The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-03
BANKERS IN CHARGE
OF the Everett. Moore Syndicate
Which Is Financially Embarrassed.
STATEMENT BY HERRICK
Shows That the Exact State of Affairs
Is Yet TO Be Found Out.
MANY ENTERPRISES ARE INy0LY WE'D
Syndicate Controls Many Electric Lines
and Telephone Systems.
MANY ENTERPRISES ARE INVOLVED
1T HAS A CAPITAL OF Sl5O,OOO,OOO
In Which the Syndicate Is interest
W ID Are Said to Be in Good
Condition.

Cleveland, Ohio January 2--The hnan-
cial affairs of the Everett Moore syndi-
cate, owning or controlling number of
urban and interurban electric railways and
an extensive system Of local and long dis
lance telephone lines IN Ohio and Michi-
gan. passed into the control of a commit
tee composed OF seven prominent bankers
of this city today This action was taken
it is stated, as the result OF temporary
financial embarrassment on the part OF the
syndicate, which has for some time past
been affected by the stringency of the
money market. The committee chosen is
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 he only temporary,
The Everett Moore syndicate is accred-
tied with controlling more than 200 miles
of electric lines in Ohio and Michigan,
with many new extensions still in course
OF construction Among the telephone
properties owned outright or controlled by
the syndicate are the Cuyahoga Telephone
company of this city with upward of 10000
subscribers. the United States telephone
Cong dstance) the Federal Telephone
company the Stark County (Ohio) Tele-
phone company. the Columbiana County
(Oho) Telephone company, the People S
Telephone company OF Detroit the Wood
County (Ohio) Telephone company aud a
number Of others in which the Federal
Telephone company is the controlling fac
| tor
! Among the more important electric
street railroad properties in which the syn
dictate is largely interested are the Cleve-
| land Railway company the Detroit United
| Railway company, the Toledo Railway and
| Light company. the Northern Ohio Trac-
ton company, the Cleveland, PainesVile
and Eastern Railway company, the Detroit
and Toledo Shore Line Railroad company
! and the Lake Shore Electric Railroad cont
pany All Of these lines are declared by
| the committee to be with scarcely any
exception in good physical condition, per
/ feoty solvent and in no wise embarrassed
! The aggregate capitalization OF all the
various properties owned or controlled by
the syndicate is said TO he about $4,000,
600.
Expert accountants have been employed
by the committee in charge to examine anc
report upon the condition of al' the con
siitucnt companies. No statement indi
eating the liabilities has yet been giver
out.
A statement issued by the committed
this afternoon says it became apparen
some time ago to some OF the members o
the Everett Moore syndicate so-ealled that
on account OF the tight money situation il
the diheron centers where they wer'
financing some OF their enterprises, the,
would be unable without temporary assist
ancc to meet their obligations. The syn
dictate, il is stated was also recently dis
appointed in being unable 10 complete ne
gotiations for the raising of a large sun
Of money upon certain bonds and stocks
Some OF the members OF the syndicat
called together some Of their personal ad
visers to advise with them as TO what wa
best to be done. These men, the commit
tee continues, found from their investgs
tons that in the telephone situation Will
among its different elements it had man
companies that had fully completed thei
equipment and we're on a paying basis
there were others needing material assist
anee ney also found that so far as tn
personal affairs OF the members Of the syr
dictate were concerned their equities w6r,
! in their opinion, largely in excess Of the
I liabilities.
They found that there was in Clevelan
= upward OF thirty banks that were the
creditors. holding the choicest of the 5,
curties and the most equities Messr
Everett and Moore, the committee d,
, cares, stated that they were perfectly will
ing to turn all OF their matters and PROF
! critics over to a committee that should
appointed to handle them in connectio
, with themselves TO preserve the equitie
with the belief that when their properti,
were developed and creditors paid. ther
would he substantial amount TO return
them
4 Colonel Myron 7. Herriek tonight ga,
: the Associated Press the following signc
!. statement relative 10 the affairs Of II
\ Eyerett-M Moore syndicate
Personally have had no connectic
4 with and no knowledge OF the operation
4 OF the Everett-Moore syndicate. AlthouF
1 ! am named as one Of the members of Il
Il committee for the reorganization Of the
x affairs have now no actual knowlcdl
A Of their condition except as informed
another committee Of Cleveland banker
II which has spent more than week in ma
b ing an investigation While I have take
a no part in this investigation the banke