Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1901-03-18

New YORK, MATCH AOs
those who say that the turning point
in John E. Searles' career was his
disagreement four years ago with n
q Hayemeyer, president Of the sugar
trust. over the policy OF that corpora
ton. He was big figure in the imam
cial world at that time. 1t is said that
the idea of a sugar trust originated
with Mr.. Searles, and he was looked
upon as power in money circles lie
was reputed to be enormously rich.
But differences arose between MI.
Havemeyer and Mr.. Searles. the lat
ter. aided by James r. Keene, at
tempted to best Mr.. Havemeyer IN the
stock market. But his opponent mad
and Mr.. Searles met disaster.
There were stories at that time that
the backing of the standard oil crowd
he was nearly ruined by MS
warfare against Mr.. Havemeyer, but
on the other hand it was asserted that
he took $1O,OOO,OOO with him when he
retired from the sugar trust. This
was on Jan. IL, 1899. ~
Il was given out at the time that he
was in i'll health and compelled TO
forego business activity for time.
He wrote his resignation as secretary
and treasurer of the sugar trust and
became president of the Western Ma,
tional bank, but soon gave up this POI
sition.
He had previously become interest
ed in the American Cotton company
and now gave it his chief attention.
This company, incorporated in New
Jersey in 1896 with a paid-up capftaI
of $4,000, 900, claimed a prOcessg by
which cotton could be packed in cy.
lindical bales ready for the spinners,
and, by doing away with intermediary
processes, saving, it. was. asserted,
$50, 900 900 a year. Associated in this
enterprise were Stuyyesant Fish, pres
ident of the Illinois Central; Senator
Jones of Arkansas; D. R. Francis, for
merIy secretary of the interior, and
others of wealth and prominence,
many of whom were southenrers. Mr..
Searles became president and director
of this company, and his Office is now
in it's suite at No. 81 William street.
Mr.. Searles' son-in-law, Winthrop M.
futile, is treasurer of the company.
Deacon" SearIes- is Mr..
Searles' title in Brooklyn church
circles, in which he is active-lives in
mansion surrounded by spacious
grounds at No. SO st. Marks avenue.
He has been before the public on sew
eral occasions when investigating
committees sought to get at the Sc
crets of the sugar trust, and as wit
ness caused his inquisitors sore dis
comfort.
When a congressional committee in
1894 took up the. methods of the sugar
trust, it's lobbying and contributions
to both campaign funds, Mr.. Searles
and Mr.. Havemeyer were indicted for
failing to answer questions. They
were acquitted, however, but e. r.
Chapman, a broker, was fined 500
and sentenced to thirty days in jail
AS a witness before the legislative
Investigating committee in this state
in 1897 Mr.. Searles was elusive and
forgetful, and in the attempt to force
him to produce the books of the trust
he proved a wary adversary.
His father, Rev John E. Searles, was
Methodist minister. Mr.. Searles be-
gan his business career in New Haven
forty years ago. He married a Miss
Petit, who brought him some money,
with which he got an interest with the
Armstrong;, rich sugar men and West
Indian merchants. From the Arm
strongs he went to the Havemeyers.
He was sued in 1897 by Mrs. Tier
..ney, housekeeper at his summer home,
Break Hill, Buzzard's Bay. She said
he wanted her to feed the servants on
lamb and beef stew. She got a YER
dict for $3.50 for wages. He tackled a
burglar at his home in 1892, and
:, though the man shot at him he held
him fast and the captive was sent to
prison of twenty years.
Another View.
Duluth, MINI. March 13.-It was q
deal in Duluth that brought about the
assignment of John E. Searles. who is
about the most rumerously connected
corporation man in New York. The
deal was peculiar.
Two years ago Searles found at Du'
luth and Superior several idle steel
making and steel rolling plants. One
had capacity for fifty gross tons per
day of open hearth steel and the same
in rolling mills for / beams and chan
mel bars, end a slabbing mill. An
other was a large car and foundry
plant, with two three-high trains of
rolls, one a 16-inch bar mill. and the
other a 10-inch guide mill. The third
was g bessemer converter plant of ca
pacity for 400 tons per day with plane
and bar mills. but without blooming
mill required.
All these Mr.. Searles agreed to buy.
He organized the Lake Superior Steel
company on Nov. Is. 1899. He pro-
posed to issue $2.OOO,O 900 in bonds and
$1O0O,OOO in per cent. noncumula-