New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-26
THE NETWORK BETTING COMPANY.
KINDLY FEELINGS EXPRESSED BY ITS CREDITORS

KINDLY FEELINGS EXPRESSED BY ITS CREDITORS
HISTORY OF THE COMPANY.
Business men who are acquainted with the
affairs of the New-York Betting and Packing Company
express the belief that its losses through the operations
Of John g. Tappan and the failure OF the Boston Betting
Company will not prove runous TO IT, and that after It's
creditors are paid full, there will still remain some
surplus The greatest sympathy is felt for Mr. Cheeyer
and Mr. Durant and creditors who have called at the
Office in this city show Willingness to give them all the
assistance they The business never better than
now transactions being in cash. for the benefit Of the
creditors.
The following sketch Of the company was given yester
day by gentleman who has been acquainted with it's
operations for several years II originally owned by
William Judson who the attorney OF Charles Good
year. and had his license, under the patent for the man
ufacure Of betting hose packing and other hard rubber
goods. Mr. Cheever, who was formerly OF the Boston
firm of Tappan McBurney Cheever came TO New-York
in 1885, and, with Messrs Judson Durant organized
the New-York Betting and Packing Company Mr.. Jud-
son sold out his interest Cheever Duran about the
year 1865 which time the Goodyear patents failed OF
a second renewal, and expired by limitation OF law.
Other companies at once started up in competition but
the company had abundant capital and procured the
best machinery and skilled labor, thus maintaining
the superiority OF its goods and high reputation In the
trade and retaining large part OF its business The
company has always been successful and profitable the
profits at times having been very large. ,,,,
IL said that II MessrR. CnteVer auu
aside In secure the money they have made
from tie company they would now he enormously rich
hut both were large hearted generous men, ana saving
for the mere purpose accumulation entered INFO
their plans The foundation Of Wellesley College Is the
hest known OF Mr. Durants public benefactions MI
Cheeyer IL said TO have been equally generous but IN
more quiet way. He liberal and generous 10 all MS
employ 6s and kind and courteous IN ais dealings win
them All who have been associated with him In any
way are warmly attached to him. and snpathize deeply
with him i'm his trouble. Mr. Cheever Is man of strict
business habits and intense application, giving his I'M
divided time ami attention TO the management OF his
affairs During the past few years. IL Is said that
he has used pOrtiOn-no one knows how much-of bis
profits the business in speculati0ns some OF when
have proved disastrous but II Is not charged that any
money has ever been Withdrawn from the business OF
the company which could have been retained in II PROFIT
sLIv Mn Durant specuated in railroads, and II is
thought the private Of both partners have been
Greatly reduced. II Is confidently believed however,
Tat whatever they may have Will be placed at the dis
pOsa OF the creditors and that the statement 10 be pre-
sented 70 them July 81 will DC full and frank In all iis
details In the meantime those who have spoken ON lie
subject say that their interests could not be better
served than by leaving the business where II Is NJ
present,