The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-03-06
GREAT FINANC|ER
GOES TO THE WALL
John E. Searles Makes Assign
ment for Creditors Benefit.
WASHARDUP FOR MONEY
BELIEVED THAT HIS ASSETS
WILL EXCEED LIABILITIES.

New York, March 5.-John Z. Searles
the well known fnancier, and at present
in the general corporation and financial
business, made an assignment to Edward
+. Dwight today for the benefit of cred
itors.
Mr.. Searles is president Of the Amer
lean Cotton company. Type Founders
company, and the Hyatt Roller Bearing
company. He was president and general
manager of the Minneapolis q St Louis
Railroad company, International Trust
company and Union Traction & Electric
company; chairman of the Baltimore,
chesapeake q Atlantic Railway company:
secretary OF the Brooklyn Cooperate
company; director of the American Coffee
company, American sugar Refining COM
Pany, Preferred Accident Insurance COM
pany, western bank, Sprague Electric
company, Terminal Warehouse company
of the American Deposit q Loan com
pany, American Security company,
R2Io0kIyn IhStllute OF Arts ana Sciences,
Equitable Life Assurance society of the
United States, People Trust company of
Brooklyn Terminal Improvement COM
pany and Mercantile Trust company, and
u member of the Lawyers club and Down
Town association.
Mr. Searies was treasurer of the Amer
lean Sugar Refining company until a few
gears ago and president of the Western
National bank OF this city. succeeding
BraytOn Ives. In his latest and most inn
pOrtant enterprise, the American Cotton
company, he was associated with United
plates Se0dJOT Jones OIL Arkansas Inc
latter company carries the patent for cot
ton compress and is said to have done
prosperous business.
Was Not a Surprise.
The announcement of Mr.. SearIes fnan-
clal embarrassment was not surprising
residence in Brooklyn, Mr.. Searles also
has, or had, fine summer home at Buz-
Cleveland and Joseph jefferson.
As treasurer OF the sugar company and
president of the Western National bank
MT. SearleS gained reputation for bust
fence was asked into the directories of
various corporations. His friends say that
he seemed to have unlimited faith in the
possibilities of the American Cotton com
pany. One of the banks with which Mr.
National of Wall street An official 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 Ed
ward f. Dwight. the assignee of Mr..
Searles, said tonight:
Il am now making a careful examina-
ton of Mr.. SearleS affairs and a state
ment of his assets and liabilities will be
prepared at once and submitted to the
make at present"
Charles f; Hughes of counsel for the
assignee, said:
The assignment of Mr.. Searles was
made for the protection of his general
creditors in order that the interest of
all might be fully protected. His assets
are believed to be largely in excess of his
liabilities but include a big amount of
unlisted securities which were not ready
to convert into cash to meet obliga tons
maturing at this time
The assignment in no way affected
the American Cotton company, or any
is connected. -
The Journal of Commerce tomorrow will
say: Estimates of Mr.. Searles' liabili-
OO0- He was generally regarded hereto
fore as worth several millions.