The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-08
D.LEROY DRESSER SFIRM FAILS
OWES SI,25O, 0OO- PAPER LARGELY
HELD IN NEW ENGLAND.
The Trust Company Of the Republic Called
Loans TO Him while He was still
President and Is Not . Creditor
Prospect Of Payment In Full.

Prospect Of Payment in Full.
Dresser ( Co, a Arm composcd OF Daniel
IL Roy Dresser and Charles Z. Riees, and
doing a wholesale commission business IN
hosiery, silks and weddings az Is and II
Greene street, made general assignment
yesterday TO Charles :. Mackenzie, a law
yer at 3B Broadway and the attorney Tor
.hc Trust Company OF the Republic. from
the presidency Of which Mr.. Dresser re-
-igned a fnw days ago. The liabilities arc
put at 81 80 O0J largely. II IL I'D. on paper
Of the firm held in New England, the nom-
nal assets at s75o,O00 and the actual assets
ut $500 90. About ss?j 600 Of the habili-
tics. II Is said, are secured.
After the assignment q petition in hank
ruptcy was filed agains, the firm by Black,
Olcott, Gr,ibor & Borynge. ATTORNEYS for
William y. Dutch, CREDITOR for $50. who
has the Endorsement and consent Of othor
claimants for 1927 COO This is the 'impend-
ing failure that Wall Street has been talk
ing about since Thursday
Mr.. Dresser has rich connections one OF
his sisters, Mrs. Natalie B. Brown. being the
widow Of Nicholas Brown and mother OF
the infant heir OF the $1,000 600 Brown es-
tate: and another Edith s., being the wife
of George W. Vanderbilt. He himself
married the daughter OF the junior partner
Of Benedict Il Burnham. Arm whose busi-
ness was absorbed in the American Brass
Company OF Waterbury, Conn. One OF the
reports current last week was that Mr..
Vanderbilt had come to his brother-in-
laws assistance. but Mr.. Dresser denied it.
The Trust Company OF the Republic Is
not creditor of the firm.
Charles NJ. Preston, chairman OF the
executive committee of the Trust company.
said yesterday afternoon:
within two weeks Mr.. Dresser owed the
company between Is, 900 and $4,000 Part
were time loans and the others demand
loans. The latter loans were called ana
MIR. Dresser was asked to take up the time
loans lie paid the loans and hasn't owed
the company q cent for nearly two weeks.
We no d some of the paper OF the COM
paniee in which Mr.. Dresser was director,
the American Tubing and Webbing Iom-
pany and the Narragansett WeD Company.
10th OF Providence. The total amount
owed by both these companies to the Trust
company II about s.!,yJO. The paper Is
secured by ample collateral and inuorse-
m.nts Mr.. Dresser guaranteed the pay
ment oil the notes OF both companies. but
any one OF the Endorsements on either note
Is good Tor the face Of 10Th.
a uuA Kl.oa anylnilg about II, Out l
suppose that Mr. Dresser didat like being
asked TO take UP his loans. don't kao~
whether he was asked 10 resign the presi-
,.eucy of the company or not, hut thank
ma concluded that ne d better rasiga whei
saE ~ A
tine ne r.sig "a Believe he Ow.rn some
tning IKE 81 siiaps of TIE company
Sock. II hs has sold or hypoLaecateo
t.,at stock We DO not know II. We have
received no notice 10 that effect
From statements made yesterday by
Charles T. krs,. Mr.. Dresser's partner,
and by Morris -. Hirsch. attorney for the
ass znee, Il appears that Dresser d Co
failure was due to outside speculation Oh
he part of Mr.. Dresser. NJ. RS. whose
nome il in East Orange, 81 d
This failure did not result from any de-
slime la the fir MS business. We have been
making a net profit right along Of $4,000
10 sc. ono a year. Naturally, 1 was SUI
prised 10 learn that II was necessary for us
10 make an assignment. l know no huns
,bout IL and very little about Mr.. Dresser
OUTSIDE business. Maybe Mr.. Hirsch cali
,xplin IL.
Mr. Hirsch said Mr. Dresser was inter
sstad in many ventures outside his regular
business The principal one was the United
"ates Shipbu1ding Company. AZ presl-
dent ~ the Trust Company 81 the Republic
Mr.. Dresser induced that company To act
A. the manager OF the syndicate which
lad,rwrote the ship company's bonds
The trust company undertook TO place th,
bonds and did place many OF them. In
\ Jve.nhsr when q syndicate took tho
bonds On the hand 81 the trus, company
the credit Of MIR Dresser's firm bscaIne
prr'-~d
The Arm had obligations falling due
on Monday next IN did not have the
money 20 meet them and couldn't borrow
II. hence there was nothing 90 do but make
Of the firr's liabilities. Mr. Dr.srer's per.
sonal Ii lhiliti,s are considerable. but his
.t.f.ona, fortune will ~ much more than
enough 10 neel them The balance viii
h. tur.ied In to help tho hrm We shal
issue a statement snd = u ~" ng
CT ~ ~ - - ry hsxt Ne-k - pOs-'bi"
A Il l. u LOOKS nov the crediiors viii IT,
d a IN full. and ihe hrm ~ill have balance
Nth which 90 resume business
tn. op.nioI was Oppressed yesterday
afternoon tina, tie uhi"l oaii.s ~ IA. fail
ur ~ Dresssf 8 90 ssS Nj Dresser
io.a ~ securities ~ IA. Tinted stats.
slpJuildins ompsny lie owned aiso
. $50 shanss - the trust 90 upany's stooh
which la, d.cllnod from $50 q share lat
Aususi to a hitls lee thau tiso a SHARE
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fut tho stook aIi even ~ 10 NJ Di~sssT
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