New-York tribune., 1878-07-24

TIE NEw-YORK Betting AND PACKING CUM
PANY.
The amount Of the defalcation of John G. Tappan,
of the Boston Betting Company, is now placed
at $4,000. Mr.. Tappan at present declines
to give any explanation. and asserts that the
estimate of the liabilities caused by his operations
is greatly exaggerated The suspension of the Bos-
ton Company has been followed by that of the New
York Betting and Packing Company.
DETAILS OF TAPPAN'S OPERATIONS.
THE BELTING CoMPANYs PAPER HELD BY MANY
BOSTON AND oUT-oF-TowN BANKs-MR. TAPPAN
DECLINES TO MAKE STATEMENT AT PRESENT
BUT SAYS THE LOSSES HAVE BEEN EXAGGER-
ATED.
BosToN, July 23.-JOhn G. Tappan was IN
teryiewcd his boarding place in North AndoVer Mass
and on being shown last evenings paper with the state
ments OF facts coming from gentlemen who had been
connected with him in business nc expressed surprise
He evidently could not how such could have been
given to the press before consulting him. He at once
declined to say anything in explanation adding that
there could be nothing said that affected his character
or standing in the community" After hearing the
sketch read he declared the main statements
10 be absolutely and unquaGedy false. This
he uttered without any apparent mental ex-
element. Referring again to the sum Of the
liabilities Occasloned by his losses, he said that they
were greatly exaggerated that such obligations had
been incurred His losses had been heavy but he could
say nothing further than that he made over TO the COM
pany all his property to the stockholders being
of value more or less than the obligations. He said his
statement would be long one, and it would make clear
to the public the relations between himself and the COM
pany. He neither prepared or disposed TO maze II
public yet He would have TO consult his books aud pa
pers and he did not wish present TO encounter the
excitement such task would impose. In day or two
he would visit Boston and in due time the friends OF the
company would make proper statement of its affairs
He would say that he could not believe that 1t had sus
pended payment for there would be reason in that
Its ability is not at all impaired, and its affairs are as
clear any concerns in the State He not in the
least disturbed in his mind regarding the matter; but
regretted that any partial statement had been made
public
The following is an approximate amount or the
paper on which the names Of the Boston Betting
Company and ]. G. Tappan appear, either as prom
issOrs or ndOrsers, which held IN various banks
in this eity Bank of Commerce. $4,000; Revere,
$4,000; Old Boston, $1,000; Massachusetts, $780,
600; Eagle. $4,000; Union, $4,000; Hamilton,
$4,000; North, $4,000 Suffolk, $4,000; Market,
100000 Atlas, $50. 600; Freeman's, $4,000; State
$4,000; City, $4,000 Republic $4,000; New-Eng-
land Trust Company, $4,000; Commonwealth Sl5,-
900; Mechanics $4,000; fremont $4,000 and Nav
erick, S25 600
The following are out-Oftown banks holding the pa
per: Bunker Hill, Charostown District, $4,000; Mon
ument CharlestOwn District, $4,000; Blue Hill, Dor
chester $4,000 First National, Lynn $25000 City,
Lynn. S25 900; Central, Lynn, S50O00 Grand Marble
head $4,000; Naumkeag, Salem, $4,000, and She
tucke Norwich, Conn., $4,000. About $4,000 Is held
in various banks In NewYork City. Some OF this paper
is undoubtedly good 1t is estimated that about $780,.
600 is the amount of the Boston Betting Companys ndi
vdua promises.
Tappan in addition TO having been OF the
Betting Company is president of the MeKlop Sprague
Company Commercial Agency of New-YOrk; and is said
TO be largely interested in the Merriam Packing Com
pany Of Texas He s also partner in the firm OF j. E.
Tappan & Co., successors to Kelvert Tappan, which
has very unfortunate in its business hav
ing met with heavy losses for snail They
the Boston agents for the Packing Company, and the
two concerns had absorbed large proportion Of the
Incorporated funds together with large amount OF
money Mr.. Tappan has been able to raise on his ind
Vdua responsibility The ex-treasarer is also said TO
be heavily involved in real estate TRANSACTIONS which
have almost invariably resulted loss. II is further
stated that the property transferred by him to the
Boston Betting Company, to secure 1t against
loss Is composed In gGod part Of 4i STOCK STOCK
concern and OF almost worthless real estate securities
William r hunt president OF the Atiss BanS' VINO was
appointed on the committee OF investigation gives the
following acts The statement made at a meeting Of
the eEedltrs on Mohdy was tnat nF 1a%pPan % 1aa Lh
voved the company 10 the amount OF SSl5OOO Otthis
amount 100000 was money put into tho Mercantile
AGENCY pI sASp m sprague 1G nS & oSG of
his notes. The assets OF the company were valued
S9OO,OOO, consisting OF real estate ma
chinery, $4,000; merchandise on hand. 100000;
book accounts, 100000, and the rest in goods
signed The amount Of the property assigned by Mr. Tap
pan TO the company worth nOmnally over 81 ,O00
O00 but Its real value was uncertain and certainly much
less than he estimated it, In 1873 the company was
financially sound and had large surplus the losses
curing since that time He presumed that the direction
was aware that Mr.. Tappan using the name of the
company on paper for his own use but did suppose
he was doing so to sufficient extent 10 en-
barrass the company. The credit OF the company
thT nS1 Sbs 6e bsvSs had become soRewbat sns
mic nd a0fnp "a
they held His own bank held the companys paper 70
$4,000 lie believed that the assets Of the
company would prove sufficient TO pay all Indebtedness;
and tue business had always been exceedingly profit
able he had doubt that capital would easily be raised
Tor continuing II under new OrganlztLIO ISppsn nau
private debts OF from $4,000 TO $1OOOOO aud 1t is
very probable that his creditors would OBJECT 10 the
transfer Of his property as made to the company on the
ground that II was an attempt TO favor the company
when expecting TO fail. IN this ease settlement
layed and made difficult; but the payment of the
company . debts would not be affected IN consequence
John g. Tapp1ns property which he has turned over 10
the company consists OF STOCK IN gold and silver mines
situated In Colorado, the value OF which Is uncertain
stock i'm the Merriam Packing Company, Texas rep
resentnR about 81 100000 stock In the Mercantile
Agency OF McKillOp. Sprague Co.. New-York, repre-
senting $415OO0; also wharf property III East Boston
100000 in the Boston Betting COmpaDys st0 *
II now stated that much Of the Boston Betting Com
panys paper, held by the Boston Bank Is ndOrred by
responsible persons and is good without the coInpanys
fndOTsemeut
meeting OF the committee to investigate the affairs
OF the suspended Boston Betting Company was held this
afternoon Much OF the time sUcnt In ascertanug
the condition OF McKil0p, sprague Co.. as upon tue
sOyency OF that depends much OF the value OF
the turned by Tappan ~ the Betting
Company. IL appears Tappan was the COmpany Of
MckOp Sprague, for out oil the capital STOCK OF S5OO
OOJ he owned $4l5,OOO
THE EFFECT IN THIS CITY.
SUSPENSION OF THE NEw-YORK BETTING AND
PACKING CoAPANY-sKETcHEs OF MEMBERS OF