Bridgeton pioneer., 1904-06-30

J. f. Brady Canning Company Tues
day at the Court House was most
fruitful. The whole scheme of the
concern was probed deeply, and most
surprising testimony was revealed.
The long time spent upon the stand
by John s. Turner, the managing head
of the Brady Company, was most un.
comfortable for him. He was com.
PEELED to lay bare many matters that,
to say the least, reflected upon the
concern.
The object of the meeting of the
creditors was to establish. if possible,
claims against certain heavy creditors
who have had preference shown them
while the company was insolvent, and
the upshot of the matter was that the
creditors authorized the trustee in
bankruptcy to bring suit against GER
tain creditors for large sums of money.
Another remarkable showing was
made when Turner testified that in
order to secure accommodations from
the Cumberland Trust Company,
statement was made alleging the cor
poration to be solvent, when it was
very seriously distressed.
1T was q liability of the company,
was it not?''
eyes, it was.''
"Then the deficit is increased by
the addition of this note for $40, 900
for the purchase Of the Brady stock ~
Yes, sir.
"Has this note ever been paid?''
"No, sir. -
The witness was again shown the
statement given to the Cumberland
Trust Co., and was asked from what
it had been made up. He said he
made it up from his knowledge of the
company's affairs-his own estimate.
"Mr. Turner, will you now take the
account of your bills payable and show
just what your bills payable amounted
to at that time you made this state
ment that they were $23, 600, or ex-
plain the utter falsity of your state
ment You can refuse to answer this
question at your peril. if you choose
to take the risk said Mr.. Fith:an.
"Oh, don't expect to get fright.
ened, said Mr.. Turner.
"They have had the accounts, and
presume they found they were cor.
rect. -
Why did you conceal the bills Of
over $29. 900 payable from the Cumber.
land Trust Oo'''
$50 we could tide over this juno
ture of the conditions. -
"Then you thought the end justified
you in making this ia Sc statement p"
eyes, SIR
"Did you ask the Cumberland Trust
90. for further discounts?''
mo, sir, only for renewals. -
The witness admitted that the
Reeves Parvin Co., of Philadelphia.
to whom they owed considerable, sent
man down from an auditing COM
pany in Philadelphia, who examined
the books of the J. F. Brady 90. A
letter press copy of the result of this
examination was identified. This
statement was dated July II. 1908, and
showed q deficiency of over $2S, 600 at
that time. At this time they owed
Reeves -Parvin Go. $4,000. A large
amount of this was subsequently paid
by sale Of merchandise. Only had be-
tween $4, 1000 and $5, 900 stock on hand
when went out of business in Decem-
ber.
"On January. 1901, you charged
yourself with $s.5OO. Was that cash
you took out of the company?''
IT can't tell without seeing the
| journal. (Journal shown.)
mo. it was money raised on notes
and charged against me gave it to
raise my share of the purchase price
of the Greenwich property
The company, he explained, as
sumed this note later, in 1908, but he
could not explain why the Brady Go.
should assume his personal note when
it was discovered that the company
was insolvent. On Nov. az, 1908,
there were $50 cases ofIsweet potatoes
charged to Thos. Roberts g. 90,
Then, date after date. large ship
ments, some as large as a thousand
cases, were examined into. These
shipments ran back several months and
included also shipments of all kinds
of oauned goods, both from the
Bridgeton and Greenwich factories
and were shipped to several consign-
ors.
"Now. Mr.. Turner, what is your
explanation for your company becom.
ing SO badly insolvent?''
"Well, that is long story to be
summarized in not having sufficient
capital to run our business; we were
borrowers; were not able to fill orders
and GARRY rtocb bod - noul. loa