The Portland daily press., 1878-07-23


Mr.. John G. Tappan who held the position
OF treasurer, business manager and agent of
the corporation from the date of its organizA-
ton until it became SO heavily involved through
his irregularities and whose losses in private
speculatiOns had induced him to uss his
financial position as treasurer of the company
to extricate himself from pecuDiary EN- barrass-
ment is one of our citizens whose long business
career had made him widely known and
generally respected. He is a native of Bosten,
son of John Tappan, aud descendant of one
OF the most reputable and widely known of
Boston families. He is now over 20 years of
age. He entered Harvard College and then
eogaged 10 business, inheriting from his fathers
large property which he Increased. He was
quite a large speculator in real estate cot ouly
IN this city, Chelsea and other places 10 the
immediate visinity, but 10 Colorado and in
Texas. Though the nominal value OF the pro-
perry turned over by him to his creditors is
vi, 100, 900, there is considerable question as to
It's real value: He was interested in the
Merriam Packing Company of Texas and had
raised money upon its paper with bis own in
dOrsement, and it is stated that 500, 900 of this
property is IN that state. Qaite au amount of
1t also is represented to be IN Colorado. 1t also
includes his family residence, No. - Ashburn
Place and other real estate in this city and
Chelsea. quite . large amount of mortgages
and various other property. The paper of the
Boston Betting Company the proceeds of
which have been Incorporated is held by 81
DOStuu uduAo duu ID pretty W6ll Q1StflQut60
among them, no one bank holding an ex-
traordinarily large proportion.
1t 10 stated 10 mercantile circles thai Mr.
Tappan has OF late raised large amounts by en-
dorslng either his own name or that of the Bos-
ton Betting Co. upon paper of the following
firms: j. A Hatch & Co., dry goods commits.
sion merchants at % Kingston street; John E.
Tappan q 20. successors 10 Kllvert & Tappan,
dealers in m ,chinery and yarns.at % Kingston
street, and Merriam Packing Co., a Texas firm
on 0rrndt ,ontxp hAaE
Mr.. Tappan is largely interested To what ex-
tent these firms are involved it is impossible
say at present, but it is feared they will all suf-
fer severely.
The Boston Betting Co. will meet its lAbli-
ties and it is hoped the property turned over by
stockholders from loss. Mr.. Tappan is stop.
ping at summer boarding house at North
Andover and positively refused to be inter-
viewed or make any statement tonight.
LAWRENCE, Mass, July 22.-John G. Tap
pan, who is stopping at the summer boarding
fused to be interviewed this evening and
declined to make any statement. Between 30
and O'CLOCK this evening he was waited on BY
no less than six reporters.
NEW YORK Jolly 81 The Sun says of the
Boston defalcation: Mr.. Tappan is chief of
the Draauch OF McK!llop, Sprague & Co.'s
commercial agency, and long identified with
the company How far his defalcatioa may
involve the Co. is not known although it is bint-
ed in business circles that he has been one of
Its heaviest hackers, and that the company has
been losing steady for some time. There are
indications, however, that the Boston Betting
20. and the MeKillop Spraeue O.. were closely
!dentlhed in interest, but whether Tappan had
1t 10 his power to divert any of the fun DIS of the
latter into the treasury Of the former to cover
up bis deficiencies cannot yet be ascertained.
Probably if he made such a conversion it was
from the money of the Boston branch.
Lester w. Clark, treasurer and manager of
the MckillOp 81 Sprague Company went to
Boston yesterday afternoon to effect settle
ment OF the affairs. Mr.. Sprague, one Of The
ly i'll at watering place in Rhode Island. Mr..
John TrumbulI, manager of the main off ,e,
was found at his home last evening. He said
after hearing OF the Boston defalcatlon, II do
not see how Mr.. TAppan's troubles can affect
us. know of no troubles in the company"
Was not Mr.. Tappan one of the heaviest
hackers of the company?
1 CAN'T cay about that. He certainly held a
large interest A few weeks ago the Ompany's
capital stock was increased from $10O,OO0 to
payment of its debts.
Who took this extra stock?
Why, Tappan and other stockholders.
lave you heard anything about the troubles
OF the Boston Betting Company?
MOI word, although there was a conference
in our office last Friday between E. s Converse.
the new treasurer of the company, and some of |
our officers. l was there and do not know |
what was done.
Have you any reason to believe that Tappan |
made use of any of your company's funds to |
help himself out of trouble?
None at all. cannot see how his defalcatioa
can iDjure Us.
Have Sou heard that Tappan has beeu specu-
lating lately in stocks?
No, sir.
Another gentleman said Tappan was in. |
vgolved in a ruinous speculation, and that his |
downfall was due to it.