The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-07-23

The shortcomings OF q Trusted
OmciaI-John G. Tappan, Of the
Boston Betting Company q
Heavy DefRulfer-Thirty Years
Reputation Blasted in q NO.
ment-His frauds Amount "a
$500, 600.
Bosros, July 22,-The announcement
this afternoon Of the resignation Of John
g. Tappan rs Treasurer Of the Boston
Belting Company, position he had held
since the organization Of the corporation
thirty year. ago, and statement that Be
had used the credit Of the company in the
interest Of private speculation, was 8
surprise In financial circles, where Tap
pan was regarded ss man Of the most
exemplary character and unimpeachAble
integrity. The corporation had paid up
capital Of $500, 900, and its reputation
under TAppan's management had become
such that its paper was readily dIsconnt-
ed and even sought alter a. among the
sAlest paper offered for discount. Its
capital stock was 5000 shares Of 500
each, and early in the year II sold for
Sl75 per shAre, while at the last auction
sale It was Sl25 per share. Upon the
resignation OF Tappan, E. s. Conyerpe,
Treasurer Of the Boston Rubber Shoe
Company, was chosen M his successor,
and found the affairs in such condition
that he called 3 meeting Of the stockhold.
ers and creditors to-day, Al which it was
stated that TappAn had issued notes TO
the amount Of S600, 900, and Is also held
for S2S,O00 on outside endorsements as
Treasurer, the proceeds Of which have not
bsen received BY the company.
TIE COMPANY susPEsDs wrrH LrABuI-
I1Es AMOUNTING 10 $685. 900.
The total Liabilities Of the Company are
ssSs, 900; nominal assets $3.50, 900, notes
payable As above stated, S62s,0O0. It
also appeared that Mr.. Tappan, to make
good Losses to the Company, the responsi.
bility for which rests with him, had
handed over to the creditors his entire
property, Of the nominal value Of 81 ,100,-
900. In consequences Of the condition Of
Affairs the Company has Suspended.
James P. Melledge, William P. Huut,
President OF the Atlas National Bank,
and George A. Alden have been appoint.
ed 10 make 8 thorough investigation Of
the corporation and the irregularities Of
the late treasurer.
The following Is an abstract Of
The condition Of the Company from the
annual return OF the corporation fled 10
The Office Of the Secretary Of the Com
February 10. The ofhcers
we're Henry F. Durant, President; John
G. Tsppan, Treasurer, and there were
two other gentlemen with josiah Tappan
TO constitute Board Of Directors. Tae
assets are: Real estate, Sl2z, $40; machi-
merry, $50 00e; the other Assets are, cash
and debts receivable, S67e, 200; msnufAc-
tured material and stock in process,
sS9s, SIG; miscellaneous, 127, sos. Total,
81 ,377, $50. Liabilities: Capital stool,
$500, 900; debts, s6s207s; reserve bal.
ance profit and loss. Sls5,57s. Total,
81 ,S77, $50. John G. Tappan, who has
held the position Of treasurer, business
and agent OF the corporation
from the date Of its organization, became
20 heavily involved through his irregu-
larities and those Losses in private spec.
ulations had induced him 10 use his
financial position as treasurer TO extri.
cate himself from his pecuniAry embar.
rlssment, n one Of our citizens whose
long business career had made him wide
" known and generally respected. He
was quite = large Spectator in real ses-
tate, not only in this city and other pla-
ces in the immediate vicinity, but in
Texas and Colorado. Though the nomi-
nal value OF the property turned over by
him is over 81 900, 900, there is consider
able question Is 10 its real value. He
was interested in the Merriam Packing
Company Of Texas, and had raised
money upon its paper with bis own en-
dorsement, and It Ia stated that s200, 900
Of this property is in that State. Quite
an amount Is also represented TO be in
Colorado.
Il also includes his family residence
and other real estate iu this city and
Chelsea. Quite large amount Of mort
cages and various other property paper
Of the Boston Betting Co, the proceeds oi
which have been misappropriAted, ia held
by 20 Boston banks, and ia pretty we'll
distributed among them, no one bank
holding an extraordinarily large pro-
portion. Il il stated In mercantile cir.
cles that Tappan has Of late raised large
amounts by endorsing either his name or
the Boston Betting Co. upon the psper
Of the following frms: 7. A. Hatch &
Company, Jno. E. Tsppan & Company,
and the Merriam Packing Company, Of
Texas. To what extent these firms are
involved is at present impossible TO state,
but 1t is feared they will suffer severely.
The Boston Beltipg Company will meet
their liabilities, and, il is hoped that the
property turned over by the Tsppan Com
nany will be suficient 10 protect the