Show SEARLES ASSIGNMENT SCHEDULES OF ASSETS AND LIABILITIES LIA-BILITIES BEING PREPARED ILITIE PREAR Failure Was Precipitated by Proee dings d-ings Instituted in U S Circuit Court in Brooklyn Against Searlss S New York March GJohn F Searles who assigned yesterday was at his office of-fice today but he would not talk concerning con-cerning his assignment Pending the action of the board of directors the American Cotton company on the resignation resig-nation of Mr Searles which was tiled before his assignment was announced the affairs or that corporation are now being managed by VicePresident William Wil-liam C Levering who was called mere from Boston and D C Ball the general gen-eral manager Assignee Dwlght said today that the schedules of assets and liabilities are being prepared and as soon as they arc ready will be submitted to the creditors and i perud vr lima to ilqji date Mr SearlesS affairs will be asked for So far as could be learned today 100uto ton Institution Is I Involved in Mr ScarJcss breakdown The fiearles assignment was precipitated precipi-tated by proceedings Instituted late on Tuesday afternoon the1 United States Circuit Out in Brooklyn to recover the principal and interest on overdue and unpaid notes aggregating STOOtyh The papers In the case were fed by William Wil-liam Cook an attorney He said I hut there had been no secrecy about the legal formalities taken to recoyer the money and that the papers were regularly 11 regu-larly Hied with the clerk of the Circuit court All the notes were given on July 12 19ilO and were made payable In sbt months at G per cent tothe Duluth Furnace company o Duluth Minim and the Judgments arc recorded for Thomas R Thomas of that corporation corpora-tion Tho Jhst note wan for 20flQO the second for a like amount had been transferred t to the American Exchange Amerl bank or JDuluth the third for SIOOWO I bad been InJorsecl and made payable to the Western Reserve bankif Warren 0 and the fourth for 20000 was wps transfi rred to the First National bank of Duluth Mr Cook said that the papers pa-pers were lllecl in tho United States Cii cult court In Brooklyn because Mr Searles resided in that Jurisdiction nnd Thomas is 1 n resident another State VIlllam C Loverlng vicepresident i of the American Cotton company made the following statement at lie ofllceJ of time comp ny John F Searles re sigied ycstcrdaythe office of president of the American Cotton company and as vicepresident 1 am now acting In his stead pending the election of his successor The American Cotton company SlcceR com-pany Is not affected In any war by Mr Scarlcss assignment as tim company had no connection with his affairs His assignment which was made after his resignation had been received means nothing whatever to the company |