The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1913-12-07
JAMES S. HRAILEY TARGET FOR
MANY CHARGES BY RE-
CENT PETITION.
COPY OF IT RECEIVED HERE
1t Alleges Misconduct, False Reports
and Many Other Charges Against
the Head of the Big Company, Who
Is Now a Receiver.

A copy of the petition for bankrupt
cy filed against the Yaryan Naval
Stores company in Toledo, Ohio, on
Monday, has been received in this
city, and charges of a sensational
character are made against Jas. S.
Bradley, Jr, Momer T. Yaryan and
E. w. Stetson, the three receivers of
the company. The application was
made by Michael j. Owens, Charles
Schmetteau and VIM. H. Boshart, who
are seeking to put the $5,2O0,O00 cor
pCration into bankruptcy.
While all three of the receivers
appointed as result of litigation
are named in the charges Drought by
the petitioners, the gravest allegations
are directed against Mr.. Bradley who
is president of the concern and in ac-
tive charge of its affairs.
Charges Against Bradley.
He is charged with Justification of
the company's records, with being in
competent, reckless and extravagant,
and it is alleged that as direct re.
suit of his ''eXtravagant and wrongful
methods and policies" the business
has been so conducted for some time
that it has been insolvent
After describing the property and
business of the company, it was charg-
ed that President Bradley was incom-
petent and incapable. of successfully
managing its affairs and that, as a re-
suit of his methods, the company was
in fact insolvent for some time prior
to May "a, when the receivers were
appointed 1t is said that Bradley, by
misleading reports and other devices,
misled the other directors and stock
hilders and creditors, so that the real
condition of the company's affairs was
not revealed until about that time
Upon learning the true condition and
the actual result of Braileyss manage
ment, the directors took steps to di-
vest Bradley of his personal manage
ment, and, with certain stockholders,
agreed to advance large sums of mon
ey to refinance the company and meet
liabilities which have been incurred
by Bradley, some OF the conditions be-
ing that finance committee should
be appointed to have charge of the
expenditures, that general manager
should be appointed and that gener-
al auditor, with headquarters in Tole-
do, should also be appointed.
Agreement Repudiated?
1t is said that Bradley joined In that
arrangement and agreed to pay his
proporitionate share of the money and
pretended to acquiesce in all of It's
terms But it is charged that In re-
pudiation OF that agreement, and for
the purpose of continuing his personal
management and control OF the com
panys affairs, Bradley, who was the
president director, a stakeholder
and creditor, without the knowledge
OF the other directors, stockholders or
creditors, ccnspired with the B. Bor-
chardt company, OF Brunswick, a cred
ltor, to commence a collusive suit in
the United States court of Georgia for
the appointment OF a receiver and a
sale CT the eompany's plants and that
he did this by his own personal coun-
sel
1t is further allegr I'd that in order
TO have the court take Jurisdiction
without notice to the company, and
without notice to the other directors
and in order to procure his own ap
pointment as receiver, he appeared in
the suit on behalf OF the Yaryan COM
pany and filed an answer, admitting
all the facts which the b. Borchardt
company charged, and consenting to
the appointment of receivers, all of
which, it is said, was done without
any knowledge on the part of any
other director or stockholder or cred
itor.
Thereupon, it is claimed, Bradley OBJ.
tanned an order appointing himself as
receiver, and Immediately, and before
the qualification OF the other receiy-
ers, took possession of all the COM
pany's property.
Suit not in Good Faith?
II is also charged that the, suit was
not commenced in good faith fcr the
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