The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-01-03
RUN ON SAVINGS
BANK IN OHIO
Assignment of a Big Syndicate
Was the Cause.
ALL DEMANDS MET AT ONCE
COMMITTEE OF BANKERS HAS
CHARGE OF PROPERTIES.

Cleveland, o., Jan. 2.-As a result Of
the announcement of the financial en-
barrassment Of the Everett-MOore syn
dictate. a run was started on the Dime
Savings & Banking company, Of which
Messrs. Everett and Moore are d.
rectOrs, late today.
All demands were promptly met, and
President Watterson said the bank had
ample funds on hand to pay all de-
positors who desired their money.
The institution is one OF the city de-
pOsitOries.
1t is stated that the aggregate CAPT.
taIization of all the Everett Moore
companies is not less than $125,0oO, O0O
A committee of Cleveland bankers
has taken charge of the various prop
critics controlled by the Everett-Moore
syndicate.
The Everett-Moore syndicate own or
control many trolley and telephone
lines throughout Ohio and Michigan.
These are the more important street
car companies controlled by them;
The Cleveland Electric Railway COM
pany, the Detroit United Railroad COM
pany. the Cleveland, PennsviIle s.
Eastern Railway company, the Detroit
& Toledo Short Line Railway company
and the Lake Shore Electric Railway
company and the Northern Ohio Trac-
ton company.
The committee say that all these
properties were found, hardly without
exception. in good condition. perfectly
solvent and in no wise embarrassed.
Among the telephone properties are
| the United States Long Distance Tele-
phone company, the Cuyahoga Tele-
phone company Of Cleveland, the Clark
County co. Telephone company and
the Peoples Telephone company Of De
troit.
Unable to Meet Expenses.
A statement issued by the committee
| this afternoon says, in part:
/ 1T became apparent some time ago
I to some Of the members Of the Everett
] Moore syndicate, 50 called. that on ac-
count Of the tight money situa ton in
I the different centers where they were
/ financing some Of their enterprises.
/ that although in their opinion they
owned several million dollars worth Of
] property over and above their liabili-
! ties, that they would he unable with
out temporary assistance TO meet their
obligations which were controlled by
them.
Many of these obligations arose
from the fact that the syndicate was
engaged in the construction Of a num-
Der 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 to complete
the negotiations for the raising OF a
large sum of money on certain bonds
and 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 favorably.
Thirty Banks Their Creditors.
''They found that there were in
Cleveland upward Of thirty banks that
were their creditors, and that these
| banks held the choicest Of the securi-
ties.
Messrs. Everett and Moore stated
that they were perfectly willing to turn
all Of their matters and properties
over to a committee that should be ap-
pointed to handle them in connection
with themselves to preserve the most
equities, with the belief that when
their properties were developed and
creditors paid there viii be q substan-
Jld1 amount TO return 10 tnem- The
personnel Of the committee is as fol-.
lows: P. r. Newcomb, Myron 7. Her.
rick, J. J. Sullivan, Calvary Morris,
Kaufman Hays, E. G. -Tulotson and W.
c. Mather. These gentlemen were Sc
lected, not especially on account of any
interest directly involved, but because
Of their wei known ability and in
tegrity.
AT the meeting held, at which
Messrs. Everett and Moore were pres
ent. more than five-sixths of all Of the
Cleveland Indebtedness was represent
ed The parties attending the meet
ing expressed themselves unanimously
in regard to their institutions, that
they should extend the Indebtedness of
the Everett-AIOOre syndicate and its al
lied interests for a period of not ex-
ceeding eighteen months, conditioned
upon the committee named having en-
tire charge Of all affairs connected
with the syndicate and their various
interests"
The Everett-MoOre syndicate is ac-
credited with controlling more than
1.2Oc miles of urban and inter-urban
electric lines in Ohio and Michigan.
with many new extensions still in
course Of construction.
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