New-York tribune., 1908-11-01
DISPENSED LAVISH HOSPITALITY.

Mr. searIes lived in one of the fine old-fashioned
mansions. with extensive grounds. in the St.
Marks avenue fashionable part Of Brooklyn where
he dispensed lavish hospitality. Bishops and
eminent ministers were frequently his guests. He
founded New York Avenue Methodist Epis-
copa Church. near his home and was its principal
supporter. He served lay delegate to Metho-
dist general conferences He the founder and
first president Of the Brooklyn Church Society,
tablished to promote the interests of Methodism
in Brooklyn. He was a director in the Methodist
Episcopal Hospital, which his fellow Methodist
millionaire George ]. Seney, founded, and
connected with the Brooklyn Institute of Arts and
Sciences and other public institutions. Among the
important corporations in which he director
the Equitable Life Assurance Society the
Mercantile Trust Company and the American
Surety Company. and such railroad companies
the Baltimore Chesapeake & Atlantic and the
Mnnea polls & St Louis
1t therefore with a shock that financial in
terests learned in December 1895, that Mr. Seares
proposed to retire from the American Sugar Refn-
Ing Company. The announcement was made N lot
ter TO II. o. HavemeyeT president of the company,
to the effect that. by advice of his physician. he
would be candidate for reelection a direc-
tor at the expiration of his term in the succeeding
January. He had been abroad for three months
for his health.
After his retirement from the sugar business there
were reports that the fortune of Nir. Searles was
impaired, and IN March 1901, he made assign
for the benefit of his creditors. He had re-
tired from the presidency of the American Cotton
Company, but retained his interest in a number of
other enterprises in the South. His assignment
precipitated by judgments taken by default in
Brooklyn a short time before Mr. Searles in seek
ing a loan, had told q bank president that If time
was allowed he could settle his obligations in full
and show $4,000 900 or 50 600 600 to his>crodt But
he admitted that he had been in1udicious in en-
barking in SO many and scattered experimental n
terprses.
This told In Wall Street of the cause Of the
shrinkage in the fortune Of Mr. Searles. Before he
retired from the American Sugar Refining Com
pany, in sudden and sharp decline OF the stocks
II was said he lost over $500 0G0. He also invested
largely in a Montana copper mine, which he estl-
mated to be worth $500, O00 but on which ne was
unable TO realize. The schedule of his assets and
Liabilities showed that tie former were s3,616.545
and the latter S2,135.7S5. After he had passed
through bankruptcy with the remnant of his fortune
Mr.. Searies, at the age of sixty-tWo began a new
business career. and at the time or his death WAS
largely interested in a number Of important cor
porations
1t was regarded hit at Mr. Searles at a
meeting over which he presided when a speaker
told this story of the reply of John Bright TO one
OF the admirers OF Lord Beaconsfield, who said:
You ought TO give him credit for what he has
accomplished, for he is self-Inade man"
Yes replied MIR. Bright; Il know he Is and
he adores his malzeE."