The Portland daily press., 1878-07-23
ANOTHER DOWNFALL.
The Treasurer of the Boston Belt
=, ing Co. Heavy Defaulter.
The COmpany's Money Used in
Speculation.
Boston Banks and Firms Involved.

:. BosToN, July % A meeting of the stock
holders of the Boston Betting Co. was held to-
day when it was stated that the Treasurer
John G. Tappan had made over to the corpora
tion large amount of property to cover
losses, the responsibility for which rests on
him. 1t is stated that the assets involved is
more than half million, ard that Tsppap,
who is seriously i'll at Andover. resigned few
days since; and his successor, E. s. Converse
upon making an Investigation, found an unex
the creditors. A meeting was held and Messrs,
G. F. Melladge, President Hunt of Atlas bank,
and g. A. Alden were appointed committee
to make thorough investigation.
g. tsKCoND DEsPATcH.]
The annou ucement this afternoon of the res
ignaton of Jno. G. Tappan as Treasurer of the
Boston Betting Co., opposition which he has
held since the organization of the corporation
30 years ago, and the statement that he used
the credit of the company in the interest of pri-
vate speculation, was surprise in financial
circles, where Tappan was regarded as man
OF most exemplary character and upimpeacha-
BILE integrity. The corporation had paid up
capital of 100000 and its reputation under Mr..
appan'samanagemen had become such tn at
its paper was readily discounted aud eve n
sought as among the safest paper offered for
discount Its capital stock was 5000 shares, 800
each, and early ia the year it sold for S175 per
share, while the last auction sale was $125 per
share.
Upon the resignation of Tappan Mr.. E. Con.
verse, Treasurer of the Boston Robber Shoe
Co, was chosen successor, and found the af-
fairs in such condition that he called meeting
OF the stockholders and creditors today, at
which it was stated that Mr.. Tappan had issued
notes to the amount of 100000, and is also held
for S2S,000 on outside indorse ment as Treasur.
er, the proceeds of which have not been receiv-
ed by the COMPANY The total liabilities Of the
company are 200, their nominal assets
$3.50, 900; notes payable as above stated $685.
600 1t also appeared that Mr. Tappan to
make good the losses TO the company, the re-
sponsibilty for which rests with him, had
handed over to the creditors his entire proper
ty, of the nominal value of $1,1O0,OOO.
In consequence of the condition of affairs the
company had suspended payment, and a com.
mittee, consisting of Messrs Jas. P. MeIedge.
VIM. T. Hunt, President of the Atlas N ational
Bank, and Geo A. Alden, has been appointed
to make thorough investigation of the affairs
of the corporation and the irregularities of the
late treasurer.
The company has done large and profitable
business in the manufacture and sale of rubber
betting, hose, packing, and other classes of
rubber and vulcanite goods. Its paid up CAPT.
tai of half million was divided into 5000
shares. The following is an abstract of the
certified condition of the company from the
annual return of the corporation, filed ia the
Office of the Secretary of the Com monwealtb.
February 10th, 1873. The officers were Hepry
+. Darant, President; John u. Tappan, Treas
urer; and these two gentlemen, With Isaiah S.
TacpaO constitute the hoard of directors