New-York tribune., 1901-03-06
JOHN E. SEARLES ASSIGNS.
THE FORMER SUGAR TRUST TREAS
TRER FAILS.

''''@ N'IN-iEtN oN'T<tIN iiNNEA
URER FAILS.
John f. Searles who for many years has been
a conspicuous figure in financial commerciai
and religious circles in this city, yesterday after
noon made an assignment to Edward f. Dwight.
Of the law firm of Carter, Hughes & Dwight
No q6 Broadway Mr.. SearIes in the assign
ment stated that he engaged in general
corporation and financial business. He is at
present interested in many corporations either
as an officer or director. Estimates of Mr..
Searless liabilities are anywhere from $1.Wo.HD
to $2OOOOOO He was popularity regarded here
tofore as a millionaire. and some of his friends
considered him worth several millions. although
ever since his retirement from the American
Sugar Refining Company there had been reports
heard that his financial condition was not of the
hest. The cause which preCipitated the assign
ment could not be learned yesterday. IL mas
been known in some banking circles this week
that a note Of $4,000 which MIR. Searles had
indorsed for another person was about matur-
ing, and it was said that the bank which held
the note had been asked 10 extend II: but
whether the extension was granted could not he
learned. 1t was surmsed however. on account
Of the assignment having been made. that the
note was not extended
The announcement Of Mr.. Searles's financial
embarrassment caused real surprise in bank
ing circles, where his paper long ago ceased to
he Of n prime character. 1t was the general
opinion Of those who knew something about Mr..
Searles's affairs that he had too many irons in
The fire" An official Of one of he leading banks
downtown said yesterday that Mr.. Seares had
been in n had way for ready money since last
fall. The collateral he would offer not of
the hest hence his inability to negotiate loans
Mr. Dwight assignee Of Mr. Searles said late
yesterday afternoon:
II making careful examination of
Mr. Searles's affairs. and statement Of his
assets and liabilities will he prepared at once.
and submitted to the creditors l have no other
statement 10 make present"
Mr. Dwieht's law partner. 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 interests of all might he fully protected.
His assets are believed he largely in excess
of his liabilities but include considerable
amount Of unlisted securities. which were not
readily convertible into cash TO meet obligations
maturing a this time Mr. Dwight the assignee,
is now engaged careful investigation Of
Mr. Searless affairs. and is preparing a state
meut of his assets and liabilities. which will he
submitted to the creditors as possible.
The assignment in no way affects the American
Cotton COMPANY or any other Of the corpo-
IA atoms with which Mr.. Searles Is connected"
Neither Mr.. Dwight nor Mr.. Hughes would
make any estimate of the probable amount Of
the assets and liabilities Their office was a
busy place last night both being
engaged with their force Of clerks in making
no the schedules OF Mr.: Searles II was thought
that the statement Of liabilities and assets
would be ready to-day
n was said last night that the assignment was
MADE with the consent OF the heaviest Credi-
tors, who wanted time 10 realize on the securi-
ties constituting the liabilities being unwilling
that those securities should be sacrificed by
forced sales
Albert r. Roeder. a son-in-law Of Mr.. Searles
recently went through bankruptcy. getting rid
OF liabilities TO the amount Of $345.25j
Mr.. Searles at his office. No. - William
st. Yesterday afternoon, but declined 10 see
reporters. His office adjoins the offices If the
American Cotton Company. of which ne was
until recently president. D. G. Ball. the general
manager OF that company. last night made the
following statement:
Mr.. Searles's assignment does affect the
American Cotton company in any way, directly or
been in any way connected with his private af-
fairs. Mr. Seariess resignation president of the
company rad been hled with the secretary prior to
his assignment. meeting of the board of direct
er,n,, ,ybor, are C"rnaiius X ATS ~ MI y,
Ex-Governor David X. Francis of Missouri. Will
lam 6. lowering Of Boston: Senator James X
Jones. of Arkansas. and Maxwell! Woodruff. Of
Washington. u. g., this meeting Will probably not
be held until the latter part of the week. Mean
while Mr. Lowering. the vice-president who ar
rived in New-York tonight. will perform the duties
of the president
Mr. Ball further said that the company was
just closing its most successful cotton season
having handled half a million round lap
bales. The company had made money from the
beginning he added, and had continuously
earned and paid per cent annual dividends on
its preferred stock