Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-08-14
JOHN G. TAPPANS FAILURE.
A Story of 1t by His SOn-Ho De-
fends the Treasurer and De-
nOunces Durant.
Special to New York Times. ]

Special to New York Timesl
BosToN, August Elm view of |
the repeated statements regarding |
the operations Of John G. Tappan,
the defaulting treasurer of the Bos-
ton Betting Company, and his re-
lations to his associates, Mr.. Tap
pans son, f. H. Tappan, has pub
lished a statement, mainly in an
swer to the card of Mr.. Durant, !
published Immediately after the
publication of the "tripartite agree
ment" of 1874.
The statement will be published
in some of the morning papers TO-
morrow. Mr.. Tappan says that it is
worse than silly; it is false to say
that Mr.. Tappan covered up things
from Durantand gave him incorrect
statements.
The character of the two men
speak for themselves, and no one
who knows Mr.. Durant believes for
a moment that Mr.. Tappan could
hoodwink him. There was no in
tention on the part of Mr.. Tappan
to conceal anything. Whatever he
did he did openly, and the proper
authorities could have seen the
books at any moment. Mr.. Tap
pan looked upon the company as a
private concern, and used its name
at all times-not only in the last
three years, but the last thirty
whenever the occasion required.
In regard to the tripartite con-
tract, Mr.. Tappan did not make it,
but Mr.. Durant did. The original
agreement was drawn by Mr.. Du-
rant himself, and the terms were
his own offer in his own handwri.
ting. All the notes were indorsed
by Mr.. Tappan as well as by the
Betting Company. The position Of
the New York company made the
risk very hazardous. AS to Mr.
Durant coming forward to help Mr.
Tappan in 1877, it was vital to the
New York company that the Bos.
ton company should not suspend
payment Mr.. Tappan wanted tC
stop; he told Mr.. Durant that it wai
useless to try to 60 on, but Mr.
Durant, knowing that Mr.. Tap
pans failure meant the New York
company's failure, would not listen
to it, and compelled Mr.. Tappan tC
60 on, in the vain hope of tidine
over things. So Mr.. Durant LEM
him the New York company'snamC
and his own, but took from Mr.
Tappan 100000 of Dundee bonds
as collateral. Mr.. Tappan, seeing
that the evil day was only being pu
off, Of his own accord, unknown tC
any one but his brother, turned
over most Of his property to b.
held in trust by j. S. Tappan fol-
the Boston Betting Company, and
this was done months before the
public suspension. OF his owr
free will he turned over all his stool
in the company and his outside ac
/ counts, so that when the trouble
came all that he could do wa
done.
If any one will look at the asset
of the New York Betting ant
Packing Company, they will Sc,
nominal figures of over 81, 500, 900
but $S15, 900 of these are put dow
as mining stocks, etc., which ar
, curious assets for a rubber corpora
D ton. | am aware that now the,
state that, owing to some legal for
mality, they find themselves equa
!. partnerS-J. II. Cheever & II. L
: Durant But for the past twent
l years they have given themselye
s out as a corporation, and have is
D sued stock as such, which they hav
held among themselves. The out
e cry raised against Mr.. Tappan ha
4 taught them the danger, and, hay
y ing arranged with their few sma'
J, stockholders, they technically clea
S themselves Of the same charge
f which they have allowed to b
S heaped upon Mr.. Tappan. But
}. they are a private partnership, ho'
0 comes it, then, that II. f. Duran
Q president and director of the Boz
Y ton Betting Company, allows th
i Boston Betting Company's nam
y and credit to be used in bolsterin
II up private concern in New York
y In conclusion he adds; al woul
IS say to the public, who demande
L this explanation, that you see
y Mr. Durant a man who was tc
" cowardly to come forward and stat
IL to the creditors the exact positio
l of affairs, but, taking advantage
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