Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-24
An Approximate Estimate Of LiabilI
tIes-The Assets or the Companies
Believed Sufficient to Pay
All Indebtedness.


betting and packing company, John H.
| Cheever, chief partner, has suspended and
| issued a call to its creditors to meet and con-
| slider the situation. The suspension is caused
| by the suspension of the Boston house, OF
which John G.. Tappan was treasurer.
Mr.. Cheever, of the company, said that
| the suspension was altogether due to the
quitting of the Boston betting company, with
| whom they did large business. The assets
and liabilities were large. To what extent
the company is involved with the Boston firm
is not yet known. The book-keepers are en-
deavorirg to get statement of the affairs
ready for the creditors. The eight hundred
and sixty shares of the Boston betting COM
pany's stock Mr.. Cheever said he owned in
dIvidually, and his loss would be heavy. The
firm Is largely interested in the Boston con-
Germ.
1t is stated that much of the Boston betting
company's paper held by Boston banks is
Endorsed by responsible parties, and Is good
without the company's Endorsement.
THE BOSTON FAILURE.
Boston, July 23.-It is understood that
about three hundred thousand dollars is the
amount of the Boston betting compahy's ir-
dividual promises, held by banks mainly.
John q. Tappan, late treasurer, has turned
over considerable property. Tappan, in adj
dItlon to being treasurer of the betting COM
pany, was president of NJ 'Killop & Sprague's
commercial agency, of New York, and is said
to be largely interested In the Merriam pack
ing company, of Texas. He is also partner
in the firm of J. Z. Tappan & Co., successors
to Kelvert & Tappan, which mas met with
heavy losses for small concern. They are
the Boston agents of the packing company.
The two concerns had absorbed large pro-
portion OF the Incorporated funds, to-
gether with the money Iappan raised on his
individual responsibility. The ex treasurer
Is also said to be heavily involved In real es-
tate transactions that have almost invariably
resulted in loss. 1t is further stated that the
property transferred by him to the Boston
betting company, TO secure it against loss. is
composed in good part of stock of the New
York commercial agency and OF the Texas
concern, and of almost worthless real estate
securities.
john 5. Tappan to-day declared that the
main statements published regarding his
business affairs were absolutely and unquali-
fedly false. Referring to the sum of habIlI
ties occasioned by his losses, he SAID that it
was out of all proportion. that no such losses
had been incurred; his losses had been heavy,
but he could say nothing further than that.
He made over to the company all his proper
ty to secure the stockholders, being OF value
more or less than it's obligations. He said it
would be a long statement that would make
clear to the public the relations between him
self and the company, and that he was
neither prepared nor disposed to make such
statement. The following Is an approximate
amount of the paper on which the names of
the Boston betting company and j. q. Tap
pan appear, either as promsors or indorsers,
which is held in various banks in this
city: Bank of Commerce, $40 600; Revere
$4,000; Old Boston, $1,000; Massa-
chusetts, $4,000; Eagle, $4,000;
Union, SO 600; Hamilton. $1,000;
North, $4,000; Suff,lk. 5000; Market,
$4,000; Atlas, $40, 900; Freeman's, $4,000;
State, $45 600; City, $4,000; Republic,
900; Commonwealth. $4,000; Mechanics,
$50 900; fremont, $4,000, and Maverick,
$25, 900. The following are out-of-tOwn
banks holding the paper: Bunker Hill,
Charleston district, $4,000, Blue Hill, Dor
chester, $4,000; First National, Lynn, $685.
600; City, Lynn, $25, 900; Central. Lynn,
$4,000; Grand, Marblehead, $4,000;
Naumkeag, Salem, 49,, 900, and Shatue6et,
Norwich, Connecticut, $4,000, About $685.
600 is held In various banks in New York
city. Some of this paper is undoubtedly
good. William c.. liant, president of the
Atlas bank, who was appointed on the COM
mittee of investigation, gives the following
facts about the Tappan defalcation:
The statement made at the meeting
had involved the company to the amount
of $4,000. Of this. amount 100000 was
money put into the mercantile agency of
Nj Killop, Sprague & Co.; $3.50 900 lndorse-
ments of notes of the same company, and
$780, his own notes. The assets of the
company were valued at 100000, and con-
sisted-real estate, $1l7,0 600; machinery
$4,000; merchandise on hand, $500 600;
book accounts, 500 000 and the rest in
goods consigned. He believed the assets of
the company would be sufficient to pay all
Indebtedness, and as the business had always
been exceedingly profitable, he had no doubt
that capital would easily be raised for con-
tinulnQ it under the new organization. Tap
pan had private debts of $50 900 to 800, 900.