New-York tribune., 1903-04-09
DRESSER TO PAY IN FULL.
His Offer Surprises Creditors, Who
Expected Big Loss.
FRIENDS ADVANCE $s5o,ooo.

The creditors of Dresser & Co. drygoods
commission merchants, at No. Is Greene-st,
who suspended March Z. told yesterday
that all the firms debts would be paid IN full
About forty creditors were at the meeting.
held in the office of Morris ]. Hirsch, No. 6S
William-st. Mr.. Hirsch. counsel for the firm.
first read this statement:
Liabilities, unsecured. S751. Ola s4; secured
S427. .o46 Sc: total, 81 17S.O57 20. Assets $780,
321 S.
This left an unsecured Indebtedness Of little
more than SS50OO0
The creditors chiefly represented New-York
and New-England banks. Some of them thought
they would be lucky If they got % per cent.
So surprised were they by the proposition from
Mr.. Dresser to pay in full that one man asked
that the offer be read again. The creditors
voted Immediately to extend the time of pay
ment to July 4, dismiss the bankruptcy pro-
ceedings and turn the silk business over as
soon as possible. They also agreed that 10
per cent OF the amount they should receive
should be applied to the payment of legal ex
penses, which otherwise Mr. Dresser would have
to pay.
Mr.. Hirsch when asked If George w. Wander
bilt. brother-in-law of d. lie Roy Dresser, his
sister. Mrs. John Nicholas Brown Of Providence.
had helped him. replied: Mrs. Dressers rela-
come to the rescue"
Mr. Dresser. in his formal offer. says in part:
The suspension Of Dresser & Co, March
Z, last, due to the elimination of various
matters entirely personal to myself concerning
which persistent unfavorable rumors were afloat
and a result the firms credit was suddenly
broken off.
1 have entered into an agreement with re-
sponsible parties. under which they hold certain
securities Of the present market value of SSo0,-
600, as collateral security to their undertak-
ing. to the effect that within ninety days from
April Z, 1903. the sum of SS50.000 in cash Will
be deposited with the Knickerbocker Trust
Company in trust for the benefit of my creditors
and those of the firm and to be applied to the
payment of ali unsecured claims against me or
my firm. And in the event that such deposit be
not made within the time aforesaid. then the
booker Trust Company to be disposed of by 1t.
and in the proceeds shall be less than the
sum of SSJ00O0. and the firm of Dresser q
Co. are to remain liable for the amount OF any
deficiency the realization
/ am assured that of the SS5000O to be de-
posted with the Knickerbocker Trust Company
$500 900 thereof will be forthcoming within the
next thirty days, and the remaining So5o,ooo
shortly thereafter and the time limit of ninety
DAYS is fixed to cover all possible contingencies
Charles S. Mackenzie and r. c. Morris, the
receivers were present at the meeting. Mr
Mackenzie said all the securities offered were
readily convertible into cash. To creditors, he
added. so cents on the dollar had been offered
recently for their claims. When Mr.. Dresser
heard of 1t he told them not TO accept After
the meeting Mr. Dresser was warmly congratu-
lated.
Mr. TIirsch said at the time of Dresser & Co S
assignment that the business troubles OF lhe
cornpany were due to Mr. Dressers connechon
with the underwriting Of the United States
Company by the Trust Company OF
the Republic Mr.. Dresser resigned the Presl-
aeycv Of the trust company on March +. MI
Dresser had sought through an aiI1ahCe W. VIZ
the tr1Is+ company and the Securities Warehouse
Con1pany TO form an extensive system Oh "'ie
houses. AZ r,o.sar,e mart
rarl safd dlf q business of about Slo.pVuVVyo
wear with profits probably exceeding S"pVoS "a ID
: f2ohert G Morris, one OF the receivers S@lu
49, had the operations OF Dresser d 20.
ceased the business being closed and the StoCf Of
Ia as hest IL might be. the announcenle VI
eIe. . - . ,rould have been made with InuGh
more difficulty The business went on III ary
'lar I,,ay'; he declared. 1t was necessary
thds season of the year in order to protect
the assets"