The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-24
PRESIDENT DuRANT's VIEWS.

PRESIDENT DURANT's VIEWS.
Mr. Henry f. Durant, the presi lent of the
pany, is disposed 10 look leuienty the shortcom-
ings OF his treasurer He has turned over says Mr.
Durant, property valued originally at 81 900.
TINS consists OF real estate, mortgages, bonds aud
stocks, but what their present value Is canno,
cerained just now" MIR. Durant said thai, SO far
pybe to he OF and was sso
responsible for $4,000 on outside indorse.
s company ~dfs eG'' uoms
S9S000o, and notes payable SOS, 900 The capital
Mr.. Tappan. Another report, SIR. Durant said, was
that ar. rappan mad issued notes ~ inc amount of
OF SSo0OOo, charging them on the books Of The COM
pany AS rcceIvaolc. fnis might have been, as Mr..
Tappan had naa iuil and entire charge Oi the dnsnecs
OF the corporation The true state OF affairs could NOS
could be made BY the committee appointed by the
stockholders. He believod that the company would
meet all Its Liabilities aud hoped that the property
turned over by Mr. Tappan would be sufficient 10
protect tho stockholders from loss. Mr.. DurAnt fur
stockholders undoubtedly thought that he using
bis own money, and at the same time probably
manner Rs has turned over all ms properly What
further rcparation could he makef Besides, he ~
and tn"n. again Il IL i'm proSabI. thas he Is gully
OF any criminal act IN the eyes OF the law"
ABUSE OF TRUST.
Jonathan Brown, president o. the Market National
Bank. which holds $4,000 OF Mr. Tappau's paper,
declares that tho collapse Is nothing nor less
than = second edition OF tho Chace ana Hathaway
businesssn anuso OF trust and the Appropriated u
other peoples money TO private uses. Humorous Of
thousands OF dollars supposed TO DC In the compSya
treasury scattered TO the Jour winds OF heaven.
and man who lad the Unlimited condolences OF his
associates absolutely mssppropriates and squaudsrs
wHERs THR FUNDS WENT
II has been ascertR,ned that Mr. Tappan dis
posed OF the company IS III oncy somewhat as ollows
II Is learned that he has put $45o 900 into the Com
into the Merriam PacKing Company, wncn Is sad 20
be profitable concerns no ADVANCED between $40 90
and $50 600 70 Inc firm OF l.ppan q kdveri, IN wnen
SOu ~ n an IN moi hare 0nc.r
HIS Endorsement tor A. Hatch TO furnish capital Tor
carrying on the dry goods commission business at
No. 23 Kingston street united 70 500 COO making
q total Of ABOUT $9'0000.
The assets which he has turned over to the PresL
dent and the creditors consist OF stock In the Msrr.
Packing Company, OF Texas valued ut S2l5, 600;
ing s4l5, o0O stock in the Boston Betting COM apy
worth 5000 real estate IN Chelsea, house
Boston and vicinity, all OF wnicn is however subject
to mortgage, how heavy at present caunoi be asser
taiued.
The betting company bias been looked upon q
strong and SOUND corporation, paying yearly tor
hitcen years dividond OF twenty-three per cent 10
the stockholders IL earned during tue six monlhs
IRON January TO July l 5000 net casn. In Jam
uary Mr. Iappan reported a surplus OF $257 ,00O mud
yet an interest divideud oil three per tho
stock and no dividcnds on The earnings wis
declared = TACT which created nucn CON meus
at The time II the directors had at time ins,-
tuted An investigation much OF the mischief sinco
ing Com pany holds $50 900 OF tho Boston company
ana Is Intimately connected with II In other ways
There 70 gen uino sensation herc aud oney centres
very uch excited and nervous over the deveop.
msnts vi such wholesale misappropriation.
SUSPENSION OF THE NEW YORK BETTING AND
PACKING COMPANY IN CONSEQUENCES OF TAP.
PANS DFFALcA1IoS.
The New YORK Beiling and Packing Company, at
No IS PARK row, suspsnooa yesterday on account Of
the deialcston Of Jonn g. Tappan, the treasurer Of
the Boston Betting Company. The affairs OF both
companies were very closely connected, tho oncers
oil the New York company owning about two-nitns OF
the stock Of the Boston concern. rne New YORK
company is owned by Hcury y. Dufaut. presidens
Jona II. Cncevor treasurer, who arc inaivd ualy
liable for ITS debts IL had excellent crsd with the
importers OF rubber. the 1rst that OF
trade ana had the cream of tue business, which
very large ana lucrative The notes Of tho company
have always bcen met promptly, and sold a few days
ago ~ i've per cent The iaclsry Is AZ SANDY Hook,
Conn., where large number oil hands arc employed
Ia tne manufacture oil vuicaaizsd india rubber.
machine pelt'ng, gteam packing hose, &c, un-
der the Goodyear patcn,a Inc COMPANY WAS
organized under the laws oil tho state
win capital OF 500, 000 wbicn was siterward u
creased To $500 0Oo the present amount 10 rated
$500 ov0 over ana above ali liabilities. Mr..
Cbeever the treasurer, is very active business
and IL interested IN a large NUMBER OF eniorpriscs,
among whicb we're the New York steam Engine Com-
Isny. the Dundec Manufacturing Company, tnc New
York houiding Machine company and tns Woodbury.
Brush Machine Company. lie snd mr.. Durant also On a
large properly Harlem, with vsluasic water front
HIS means have ior many years been estimated a.
81 600. 000 Tue amount Of the hsbltes assets Of
tue company are not Known NJ present, bat state
ment Is IN course Of prepar@tio n, winch will be sub
United to the creditors about hence. The
pany has large amount OF paper out The Boston
COMPANY hold about $3.50, 0oo, but the New YORK
pany also hold large smount OF the Boston paper
Tor discounts. o. Monday the New York company
rave chs.te mortgage as security Tor merchandise
to q. A. Alden, Uf Boston.
Mr. Cheever SAID yesterday that they had suspended
solely on account oil the Boston defaication ana in
order TO give tbem time TO exactly now they
stood. they had nouhcd tho creators OF the COM
papy OF Their sus pension. ana called meeting
| consult Over the situation. He could no. give any
statement at present concerning liabilities th
assets Of the company aud preferred make any
estimate. Tue bookkeepers were preparing state
mont which wouia De finished In lev days aud
would DO made public. The liabilities we're large and
they had considerable paper Ia the market when
ruled a. i've per cent Their assets also A~sse
| and valuable.