Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-01-02
A BIG u.[CIR|C DEAL
Cleveland Bankers to Take Over
Electric Lines Of Everett
Moore Syndicate.
Large Number Of Street and In
terurban Systems Included
In the Deal.
National Asphalt Company De-
faults Payment Of S500,00
..General News.

Cleveland, Jan. "A committee Of
cleveland bankers has taken charge Of
the various properties controlled by the
Everett-Moore syndicate. The Everett
Moore syndicate owns or controls many
trolley and telephone lines thruout Ohio
and Michigan. The following are the
more important street car companies:
Cleveland Electric Railway Company.
Detroit United Railroad Company,
Cleveland, Painesville & Eastern Rail-
road Company, Detroit & Toledo Short
Line Railroad Company. Lake Shore
Electric Railway Company and North
ern Ohio Traction Company. The COM
mittee says that all these properties
were found, hardly without exception, in
good condition, perfectly solvent and In
nc wise embarrassed. Among the tele-
phone properties are the United states
Long Distance Telephone Company. the
Cuyahoga Telephone Company, Cleve-
land-Stark County co.. Telephone Com
pany, Peoples Telephone Company, De-
4roit, and numerous others.
Al statement issued by the committee
this afternoon says in part:
.sIt became apparent some time ago TO
some members Of the Everett-Moore
syndicate, so-called, that on account OF
the tight money situation in different
centers where they were financing some
of their enterprises that altho, in their
opinion, they owned several millions
worth OF property over, ard above lia-
hilities. they would be unable. without
Temporary assistance. to meet their OBJ
israttons which were contracted by
them. Many Of the obligations arose
from the fact that the Syndicate was en-
gagged in the construction OF a number
of enterprises which are not yet fuliy
completed, requiring large amounts or
money to pay for labor and materials III
construction. -.
..The syndicate was also recently dis
appointed in being unable to complete ne.
ROTATIONS for raising large sum OF
money upon certain bonds and Stocks,
belonging to them. which would have
furnished them with ready funds, ana.
which negot. t.ntAons they had reason to
believe, until ten days ago, would result
s.Some members Of the syndicate,
when 1t became apparent to them that
many OF their liabilities, which were
coming due about the first Of January.
could not be met, called together come
personal advisers to advise with them
ss 10 what was best to be done. These
gentlemen examined very fully into all
the affairs OF those composing the syn
dicate, and found that in the telephone
situation, while among its different ele-
q 4. va nj
fully completed their equipment, and
were on paying basis, there We're
others that needed material assistance.
They found also that 30 far as the per-
eonal affairs Of the members of the syn
dicate were concerned. their equities
were, in their opinion. largely in excess
OF their liabilities, and that In their
Judgment all personal creditors could be
paid without doubt from the assets. and
several hundred thousand dollars be put
into completing the properties. They
found there were In Cleveland upwards
of thirty banks that were their credit
ors, and that these banks held the choic-
est securities of most OF the equities.
Everett & Moore stated they were per-
Rectiy willing to turn all their matters
and properties over to a committee that
should be appointed TO handle them in
connection with themselves to preserve
most OF the equities, with the belief
that when their properties were devel-
cped and creditors paid there would be
q substantial amount to return to them.
The personnel of the committee is as
follows: r. r. Newcomb, Myron T. Her
rick, J. j. Sullivan, Calvary Morris
Kaufman Hays, E. G.. Tillotson, W. c..
Mather. At a meeting at which more
than five-sixths Of all the Cleveland In
debtedness was represented. 1t was
unanimously recommended to their in
stitutions that they should etxend the
indebtedness OF the syndicate and its
allied interests for period not exceed
ing eighteen months, conditioned upon
the committee named having entire
charge OF all affairs connected with the
syndicate and their various interests.
All creditors are to be asked to unite
with the Cleveland creditors in granting
the extension"
IN THE BALANCE.