Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1902-01-09
IS EMBARRASSED.
Everett-Moore Syndicate Strikes
a Snag.
Ets Properties are Taken In Charge by
ComInittee Of Cleveland Bankers
and Creditors Agree To give an
Extension of Time in
which 40 PAY Debts.

Cleveland, Jan. 3.-The following
statement, authorized by all parties
interested, was issued Thursday:
1t became apparent some time ago
to some of the members of the Ever
ett+Moore syndicate, so called that
on account of the tight money situ-
alton in the different centers where
they were financing some of their
enterprises, and although in their
opinion they owned several million
dollars worth of property over and
above their liabilities, they would be
unable without temporary assistance
to meet their obligations which were
about to become due and the obliga-
tions of some of the corporations
which were controlled by them. Many
of these obligations arose from the
fact that the syndicate were en-
gagged in the construction of num-
ber of enterprises which were not
yet fully completed, requiring large
amounts of money to pay for labor
and materials in the construction.
The syndicate were also recently
disappointed in being unable to com
plete the negotiations for the rails
ing Of a large sum of money upon
certain bonds and stocks belonging
to them which would have furnished
their properties over to commit
gotiations they had reason to believe,
until ten days ago, would result
favorably.
Some of the members of the syndi-
cate, when it became apparent to
them that many of their liabilities
which were coming due about the
first of January could not be met,
called together some of their person
81 advisers to advise with them as
to what was best to be done.
These gentlemen examined very
fully into all of the affairs of those
composing the syndicate and were
furnished with complete information.
They found that there were in
Cleveland upwards of 30 banks that
were their creditors, and that these
banks held the choicest of the securi-
ties and the most equities.
Messrs. Everett and Moore stated
that they were willing to turn all
their properties over to commit
tee that should be appointed to ham
die them in connection with them
selves to preserve the most equities,
with the belief that when their prop
critics were developed and creditors
paid there would be a substantial
amount to return to them.
To this end and with a view of OBJ
tanning the attention of the gentle
men most experienced in such affairs,
and in whom the Cleveland parties
had entire confidence, and in the be-
lief that all creditors living away
from Cleveland would have the same
confidence, the following gentlemen
We're chosen as a committee: II. r.
Newcomb, Myron 7. Herrick, j. j.
Sullivan, '-lrary Norris, Kaufman
Hays and f. . Fillotson.
At the meeting Md at which
Everett and Moore were present more
than fiye-siXths of all the Cleveland
Indebtedness was represented. The
parties attending the meeting eX-
pressed themselves unanimously in
recommending to their institutions
that they should extend the indebted
ness of the Everett-Moore syndicate
and its allied interests for period
not exceeding Is months, conditioned
upon the committee named having
entire charge of all the affairs CON
nected with the syndicate.
Toledo, Jan 3.-The Everett
Moore syndicate through the Maumee
Valley electric road, is the plaintiff
in three suits in til local courts in
which it seeks inju :. to restrain
execution on three cognovit judg-
ments in favor of King & Tracey for
S4674.76, of the Toledo Loan Co. for
$13,036.s3, and of the HoIcomb ma
tional bank for $1S,526.S7. The suits
are the starters of big litigation. The
allegations are sensational, alleging
fraud, conspiracy and double dealing.
1T is claimed that King took ouG the
judgments while his partner, Tracey.
in his capacity as director was at
tending the meeting of the directors
and that the company had no notice
of the suit, though an alleged an
swer was filed on their behalf. King
t25 Tracey acted as attorneys for the
company and it is claimed in the petit
uons were looking out for their own
interests rather than those of the
plaintiff.