The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-03-06
JOHN E. SRARLES ASSIGNS
THE WELD KNOWN FININCEER
FORCED TO THE W4LL.

Assignment Made Yesterday In New
York to Edward f. Dvisht-State-
ment of Assets and Liabilities TO be
Made as Soon as Possible-Mr. Searles
Formerly In Business in New Haven --
Millionaire.
New York, March 5.-John E. Searles,
the well known financier and at pres
ent in the general corporation and
financial business, made an assignment
to-day for the benefit of creditors to
Edward F. Dwight Mr.. Searles is
president and director of the American
Cotton company; American Type
Founders company and the Hyatt Rol-
Ter Bearing company; vice president
and director of the Minneapolis and ST.
Louis railroad; International Trust
company and Union Traction and Elec-
trio company; chairman and director of
the Baltimore Chesapeake railroad;
director of the Brooklyn Cooperage
company, director of the American
Coffee company, American Sugar COM
pany, Preferred Accident Insurance
company, Western National bank,
Sprague Electric company, Terminal
Warehouse company and Universal
Lasting company; trustee of the
American Deposit and Loan company,
American Surety company Brooklyn
Institute of Arts and Sciences, Equita-
BILE Life Assurance society of the United
States, Peoples Trust company of
Brooklyn, Terminal Improvement COM
pany and Mercantile Trust company.
He is a member of the Lawyers club
and Down Town association.
Edward F. Dwight, the assignee of
Mr.. Searles. said tonight: II am now
making a careful examination of Mr.
Searles' affairs and statement of his
assets and liabilities will be prepared
at once and submitted to the creditors.
/ have no other statement to make at
present"
Charles E. Hughes, of counsel for the
assignee, said: 1.-THE assignment of Mr..
Searles was made for the protection of
his general creditors in order that the
interests of all might be fully protected.
His assets are believed to be largely In
excess of his liabilities" The assign
ment in no way affects the American
Cotton company or any other corpora
tions with which Mr.. Searles is con-
nected.
The Journal of Commerce tomorrow
will say: Estimates of Mr.. Searles'
liza abilities are anywhere from $1,000,000
to 81, 100000. He was generally regarded
heretofore, and some of his friends con-
sidered him worth several millions. 1t
has been known in some banking circles
this week that note for $4,000 which
Mr.. Searles had endorsed for another
party was about maturing, and it was
said that the bank which held the note
had been asked to extend it. but
whether it was extended or not could
not be learned"
Albert b. Reeder, a son-in-law of
Mr.. Searles, recently went through
bankruptcy, getting rid of liabilities to
the amount of $S45,255.
John e. Searles is we'll remembered
In financial circles in New Haven as
it was in this city that he first dis
played in marked manner his brilliant
business abilities. He was connected
with that staunch and successful bust
ness firm of L. w, & P. Armstrong,
sugar importers, for number of years
as junior member and when they
moved to New York from New Haven
he accompanied them. In that city
Mr.. Searles got in a field which gave
full scope to his financial ability and it |
was not long before he was secretary
and treasurer of the American Sugar |
Refining company. He remained with |
this trust UP to about two years ago |
when one of the Havemeyers died and |
he subsequently severed his connection.
AT this period Of his remarkable career
Mr.. Searles was estimated to be worth
from $10,OO0,0Oo to SIS, 900. Being free
of his duties as secretary and treas
urer Of the Sugar concern he started
out In new fields of investment and pro-
motion, the extent and variety Of which
can be understood by the big fore
going list of companies in which he is
To these he has devoted his
energies to the present time. Mr..
Searles career is all the more remarka-
BILE as he had little but his own ability
to depend on when he started in busi-
ness life. His father was the Rev. John
Searles, who at one time was pastor of
the Third Methodist church, which is
now the Trinity Lutheran church, on
George street. He was also pastor of
the old st. John street Methodist
church, now the Swedish Lutheran
church John e. Searles married Miss
daughter of one of the
noted merchants of this city, and while
here was for some time director of
the City bank, retiring when he went
to New York to begin the career that
has been followed by local financiers !
with unusual interest.