The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-01-03
A SYNDICATE
IN TROUBLE.
SEVEN OF CLEVELAND,S BANKERS
TAKE CHARGE OF EVERETT
MOORE BUSINESS
TOO 7+ANY IRONS IN THE FIRE
Controlled Extensive system. of
Electric Railways and Tele-
phones, but Could Not Raise
Money to Swing Them.
BANKERS REPORT REAssURING

CLEVELAND, Ohio, JAN 2.-The
financial affairs of the Everett Moore
syndicate, owning Or controlling a num-
Der of urban and interurban electric
railways and an extensive system of To-
cal and long distance telephone lines IN
ONO and Michigan, passed into the con-
troll OF committee composed Of seven
prominent bankers of this city To-Day.
ph1S action was taken. it is stated. as
the result of temporary financial EN-
oarrassment on the part OF the syndi-
cate, which has for some time past been
aHected by the stringency in the monay
market
The committee chosen has been at
work investigating the affairs of the syn
dicate and express the firm belief that
the concern is entirely solvent and that
its embarrassment will be only tempo
rary.
The Everett-Moore syndicate is &c -reG-
tied with controlling mora than leo
miles Of urban and inte1Lrban electric
lines in Ohio and Michigan, with many
new extensions still IN C turse or con-
structOn.
Many Irons in the Fire.
Among the telephone properties owned
outright or controlled by the syndicate
are the Cuyahoga Telephone company. of
bers; the United States Telephone COM
pany Qong distance), the Federal TeIe-
phone company, the Stark County (Ohio)
Telephone company, the Columbiana
County (Ohfo) Telephone company, the
Peoples Telephone company, of Detroit;
the Wood County (Ohio) Telephone COM
pany, and number of others in which
the Federal Telephone company is the
controlling factor.
street railroad properties in which the
syndicate is largely interested are the
Cleveland Electric Railway company,
the Detroit United Railway company.
the Toledo Railway and Light company,
the Northern Ohio Traction company,
the Cleveland, Painesville & Eastern
Railway company, the Detroit & Toledo
Short Line Railroad company and the
Lake Shore Electric Railroad company.
All of these lines are, declared by the
committee to be, with scarcely an ex-
eeption, in good physical condition, per-
fectly solvent and in no wise embar-
rassed.
The aggregate capitalization of all the
various properties owned or controlled
by the syndicate is said to be about
$130,000000. No statement has as yet been
given out indicating the liabilities of the
syndicate.
Aessrs. Henry A. Everett and H. W.
Moore refused tonight TO be interviewed
concerning their affairs. The committee
of bankers organized by electing H. T.
NeWcomb as Chairman and E. c. Tilloi-
son secretary. The committee prepared
statement embodying the above facts
and speaking hopefully of the ultimate
outcome.
Col. Herrick's Statement.
Col Myron r. Herrick tonight gcve
the Associated Press the following
signed statement relative to the affairs
Of the Everett-Moore syndicate:
Personally, I have had no connection
with, and no knowledge Of the operations
of the Everett-Moore syndicate. AL
hough I am named as one of the mem
berS of the committee for the reOrganiZa-
ton of their affairs, I have no actual
knowledge of their condition, except as
informed by another committee of Cleve-
land bankers, which has spent more than
a week in making an investigation.
''Whiie I have taken no part in this in
veStigahon, the bankers who conducted
it are among our safe and conservative
men, and their report should inspire
confidence The entire affairs Of the syn
dicate are now undergoing thorough in
VeS(tigation with the assistance of char
tered accountants, and all persons con-
Cerned should, in my judgment, feel as
sured that the interests of all classes of
creditors will be conserved by compe-