New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-02
RE VERSES OF BUSINESS HOUSES.
THE NETWORK BETTING COMPANY.

THE NETWORK BELTING COMPAN1.
MR.. CBEEvER DENIES CHARGES or COMPLETELY
WITH JOHN G. TAPPAN-oHER FAILURES.
A statement, originating in Boston, was pub
shed yesterday morning, that a secret agreement OF
ring existed between John H. Cheever, president oil
the New-York Betting and Packing Company, Henry +.
Durant OF the Boston Betting Company, and John u
Tappan, the defaung treasurer Of the latter company
by which they exchanged credits and profits" Mr
Cheeyer was asked yesterday be had seen the report
Yes and they'll have 10 answer for II II they see nj 10
publish such statements IL Is not true. There was
some agreement between us, but have copy with
me- / cannot tell exactly what IL was. We borrowed
money OF Tappan personally There was 80 j. g. Tap
pan & Co.. and II ne used the companys money We dd
not know IT, He then worth $500 900, and the COM
pany did not owe $4,000. When, IN 1874, James
Bishop Co. failed, the NewYOrk Betting and Packing
Company lost about $40 900 by them, and borrowed
the money OF Tappan to pay debts. We needed n at
once and we're willing pay what he demanded-prac-
ticay % per centgiying our stock as security We ala
ndOrse each others paper as Is usual an business 10
help each others credit TapDan owned most OF tho
stock OF the Boston company Mr. Duraut and myself
owned part OF and entire stock Of the New
York Company"
Mr. Cheeyer stated that he had published statement
I'm an evening paper and that Mf. Durant who had
turned 10 Boston, would prepare more IN detail az he
had all the figures. Mr. Chccyers letter contains some
m the stntenents above given charges 1Hppan with
UromptIn The rst statement aud saws that the infer
ence drawn from the transaction referred 70 ~ uery
unWarranted by the facts Inc inference alluded 10
WAS that the Boston Betting Company was run o1cu-
siyeiy for the beDet Of IL managers without respect 10
the interest OF the stockholders" The letter also states
that essrs Cheeyer and Durant owned 40 per cent OF
the Boston Betting Company stock, aud Tappan owned
nearly all the rest lie took personally the interest OF
the debt amounting about $4,000, until II was re-
maid N he used the cOmpauy's funds t fraud on
both the company and Mr. Chceyer aud Mr. Duraut and
was without their knowledge consent Mr.. Checyef
and Mr. Durant have Tappan account, personally
charging them with the money and stating the tfHnsac-
ton, aud they will produce these In reiuta-
tion OF Tappan's charges. The improbabihty OF
their conserving TO the transaction, the letter deems
manifest when IL Is considered that they had no interest
whatever In the specuations in which Tappan wasted
their iunds - ~,
Application has been made TO Register Allen by Alden
b. stockWell, formerly president OF the Pacific Mail
Steamship Company for his discharge from bankruptcy.
and the matter has been down for hearing Sep
tember 3, at which time the creditors informed 10
show cause why his petition should not he granted
Max RAIDER aud Louis b. RAIDER, formerly dealers Ia
tobacco at No. so Beaverst under the name OF Nj.
RAIDER a Son, applied for their discharge from bank
rupcy before Register Little, and there was no OppO-
stion by the creditors their discharge viii DO grantedi
they had liabilities amounting 10 flsO,OOO. -
Assignments for the benefit OF creditors were nled
Yesterday By Joseph Clubhouse aud Herman H. Herwlg
tGunhouse Herwig photographers, No 20 Wartcn-st)
10 Jeremiah b. Aiken aud by Charles Wenzel 10 George