Richmond daily palladium. [volume] (Richmond, Ind.) 1876-1904, 1902-01-03
Are Looking Into the Affairs
of the Everett Moore
Syndicate.
A BIG FIRM INVOLVED
Financial Embarrassment Due to The
Stringency In the Money Market
Is only Temporary.
Such At Least Is the Opinion OF che
Committee Which Is Investigat
ing the Matter.

Cleveland. Jan. 3.-The financial af-
fairs OF the Everett-Moore syndicate.
owning or controlling a number of ur-
ban and interurban electric railways
and an extensive system of local and
Iong-distance telephone lines in Ohio
and Michigan. passed into the control
of a committee composed OF seven
prominent bankers of this city, yes
ferday. This action was taken. IL is
stated. as the result OF temporary
financial embarrassment on the part
OF the syndicate, which has for some
time past be n affected by the strin-
gency in the money market The com
mittee chosen has been at work inyes-
tigating the affairs of the syndicate
and express the firm belief that the
firm is entirely solvent and that its
embarrassment will be only tempo
rary.
The Everett-Moore syndicate is ac-
credited with controlling more than
200 miles of urban and interurban
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 subscrib-
ers; the United States Telephone com
pany (long distance): the Federal Tel
.ephone company; the Stark county
co. Telephone company; the Column
Diana County 90 Telephone compa-
ny; the Peoples Telephone Company
Of Detroit the Wood County (O.) Tel
ephone company and number of 9th
arS in which the Federal Telephone
company is the controlling factor.
Among the more important electric
street railway properties in which the
syndicate is largely interested, are the
Cleveland Electric Railway company.
she Detroit United railway, the Toledo
Railway and Light company. the
Northern Ohio Traction company. the
Cleveland. gainesville and Eastern
Railway company. the Detroit and To
ledo Shore Line Railway company and
abe. Lake Shore Electric Railway
company All Of these fnes are de-
clared by the committee to be. with
scarcely an exception, in good physical
condition, perfectly solvent and in no
wise embarrassed.
The aggregate capitalization of all
the various properties owned or con-
frolled by the syndicate, is said to be
about $3.50. 100000. Expert account
ants have been employed by the COM
mittee in charge to examine and re-
port on the condition of all the consti-
tuent con- panies. No statement indi-
eating the liabilities of the syndicate
has yet been given out Messrs. Hen
~ A. Everett and E. w. Moore refuse
TO be interviewed concerning their af
fairs, declaring that the statement is
sued by the committee covered the en-
tire matter Colonel Myron T. Her
rick says relative to the affairs of the
syndicate: Personally | 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 of their affairs,
have now no actual knowledge of
their condition. except as informed by
another committee of Cleveland back
ers. which has spent more than a week
in making an investigation. While |
have taken no part in this investiga-
ton, the bankers who conducted il are
among our safe and conservative men.
and whose report should inspire con
fidence. The entire affairs of the syn
dictate are now undergoing a thorough
investigation with the assistance OF
chartered accountants. and all persons
concerned should in my judgment. feel
assured that the interests of all classes
of creditors will be conserved by
competent business management at
the hands OF the committee chosen