The Montgomery advertiser., 1902-01-03
SYNDICATE IN STRAITS
EvERETT-MoORE COMBINATION IS EMBARRASSED.
Control of the Concern Given Over to Committee of SevenPromi- nent Bankers of Cleveland.
 Believed Solvent.

Cleveland, O., Jan. 2.-The financial af- fairs of the Everett Moore syndicate. own ing or controlling number or urpan and interurbdi. electric railways ana an tance telephone lines in Ohio and Michi- gan. passed into the control or a com mittee composed of seven prominent bankers of this city today. This acuon was taken, it Is stated, as the result of temporary financial embarrassment ow- ing to the part of the syndicate, which has for some time past been aHecteo by the stringency of the money market. Investigating the affairs of the syndicate and exp, ess the firm belief that the con cern is entirely solvent. and that Its em- barrassment will be only temporary
 The Everett-Moure syndicate IS ac- credited with controlling more than ,2oo miles of electric lines in Ohio and Micn- igan, with many new extensions still In course of construction. outright or controlled by the syndicate are the Cuyahoga Telephone Company of this city. with upward or l0.ooV SUD scribers; the United States Teiephone Telephone Company. the Stark County (Ohio) Telephone Company. the Oolumbi- ana County tOhio) Telephone Company, the Peoples Telephone comPannSy, PnS,ot or Tse- ne- phone Company and number or others in which the Federal Telephone Company is the controlling factor. Among the more important electric street railroad properties in which the syndicate is large iy interested are the Cleveland Elctric Railroad Company. the Detroit United Railway Company. the Toledo Hallway and Light Company: the Northern Irac- and Eastern Railway Company. the De. troit and Toledo Shore Line Railroad Company and the Lake Shore Electric Railroad Company. All of these lines arn ral trxy hn with scarcely an exception, in good phys teal condition. perfectly solvent and In no wise embarrassed.
 The aggregate capitalization or all the various properties owned or controlled bv the syndicate, Is said to he about s13e. .O0S, ,00c. Expert accountants have been employed by the committee in charge to examine and report upon the condition of all the constituent com panies. No statement indicating the lia- bilities has yet been given out
 Colonel Myron T. Herrick tonight gave the Associated Press the following sign. ed statement relative to the affairs of the Everett-Moore syndicate:
 Personally. 1 have had no connection with and no knowledge of the operations of the Everett-Moore syndicate. Although | am named as one of the members of the committee for the reorganization or their affairs, l have no actual knowl- edge of their condition. except as inform, ed by another committee of Cleveland bankers, which has spent more than a week in making an investigation. While I have taken no part in this. investiga- ton, the bankers who conducted It are among our safe and conservative men, and whose report should inspire conf denee. The entire affairs of the syndi- cate are now undergoing thorough in- vestigation with the. assistance or exper. accountants, and all persons concerned should, .n+ my judgment feel assured that -rile- interests of HfI classes of cred Eitors will be conserved. by competent business management at the hands Of
 .'Myron T. Herrick.''