Show Mill MAKE SEARLES Petition to This Effect Filed in Court Courtat at Brooklyn New Ne York March 9 A petition was filed Hied in the tho bankruptcy court in Brooklyn today to have hae the affairs of John E Searl s wound up in bank bankruptcy bankruptcy The petition wan wac flied filed by b Wil Vil William liam W Cook as attorney for tor the pe pc petitioners I the Western Vestern Reserve National bank of ot Warren 0 O the Duluth Fur Furnace Furnace Furnace nace company of Duluth Minn Mian and Jhn 1 hn Thomas Thoman of Niles Niley 0 O whose claims against t Mr Searles are aloe some something somethIng something thing over oer This proceeding takes lakes the administration of the prop property erty out of the hands of or Edward wIght to whom Mr Searles made madean an assignment a few days ago Mr i Cook made the following statement fl If It the winding up of the estate j I should be left to the assignee for the 1 benefit benent of ot creditors all the secure creditors would participate in the re remaining assets without any deduction on account of their security If on Oil the theother theother theother other hand he estate is wound up un under under der the bankruptcy act ac the secured must first deduct from their thelt W claims the value alue of or the collateral be he before before her T r fore they are allowed to participate in inthe inthe the distribution of ot the general assets asset This will make a very great difference l to the unsecured creditors and many cl ci t ts are In that category |