Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-01-02
TUARY 2, 1902. SALT LAKE CITY, UTAH.

W. company and the Northern Ohio
| Traction company.
The committee say that all these
| properties were found, hardly without
exception, N good condition, perfectly
| solvent and In no wise embarrassed
Among the telephone properties are
the United states Long Distance Tee.
pone company, the Cuyahoga Telephone
company Of Cleveland. the Clark coun.
ty (Ohlo) Telephone company. ana the
Feope5 Telephone company Of De-
troit
y statement issued by the committee
THIS afternoon says IN part;
'lt became apparent some time ago
To some Of the members Of the Everett
Moore syndicate so-caled. that on ac.
count Of the tight money situation In
the different centers whore they We're
financing some of their enterprises, that
although In their opinion they owned
several million dollars worth OF prop.
erty over and above their liabilities,
that they would be unable without tenn
porary assistance to meet their obll-
cations which We're controlled by them
Many OF these obligations arose from
the fact lhat the syndicate was engag-
ed In the conyruction OF q number OF
enterprises which were not yet fully
completed requiring large amounts OF
money To pay for labor and materials In
the construction.
THE syndicate was also recently dis
appointed IN being unable 10 complete
the negotiations for the raising Of a.
large sum of money on certain bonds
ana stocks belonging to them which
Would have furnished them with ready
funds, and which negotiations they had
reason TO believe, until ten days ago,
would result fayoraby.
Some Of the members OF the syndi-
cate, when It became apparent 10
them tnat many OF their liabilities,
which were coming due about the lst
Of January could not be met called to-
gcther some Of their personal advisers
to advise them as 10 what was best to
he done.
"These gentlemen examined very ful.
~ into all the AFFAIRS Of those compOs-
ing the syndicate and We're furnished
with very full ana complete informa-
ton
They found further from their nyes-
legations that In the telephone sltua-
lion while among It's different elements,
Il had many companies that had fully
completed their equipment and
We're on q paying basis that
there were others that needed
material assistance They also found
that so far as the personal affairs OF
the members Of the syndicate were
concerned that their equities We're, In
their opinion. largely In excess Of their
liabilities and that In their Judgment
all Of the personal creditors could be
paid without doubt from the assets ard
several hundred thousand dollars put
into The completing OF the properties
"They found that there We're in Cleye-
land upwards 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 they were perfectly willing to turn
all of their matters and properties over
10 q committee that should be appoint
ed 10 handle them In connection with
themselves to preserve the most equi-
ties, with the belief that when their
properties were developed and creditors
paid there will be a substantial amount
to return TO them. The personnel of
the committee Is as follows II. X.
Newcomb, Myron 4, HerrcS, j. J. Sui
Ivan. Calvary Morris Kaufman Hays
and ". G. rillotson and w g. Mather.
These gentlemen were selected, not es-
peeiellS on account Of any interest Ai-
rectly involved but because Of their
Well known ability and integrity.
AT the meeting held, at which !
Messrs Everett and Moore were press
ent, more than flve-slxths OF al of the
ed. The parties attending the meeting |
expressed themselves unanimously I'm |
regard 20 their institutions, that they |
should extend the Indebtedness Of the
Fverett-Moorc syndicate and It's allied |
interests for a period Of not exceeding |
eighteen months, conditioned upon the |
committee named having entire charge
Of all affairs connected with the syndi-
cate and their various interests
Papers have been drawn looking to-
ward such extension and the empower.
ing Of the committee to act and they
have been executed by the members
of the Eyerett-M Moore syndicate and are
now being executed by the Cleveland
hanks as rapidly as possible. All other
creditors are 70 be- asked TO unite with
the Cleveland creditors In granting the
extension
Expert Accountants have been em-
ployed to examine and report on the
condition of all the various companies
The committee organized BY eleoting
u. II. Newcomb as chairman and Mr.
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