The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-08-01
THE BOSTON BELTING COMPANY.
Omciai Report OF it. Liabilities and Assets-
A DencIt OF s20i ,O23.OO.

Boston, July 81. - The committee ap-
pointed to investigate the affairs OF the Boston
Betting Company reported. ut a meeting OF the
creditors this afternoon. as follows: Direct
liabilities 5l907l.96; grand total Of liabilities.
1919 .5ss92: total assets for which cash could
be obtained in sixty days. 1884 564s6 assets
and questionable claims. 1851 000lG; the sales
in 1877 amounted to s1400.O00. and the COM
mitee say If the earnings had not been used
for private speculation the company would be
out Of debt and have n surplus Of s250.0O0. The
committee conclude by recommending bank
ruptcy. and that new company be at once
formed. to be known AS the Boston Rubber
and Betting Company" the business OF the old
concern to be continued under the new man
agement.
The committee also reported that President
II. F. Durant knew that Tappan had used the
name OF the company for his own accommoda-
ton ever since 1874 and that he had been
party to such use of the company's name by
signing and carrying out contract with Tap
pan, to which Il is also said Mr.. Cheever was
party by Whlch II was agreed that Durant
use. TO the extent OF sl500O0. for two
years trunning four months and renewablel,
mutually vote that the company pay dividends
OF twenty-three per cent. during the time these
notes were on the market the notes to bo ncgo-
tiated by Tappan. II was also shown in the re-
port that tho directors recommended that the
dividends be continued rs usual in 1877. al
though they knew that tho company was insol-
vent. and that tho insolvency was brought about
by the speculations Of Tappan and the use OF
the company's name to cover his private losses.
About twenty Of the creditors Of the New York
Betting and Packing Company. OF 81 Park row.
failure of tho Boston Betting Company, in
which I was largely Interested, met, Yesterday
in T.. \. Dickerson's Office. President H. f.
Durant and j. Fl. Che,ever, Treasurer and Man
New York Betting and Packing Company
had 100000 invested in the Boston Betting
Company when the Tappnn defacations throw
1t into difficulties. The New York company
failed, leaving large amount OF its own paper
out. II was able, however, II reasonable time
time was allowed. to pay all its liabilities with
interest Its assets were 1889. % more than
Us debts, and its bills payable. amounting to
f6l9,7 ,7lO.5O, were in tho hands Of bankers and
merchants in this city and in Boston. Some Of
the employees Of the company in the rubber
factory in Newtown. Conn, had offered TO con-
tribute two months work. Tho wages they had
10000 month.
After somo discussion creditor asked
II the New York Betting and Packing Company
would be willing TO pay from its available cash
ten per cent on the LIST Of September, and the
rest OF the debts in quarterly nstallments ex-
tending over thirty-siN months.
Messrs. Cheevrr and Durant said that that
arrangement could be made, but they asked
thnt before anything decisive was done n COM
tho books and statement Of the company.
The creditors seemed TO be satisfied with tho
new arrangement and 4 COMMITTEES was ap-
pointed. consisting Of f. II. Anderson. Of tho
the Market Bank; and ID. c. Hodges. OF the
Boston firm of George Blackman Co.