The Saint Paul globe., 1901-03-07
JOHN E. sEARLEs ASSIGNS.
Leading Light in Business World
Under a Financial Cloud.

NEW YORK, March e. - John E.
Searles, the well known .fiaancier and at
present in the general corporation and
financing business, made an assignment
for the benefit of creditors to Edward F.
Wright
Mr.. Searles is president and director of
the American Cotton company, American
Type Founders company and the Hyatt
Roller Bearing company, vice president
and director of the Minneapolis & ST.
Louis Railway company, International
Trust company and Union Traction and
Electric company, chairman and director
Cf the Baltimore, Chesapeake & Atlantic
railway, secretary and director of the
Brooklyn COoperage company, director
American Coffee company, American Su-
gar Refining company, Preferred Acct
dent Insurance company, Western Ma
tional bank, Sprague Electric company,
Terminal Warehouse company and Uni
versal Lasting company, trustee in the
American Deposit and Loan company,
American Trust company, Brooklyn In
stitute of Art and Science. Peoples
Trust Company of Brooklyn, Equitable
Insurance company, Terminal Improve
ment company and Mercantile Trust
company, member of the Lawyers CLUB
and Down Town association.
Mr. Searles was treasurer of the Amer
lean Sugar Refining company until
few years ago and president of the West
ern National bank of this city, succeed
ing Brayton Ives. In his latest and most
important enterprise, the American
Cotton company, he was associated with
United States Senator Jones, of Arkan-
sas The latter company controls the pat
ents for a cotton compress and is said
to have done a prosperous business.
The announcement Of Mr.. SearleS'
financial ernha IRA WAS not SIlrOriS-
ing in banking circles. Besides fine
town residence in Brooklyn, Mr.. Searles
also has or had a fine summer home at
BuzZard's Bay, Mass, near the homes
of eX-President Cleveland and Joseph
Jefferson. AS treasurer of the sugar
company and president of the Western
National bank, Mr. Searles gained a repu-
tation for business sagacity and because
of his reputation was asked to enter the
directories of various corporations. His
friends say that he seemed to have un-
limited faith in the possibilities of the
American Cotton company. One of the
banks with which Mr.. Searles had an
account is the Merchants National Of
Wall street. An officer of one of the
leading banks down town stated today
that Mr.. Searles had been in a bad way
for ready money since last fall. His LA
bilities are estimated at $1,300,000.
Mr. Searles' assignment was precipi-
tated by proceedings instituted Thursday
in the United States court in Brooklyn
to secure the principal and interest on
Cy erdue notes aggregating $4,000.
All the notes were given June y, 1909.
and were made payable in six months
at per cent to the Duluth Furnace Com
pany of Duluth, Mimi, and the judg-
ments are recorded for Thomas e.
Thomas, of that corporation. The first
note was for $4,000; the second for a
like amount, and had been transferred
to the American Exchange Bank of Du-
luth; the third for $4,000, had been in
dorsed and made payable to the Western
Reserve Bank of Warren, o., and the
fourth. for 2O0C0, was transferred to tie
First National bank, Duluth