Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1902-01-08
WILLING.
Creditors Agree
to Extension.
.-e,, -----------
Everett-MOOre Commit.
tee Is at Work.
Earnings Of Properties Show
Steady Increase.

/ OltNtldHu, W., Jan. S-MOTe SJRnd-
lures were received yesterday to the
creditors agreement extending the
| time for the payment of the obligations
of the Everett-Moore interests During
the afternoon number of the outside
creditors met with the committee of
bankers, who have the matter In charge
and all evinced their willingness to
keep their securities and grant the ex-
tension of 1S months.
Today or tomorrow Mr.. Moore will
go to New York in behalf of the COM
mittee to interview the security hold
ers there and request an extension of
time. From 10 to 10 per cent of the
| Everett Moore securities are held in
New York city, and the indications are
that Mr. Moore will be successful in
his mission.
| The most important matter before
| the committee outside of obtaining the
consent of the creditors to prolong-
alton of the time is the action of the
Strang Contracting Company of New
York in having receiver appointed
for the Toledo & Detroit railroad. The
Strang Company have the contracts
for part of the construction work. and
being unsecured creditors they went to
the courts to protect themselves. This
Is the only real difficulty the commit
tee has met with in its work and what
makes II hard problem at this time
Is the fact that the committee hasn't
the right to do anything un-
til after 1t has got the con
sent of all the creditors to the
extension of time. 1t will take several
weeks to accomplish this first STEP and
In the meantime the receivership ques-.
ton may have to rest unless some way
out of the difficulty not now seen de-
velops In the next few days.
When Mr.. Moore goes to New York
1t is said that he will endeavor to sell
bonds for the Detroit & Ohio electric
line. Hf he succeeds the receivership
OF that property will be removed.
| Another matter which the committee
of bankers is eager to get at and can
not touch until the extension of time
has been granted by the creditors, Is
the sale of the Peoples Telephone Com.
pans system in Detroit. The unoffi-
cial offer of Detroit citizens to nav the
sum already invested in the system,
100000, is looked upon with favor,
both by members of the committee and
the members of the syndicate. A man
WHO Is in close touch with the affairs
of the syndicate said yesterday:
"The independent telephone compan-
les owned by the syndicate and now In
operation are paying big money, some
or them l3 per cent. At present there
are two systems in Ohio not yet com
pletcd, one in Dayton and the other In.
GAINESVILLE. If the committee suc.
ceeds In selling the Detroit system for
100000, the money already placed in
the enterprise, 1t would not only relieve
the syndicate from the balance of the
cost, which is estimated at $500, 900
hut 1t would also give sufficient money
to complete the Dayton and GAINESVILLE
systems and place them upon an earn.
ing basis"
The bankers committee had long
session yesterday afternoon In the
Savings and Trust building, Those
present representing the syndicate were
Henry A. Everett and Barney Mailer.
Attorneys Andrew Squire and Virgil
l.. Kline, representing the unsecured
creditors, the material men, had n con.
ference with the committee, and at It's
conclusion 1t was said they were en-
llrely satisfied with what was being
done, and that they believed their
clients best interests would be amply
protected with the methods being pur.
| sued
While the annual report OF the earn
ings of the various railroad interests
controlled by the syndicate have NOT
yet been compiled, the syndicate has
prepared a statement showing the pas-
senger receipts for the year Just closed
ANA also n comparison with the re.
celpts of the year previous. In every
instance grin is shown. The Detroit
United Railway in the city of Detroit
shows gain of 1902 per cent. in pas.
senger receipts for 1901 over 1900 the
Detroit United suburban roads show n
gain OF 3l.s9 per cent. the Cleveland
Electric Railway n gain OF 1l.42 per
cent" the Toledo Railways and Light
Company, 1oGs per cent, Northern
Ohio Traction Company, 2o.10 per