The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-03-06
Former Treasurer Of Sugar
Trust Makes Assignment.
Liabilities Estimated at From
One to Two Millions
MANY IRONS IN FIRE.
Was Connected in an Official
Capacity With Trusts.
Financial Enterprises Almost
Innumerable.


New York. March e.-John f. searies.
the well known hnaneier and at present
in the general corporation and financial
business. has made an assignment to
Edward f. Dwight for the benefit Of
creditors.
Mr. Searles is president and director
OF the American Cotton company.
American Type Founders company and
the Hyatt ROllerbearing company; vice
president and director of the MiNneal-
oils & St Louis Railroad company, r.
ternatiOnal Trust company and Inioh
Traction and Electric company; chair
man and director OF the Baltimore
Chesapeake & Atlantic Railway COM
pany; secretary ana director Of tn 3
Brooklyn Cooperage company, director
of the American Coffee company,
American Sugar Refining company
Preferred Accident Insurance company,
Western National bank, Sprague Elec-
trio company, Terminal WarehOuss
company and Universal Lasting con-
pany; trustee Of the American Deposit
& Loan company, American Surety COM
pany, Brooklyn Institute OF Arts alln
Sciences. Equitable Life Assurance So
ciety Of the United states, People
Trust company Of Brooklyn. Iermlnll
Improvement company and Mercanti7
Trust company, member OF the Law
yers club and down town association
Mr.. Searles was treasurer Of the
American Sugar Refining company IN
til a few years ago and president Of the
Western National bank OF this city sue
ceeding Brayton Ives. In his latest
and most important enterprise. IN.
American Cotton company. he was ass
sociated with United States Senator
Jones, Of Arkansas The latter COM
pany controls the patents for a cotton
compress, and is said to have done a
prosperous business
financial embarrassment was not sur
prising in banking circles. Beside q
4. .IaH
Searles also has OF had a fine summer
home at Buzzard's Bay. near the homes
OF ex-Fresident Cleveland and JOSEPH.
jefferson.
AS treasurer Of the sugar company
and president of the Western National
bank Mr.. Searles gained a reputation
for business sagacity and because II
his reputation WAS asked TO enter tna
directories of various corporations. His
friends say that he seemed TO have uu-
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 %
Wall street. An official OF one Of tine
leading banks down town stated today
that Mr.. Searles had been in a bad
way for ready money since last fail
Edward F. Dwight, the assignee cl
Mr.. Searles, said.
II am now making careful exar-i-
nation of Mr.. SeaTles' affairs and "a
statement Of his assets and Liabilities
will be prepared at once and submit cd
to the creditors. L have no other state
ment to make at present.
Charles +. Hughes, counsel for the
assignee said.
.'The assignment Of Mr. searles WIS
made for the protection Of his general
creditors. in order that the interest 0f
all might be fully protected. His as
sets are believed to be largely In eN
cess Of his liabilities. but include CON
siderable amount Of unlisted securities
which were not readily convertible into
cash to meet obligations maturing at
this time.
THE assignment in no way affects the
American Cotton company or any other
corporation with which Mr.. Searles -
connected
At the offices Of the American Cotton
company the following statement was
made by d. G. Ball, the general man
ager Of the company:
Mr.. Searies' assignment does not al
feet the American Cotton company l1
any way directly or indirectly. the COM
pany's business having never been in
any way connected with his private at
fairs. Mr.. Searles' resignation as pres
idenr of the company had been filed
with the secretary prior TO his assign
ners a meeting Of the board OF direc-
tors had previously been called for TO-
day. but owing to the absence Of sew
eral of the directors, among whom sre
Cornelius N Bliss, of New York. ex-
Governor David r. Francis. of Missouri:
WilliSfn G. Lowering, Of Boston. Sen
ator James K Jones. of arkansas alid
Maxwell w oONnuli OF W4SntftL tLuls j.
c., this meeting will probably not be
held until the latter part of the week
Meanwhile William c. Lowering. this
vice president. who arrived in New
York last night viii perform the du-
ties Of the president"
The Journal Of Commerce says.
Estimates OF Mr.. Searles' liabilities
are anywhere from 81 100000 to $1,000
000 He was generally regarded here
tofore as worth several millions %
EXPECTS TO PAY OUT.
New York. March 6.-The financial
embarrassment Of John +. Searies. ora
Of the organizers OF the American Sit
gar Refining company ard until yes
terday president Of the American Coz
ton company. il was said today. ls
purely personal and Will not Involve
any Of the IS corporations with which
he is connected either as president.
treasurer, secretary. directoreor trustees.
Mr.. Searles' liabilities it is believed VIII
reach about $1.50o.000 and are covered
by his assets. which however are main
ly unlisted stocks and therefore are not
readily marketable or Of negotiable
character. If rot pressed by the cfefli-
tors and sufficient time is granted AS
signee Dwight expects to be able TO pay
Mr.. Searles' obligations In euil.
He Avoided Shoals
Berlin. March 6-The National 2ei-