Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-03-06
A WALL STREET FAILURE
John E. searles, Well known
Financier. Makes an Assign.
ment For Creditors.
Was President and Director in
q Large Number Of Finan-
cial Concerns.
Formerly Treasurer Of the Amer
lean Sugar r refining Company
RAILROAD Combines.

New York, March John r. Searles,
the well known financier, and at pres
ent in the general corporation and
financial business. has made an as
signment for the benefit OF his credit
ors TO Edward E. Dwight.
Mr.. Searles is president and director
of the American Cotton Company,
American Type Founders Company
and the Hyatt Roilsr Bearing, Com
pany. vice president and director Of the
Minneapolis & st. Louis Railway Com
pany, the International Trust Company
and the tnlcn Traction and Electric
Company. chairman aud director of the
Baltimore, Chesapeake d Atlantic rail-
way. secretary and director If the
Brooklyn Cocperage Gompany, director
of the American Coffee Company the
American Sugar Rehning Company. the
Preferred Accident Insurance Company,
1.-THE Western National Bank, the
SpragIe Electric Company. the Ter
minal Warehouse Company and the
UNIVERSAL Lasting Company; trustee of
the American Deposit and Lean Com
pany. the American surety Company.
the Brooklyn Institute OF Arts and
Sciences. the Equitable Life Assurance
Society Of the United states he Peo-
PIES Trust Company and the Mercantile
Trust Company, and member 81 the
Lawyers Club and Down Town Asso-
citation.
MIR. Searles was treasurer Of the
American Sugar Refining Company I'M
n
Western National Bank, OF this city,
succeeding Brayton Ives. In his latest
land most important enterprise. the
sociatcd with United States senator
pany controls the patents for cotton
eompress and is said TO have done a
PROSPEROUS Business.
& The announcement Of Mr.. searIesl
financial embarrassment was moi sur
prising in banking circles. Besides a
tine town Residence IN Brooklyn MIR
seales also has or had fine summer
house at lSuzzaid Fay, Mass. near the
homes Of ex-Presiden, Cleveland and
Joseph Jefferson.
As treasurer OF the sugar company
and President of the Western National
Bank Mr.. Searles gained a reputation
for business sagarity and becausesof his
Reputation Vas asked To senterthe 6irec-
tories OF various corporations. His
1 friends say that he seemed TO have un.
/ limited faith in the possibilities I tn.
/ American Cottpn Company One of thu
banks with Which MIR. Sealiss had al
account is the Merchants National, ol
4 Wall street. An official of one If tn,
1 leading banks down town stated thai
i Mr.. Scales Eas: bsen in a bad way fol
bready money sillae last fall.
L Edward r. Dwight, the assignee Of
! Mr.. Searles. paid last night: II am NOW
making u careful examination of MI.
iSea.;les affairs and a statement OF hi:
assets and liabilities Will be prepared
lat once and submitted tc the creditors
~ have no other statement to make 81
present
4 Charles +. Hughes, of counsel for this
lassignee said: The assignment of MI.
\ Ssaiies vas made for the protection d
his general creditors In order that tn,
Interest of all might be fully protected
His assets are believd 70 be largely ii
4 excess of his liabilities, but include
A considerable amount of unlisted s-curi-
tie Which were not readily convertible
Unto cash 10 meet obligations maturing
lat this time.
The assignment in no way affect.
1.-The American Cotton Company or an,
stother corporation with which Mr.
II Searle, 10 con n.-f, Il ed >,