New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-12
APPARENTLY LOST $4,000
BONDS SOLD FOR So, 900.
They Cost Trust Com pany of the Re
public $500


The dealings Of d. lie Roy Dresser, ex-presi-
Dent OF the Trust Company Of the Republic. in
the securities Of the United States Shipbuilding
Company were inquired into further yesterday
at the hearing in bankruptcy proceedings of
Dresser & Co, which was continued in the Office
OF Stanley W Dexter. the referee, al No. al
Broadway. Mr. Dresser previously had told
about selling shfpbuildlng stock Of the face
value OF S1.00o000 for 100000, and turning the
money in TO his firm 10 meet the demands of
creditors. and he said the last contribution
which he made 10 his firm was one Of Sl2o.eco'
which he obtained by the sale Of shipouildlng
stock That was in November. 1902.
J. Aspinwau Hodge attorney for f. B. Whit
ney. the trustee. yesterday examined MI DTes-
ser at considerable length about his sales OF
shipbuilding stock. Il find only two hundred
shares Of United States Shipbuidng preferred
stock on your schedules. What became OF TIE
other :. 300 shares?" asked Mr.. Hodge.
They were all sold" rep led the witness.
o-For whose benefit? A.-For the benefit OF the
hi o-wouid that sale show on the books? Al
a o1H dow would the transaction appear? A-As
money turned over TO the firm by me-
Mr.. Dresser also said that $500 shares OF
common stock Of the shipbuiding company
about which he was questioned. had been sold
He agreed 20 look up the papers. however and
report at a later hearing.
ODD YOU send seven hundred shares of Pre-.
ferrsd stock to Providence? Ayes: u vas Sent sent
lmericsn Tubing and Webbing Company.
o.-Do you stil claim that stock A-les . " *
settle
Mr.. Dresser testified that st the time Of the
transfer OF the stock Of the Nam ansett Wen
Company TO the American Tubing and Webbing
Company he was not the principal stockholder
IN either company. but that he acquired the
majority of the stock after the transfer. MI
Hodge said that according to his reading OF me
books OF the frm, drafts by the Narraganset'
Web Company amounting TO $4,000 were &C
cepted by Dresser & Co. in 1902 and were out
standing at one time. He wanted to know why
these drafts were accepted. but Mr. Dresser
could not say Mr.. Dresser seemed to be much
su-pr;sed al the amount. $4,000. and said he
wished TO examine the books for himself. as ne
believed the amount to be much less. he salo
that before March 8 1888. the firm Of Dresser
g. Co. had no one in charge Of its legal affairs
except for the collection Of accounts
o-For what services. then. was Morris J. H s5
paid s57II o. on March :, 1903? Alt was IoT
eo3Tn connection with the bankruptcy proceed
Just ali the services it included. -,.-,. q 60
A'@Yes' They are frra Q: brokers in the New
York Life Building , .os oo,
o1ks OF December 6 there is loan OF Is Cl
from them entered in the books what secuIils
was given for that loan? Al DO not reIhenloel'
In explanation Of a loan of $500 from the
same firm. later. Charles E Riess, Of the firm
OF Dresser & Co. was called to t. stand
moment 1T was for silks in the bonded
warehouse" he said ION January p, y
Birsch & CO. paid duties of $500 for Dresser
q Co. We gave them a -ote for the amount
Then when I wished TO take 1t the SILK they
wanted additional security. We assigned 70
them the account Of Lord & Taylor TOT
$4,000"
s'IVhen did S. Hirsch & Co. receive ffty-1ve
bonds Of the shipbUlding company an1 t~o
hundred shares OF the preferred Stock! MI
Dresser was asked later. He said ne uid not
know and Mr.. Riess said he thought y was az
the time Of the assignment OF the LORD ray
Tor account
o-Mr Riess how did you come into possession
OF al Shipbuildng bonds, S'5 shares OF preIIeILea
ms down as an underwater OF the Shipbuilolng
company while was away on a nshlns uIp az
Maine Mr. Dresser explained the matter 10 me
@rben I cot back and said they had 70 nave one
wore underwater by a certain day, so went GOWN
and signed. the Trust Company OF the hepnnilc
carrying The loan for me never saw any % VI,
bonds and understand they were Sold out anu
fhe account closed. 7 heard they brought 4z',O"
o-You borrowed sl26 90 from the Trust company
sn6ervriter Of al bonds At - per cent recelNe0
~ shares preferred stock ana so Srares OF COLI
mon eto K and al were held by the trust company
security
Mr. Riess caused something Of sensation AT
the hearing by his statement, for If the bonds
had cost $4,000 and were sold for S2t.eeo
the trust company was out $4,000 in the trans
action. The hearing Of Mr.. Dressers creators
SIS 10 be continued again on November Il