO, the transaction never havin,
been completed. The Brady 90. as
sumed, however, the liabilities Of tn,
YT ~ II.