Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-24
BOSTON Betting co.

me terrible Belt Given 1t by John G. Tar
pan---Further Particulars of His d..
honest Management of It's Treasury---rh
Company Involved $s15.OO0---List Of TIL.
BANKS Holding the DIshonored Paper.
Inc New York Betting Company Force
to- suspend from the Same Causs..O,h.,
Failures.
Boston, July 23.-It is estimated that abou,
S5oo,UOo Is the amount of the Boston Beltin
companys individual promises held by tn.
banks mainly John G. Tappan, treasurer, hiss
turned over considerable property. Tappan. ir
addition to being the treasurer of the Beltin,.
company, was president of the McKiliop s,
Spragae commercial agency of New York, ana
IS SAID to be largely interested in the Merriam.
Packing company of Texas. He is also par,
her . In the urn OF ). f. Tappan Co., succes-
sors to helvert d Tappan. which has met with
heavy losses for a small concern. They
are the Boston agents for the naek
ing company and the two concerns
mad absorbed large proportion of the misap
propflatea FUNDS, together with the none
Tappan raised on his individual resnonsihiIity
The ex-treasurer is also said to be heavily !,
real cstate transactions that have aim ,st inra
riably resulted in loss. 1t is further .tate-
tnat the property transferred by him to t he
BOSTON Letting Co., to secure it against loss i
composed in good part of the stock of thu
New York commercial agency and the Texa.
concern and OF, at most. worthless real estst,
securities.
1t Is stated that much of the Boston Belting
company's paper held by Boston banks. is en-
dorsed by responsible parties and is good witt.
out the companys endorsement
The following ID an approximate amount ,f
the paper on which the names of the Bosror
Betting company and j. G. Tappan appear
either as promises or endorsers, which is held
IN various banks in this city: Bank of Com
m mel S7o,0oo; Revere, 526 600; Old Boston,
III, o0o: Massachusetts, $40, OO0; Eagle. Si5-
OoO; Union, $4,000: Hamilton, $4,000; North,
$4,000; Suffolk, $4,000; Market. $4,000;
Alias, $4,000; Freeman's, $50 900; State
200; City, $4,000; Republic, $4,000; New
England Trust company, $4,000; Common
wealth. $l5,000; Mechanics, $40 1000; fremont
$4,000 and Maverick, 1920, 600.
Inc following are the out of town banks
holding the paper: Bunker Hill Charleston
district, $25,00o; Monument, Charleston dis
trict, $4,000; Blue Hill. Dorchester, Sl0,0uO;
First National, Lynn, s125,0O0; City, Lynn,
blehead, $4,000; Naumekeag, Salem, $35 900:
aud Stanka, Norwich, Conn. 10000 About
S25,00o is held IN various banks in New York
| city. Some OF this paper is undoubtedly good.
William T. Hunt. president of the Atlas
bank, Who was appointed on the committee
l
about the Tappan defacation: Th. statement
made at the meeting of creditors on Monday
was that Mr.. Tappan had involved the com
/ pany $4,000. OF this amount $500, COZ was
money put In the mercantile agency OF Nc
hillop, Sprague u Co., $4,000 Endorsements of
notes of the same company, and S25o,OoO of
1 ms own notes. Assets of the
company were valued at $900,OO0. and
consisted of real estate, $ll7.00O machinery.
$1,000; merchandise on hand, 1000;
book accounts, 5l00000, and the rest in goods
/ consigned. He believes the assets of the COM
pany would prove sufficient to pay all indebt-
edness and as the business had always been
exceedingly profitable, he had no doubt that
capital won Id easily be raised for continuingit
under new organization. Tappan had pri-
vate debts of from fifty to hundred thousand
dollars.
4 TAPpAN's STATEMENT.
Jno. G. Tappan to-day declared the main
statement published regarding his business
affairs absolutely, and unqualifedly false. Re
ferring to the sum of the liabilities occasonr,i
by his losses he said that it was out of all pre-
portion, and that no such obligations had beer.
incurred. His losses had been heavy. but h
could say nothing further than that he mad,
over to the company all his property to secure
the stockholders. He said it would be Ion :
statement that would make clear to the public
".
and that he was neither prepared nor disposed
to make.
M'KIILoP, sPRAGuE & CO.
Boston, July ga meeting of the com.
| mittee to investigate the affairs Of the sus
pended Boston Betting company was held thi,
afternoon. Much of the time was spent II
ascertaning the condition of McKillop, Spragn,
, q Co., as upon the solvency of that concern de
ponds much of the value of the assets turned
over by Tappan to secure the betting com
paay. 1t appears Tappan was tn,
, company of McKillop spragne
= for the amount of his capital stock. Of $500,
/; 600 he owed s4l5,00o Mr.. Durant, president
of the Betting company. says it will tax,
several days to get at the true condition o.
: their affairs and when they do report will b.
f rendered and a settlement be made in pro.np
and satisfactory manner.
WHERE THE STOLEN MONEY WAS PUT.
V The following is the latest statement of Tap
@ pans case: The disposal which Tappan ha
made of large sums raised by him paper o
@ the company is accounted for as follows: It
d estimated he has put S45O, 600 into the CONNER
a cial agency of McKillop, Sprague & Co., an
= $324O 900 into the Merriam Packing company
which is said to be profitable concern
He advanced between $4,000 and $4,000
e to the firm of Tappan & Kilverton. of whic
q his son is partner, and $4,000 to another cor
: Germ. His endorsement for /. A. Hatch t
e furnish capital for carrying on the dry good
re commission business at % Kingston, amounte
IT. to 100000 maxim total of about SS70,C'
te TApPAN's ASSETS.
sr The assets with which Tappan proposed
s. meet his own and the liabilities
the company consist of stock in the Merria
Packing company, of Texas, valued at s215
COO: stock in McKillop, Sprague d CO.. agenc
cpntI nD
Boston Betting company Wort
rs $500, 900; real estate in Chefs,
of house on Ashburton Place, and several parce
IS of real estate in Boston and vicinity, all
th which is, however, subject to mortgage.
e. ANOTHER VICTIM.
as New YORK, July 23.--The New York Belti
ne and Packing company, John II. Cheever, chi
no partner, has suspended and issued call to t
ne creditors to meet and consider the situate
nd The suspension is caused by the suspension
be the Boston house of which John G. Tapp
De- was treasurer.
~ Mr.. Cheeyer of the company said the suspe
ed SIGN was altogether due to the cutting of t
NO Boston Betting company with whom they d
-. a large business. Liabilities and assets We
ns large. To what extent the company is involv
eh With the Boston firm Is not known. The boz
ca keepers are endeavoring to get statement
ur- the affairs ready for the creditors.
or The $50 shares of Boston Betting compa
IN, stock Mr.. Cheever sald ne owned lndiVloua
in and his loss would be heavy.
nc 1t is authoritatiyely stated the company v
- resume business.
ed, 'iA 1''s..''a -, 80 l,-''4
nj New YORK, July 23.-The suspension of "
u a II. Gladwin, an old member of the Stock
is change is announced. Gladw1n was short
md market and several hundred shares of ST.
md were bought in under the rule for his accou
full
aen Acquitted.
Ugh EVANSVILLE Ind, July 23.-Lew Colem