New-York tribune., 1902-01-03

amounts OF money to pay for labor ans ma
terials In the construction.
The syndicate was also recently disappointed
IN Oe1ng unable to complete the negotiations for
the raising of large Of money upon GER
tain bonds and stocks belonging to it, which
would have furnished them with ready funds
and which negotiations they had reason to be-
lieve until ten days ago would result favorably-
Some of the members of the syndicate when
II became apparent to them that many of their
liabilities, which were coming due about Janu-
airy l, could not be met, called together some OF
their personal advisors to advise with them as
10 What was pest TO be done These men ex-
amned very fully into all of the affairs OF those
composing the syndicate and were furnished
with full and complete information
They found from their Investigation that in
the telephone situation, while among its differ
ent elements II had many companies that had
fully completed their equipment and were on a
paying basis, there were others that needed ma
ter1al assistance They also found that so far
as the personal affairs of the members OF the
syhdlcate were concerned their equities were. in
their opinion. largely in excess Of their HabiI-
ittes' and that, in their Judgment. all OF the
personal creditors could be paid without doubt
from the assets and several hundred thousand
ties.
They found that there were in Cleveland m
ward of thirty banks that We're their creditors
and that these banks held the choicest OF the
securities and the most equities.
Messrs. Everett and Moore stated that thavt
were perfectly willing TO turn all Of their mat
ters ana properties over TO committee that
should De appointed TO handle them in connec-
tion with themselves to preserve the mos
equities with the belief that when their prom
critics were developed and creditors paid there
would be substantial amount to return r,
them. The personnel of the COMMITTEES is as
follows: r. r. NeWcorab OIvron r TIarr;cI- r
j. Sullivan. Calvary Morris Kaufman HSvs
Z. g. TillOtsOn and W. c. Mather These men
were selected. not especially on account of any
interest directly involved. but because Of their
well known ability and integrity.
At the meeting. at which Messrs. Everetti
ana Moore were present, more than five-sfxths
Of all OF the Cleveland Indebtedness was reprei
sehted. The parties attending the meeting ext
pressed themselves unanimously in recommenCf-i
ing 10 thelr institutions that they should extend
the Indebtedness of the Everett Moore syndfcate,
and its allied interests for period of not ex-l
ceedlng eighteen months. conditioned upon the
committee named having entire charge OF all or
the affairs connected with the syndicate and
their various interests.
Papers have been drawn looking toward such
extension and the empowering of the committee
to act. and they have been executed by the.
now being executed by the Cleveland banks asi
rapidly as possible. All other creditors are To-,
be asked to unite with the Cleveland creditors
In granting the extension
Expert accountants have been employed tor
examine and report upon the condition of all ths-
various companies The committee organized
by electing H. R. Newcomb chairman and E G.
Tillotson secretary.
MYRON T. HERRICK'S STATEMENT.
Expert accountants have been employed bys
the committee in charge 20 examine and report
upon the condition of all the constituent COM
panies. No statement has as yet been given QUIZ
indicating the liabilities of the syndicate /
Henry y. Everett and E. W. Moore refused to-
night to be interviewed concerning their affairsl
declaring that the statement issued by the COM
mittee covered the entire matter
Colonel Myron T. Herrick tonight gave Tha
Associated Press the following signed stata<
ment relative to the affairs OF the Everett Moort
sy yndiCate:
Personally, have had no connection with antN
no knoWledge OF the operations of the E,verattN
Moore syndicate. Although | am named as onsr
OF the members of the committee for the reS
organization Of their affairs, 1 have now mo-
actual knowledge of their condition except a =
informed by another committee of CIeveIanla
bankers, which has spent more than a week in
making an investigation. While / have taLcarI
no part IN this investigation the bankers who
conducted II are among our safe and conserva-
tive men. and whose report should inspire conf
dence. The entire affairs OF the syndicate ara
now undergoing a thorough Investigation yviths
the assistance OF chartered accountants ana ar
persons concerned. should IN my Judgment faaT
assured that the interests Of all classes OF credit
tors VIII be conserved by competent busInesa
management at the hands OF the committes
chosen.