The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-07-24
Ohio Nationals in Council---Horny
Handed Cary is There.
Tho Usual Spawn Of GIitterins
Generalities in The Shape
Of q Platform.
They Still Talk About Demonetizsd
Silver.
String Of Harmless oenunciations'
The Great Boston Failure-lts
Effects I'm New York.

NEw YORK, July 2S.-The New York
Betting & Packing Company, John II.
Cheeyer, chief partner suspended, and
issued a call to their creditors to meet and
consider the situation. The suspension
Il caused by the suspension Of the Boston
House Of which John 6. Tappan was
Treasurer.
Mr.. Cheever said the suspension was
altogether due to the cutting Of the Bos.
ton Betting Company, with whom they
did large business. Liabilities and
assets were large. To what extent the
company is involved with the Boston
firm il not known. The book keepers
are endeayoriDg TO get the statement ol
the affairs ready for the creditors. The
800 shares Of the Boston Betting Com.
pany stock, Mr.. Cheever said he owned
individually, and his loss would be
heavy. The firm is largely interested In
the Boston concern.
BosroS, July 23.-It il said that much
Of the Boston Belting Company's paper
held by the Boston banks, Is endorsed by
responsible parties and Il good without
the company's endorsement.
II il estimated that about 100000 is
the amount OF the Boston Betting Com.
pany's individual promises held by the
banks mainly. John g. Tappan, Treas.
urer, has turned over considerable prop.
erty. Tappan, in addition to being Treas.
urer Of the Betting Company, was Presi>
dent Of McKillop. sprague 4 Cos Com:
mercial Agency, Of New York, and is said
to be largely interested in the Merriam
Packing Company, OF Texas. He is also
n partner in the firm Of J. E. Tappan 4
Co., successors TO Kelyert & Tappan,
which has met with heavy losses for a
small concern. They are the Boston
agents for the Packing Company, and the
two concerns bad absorbed q large pro-
portion Of the misappropriated funds,
together with the money Tappan raised on
his individual responsibility. The ex-
Treasurer ia also said 10 be heavily inyol'
we'd In real eatate transactions that have
almost inyaribly resulted in loss. II ia
further stated that the property trans
ierred by him to the Boston Betting
Company, to secure it against loss, Is
composed in good part OF the stock oil
the New York Commercial Agency and
Texas concern, and Of almost worthless
real estate securities.
John S. Tappap declared the main
statements published regarding his bust.
ness affairs absolutely and unqualiiedly
false. Referring to some Of the liabilities
oecasioned BY his losses he said that il
was out OF all proportion, that no such
obligations had been incurred. His Losses
had been heavy, but he could say nothing
luther than that he had made over to the
company all his property 10 secure the
stockholders, being Of value more or less
than the obligations. He said It would
be 4 long statement that would make it
clear to the public the relations between
himself and the company; that he was
neither prepared nor disposed TO make.
The following is the approximate
amount Of the paper on which the names
Of the Boston Betting Company and ]. s.
Tappan appear either as promisors or
indorsers, which Is held in various banks
10 the city; the Bank OF Commerce SO, 900,
Riyere $4,000, Old Boston $1,000,
Massachuset,s $4,000, Eagle Sl5, 600,
Union SIS 900, Hamilton sd, 1000, North
$50, 900, Suffolk $4,000, Mauke. $50. 900,
Atlas $4,000, Ffeeman's $50, 1000, State
SAC, 900, City 10000, Republic Sl3,0 900,
New England Trust Co. $4,000. Com.
monwealth $4,000, Mechanics $50, 900,
fremont $4,000 and Maverick SO, 900,
The following are the ont Of town banks
holding paper: Bunker; Hill, Charlestown
Diltriet, s25, 900; Monument, C harlestown
District, $4,000; Blue Hill, Dorchester,
5000; First National, Lynn, So, 900;
City OF Lynn, $4,000; Central Lynn,
$50, 900; Grand Marble Head, 5000;
Wauuskeag, Salem, SS5! 900; and She
tucket Connecticut, $4,000. About
$50, 900 is held in the various
banks 10 New York City. Some Of this
paper il undoubtedly good. William P.
Hunt, President Of the Atlas Bank, who
was appointed on the Committee Of In
yestigation, gives the following facts
about TappaD's defalcation: The state
ment made atthe meeting Of the creditors
on Monday was that Tsppan had inyoly.
co Tue coupAny W VIC etNouHe " SSANi
900. OF this amount $500 900 were put
into the mercantile agency Of MeKillop,
sprague & Company, SIS. 900 Of indorse-
ments Of notes Of the same company, and
SOS, 1000 OF his own notes. The assets OF
the company were valued at s900, 900 con.
sisting Of real estate Sll7 900, machinery
$50, 700, merchandise on hand $500, 900,
book accounts 500, 900, and the resti is IN
goods sufficient to pay All the indebted.
ness, and as the business bad always been
exceedingly profitable, he had no doubt
that the capital would easily be raised
by continuing il under . new orgauiLa-
tion. TAppan had private debts from
$50, 900 70 100000.
Ii Is authoratiysly stated that the
company will continue business.