New-York tribune., 1903-03-05
D. L. DRESSER RESIGNS.
GiUes Up Presidency Trust Co. of
Repu6Ec-No Explanation.

The resignation of Daniel Leroy Dresser as
president and a director of the Trust Com
pany of the Republic was laid before the exec
utive committee of the board of directors of
that institution yesterday morning and
ferred to the full board, which at meeting held
in the afternoon accepted it and elected Fred
erick Y. Robertson. second vice-president, to
succeed Mr.. Dresser as a director. Vice-Presi-
dent Alexander Craig was made acting presi-
dent and will. in cooperation with Charles N.
Preston. chairman of the executive committee,
direct the operation of the company until a
new president shall have been chosen. No state
ment could he obtained from Mr.. Dresser yes
terday to the for his retirement, but
the news that his connection with the trust
company had been terminated did not greatly
surprise Wall Street. 1t was declared yester-
day afternoon Ivy a leading director that the
action of Mr.. Dresser in way a conse-
quence of the compile tion in which the Trust
Company of the Republic was involved last fall
in connection with the financing of the United
States Shipbuilding Company II was reported
yesterday, however, that several of the di
reCtOrS had last November endeavOred to in
duce Mr. Dresser to resign his office; and 1t
was learned that four men at that time retired
from the board. w. WetmOre president Of
the North American Company; G. D. Marvin,
of A. NJ. Kidder & Co; Herbert l.. Satterlee.
is identified with the North American Com
pany. and George J. Gould
Ii was a syndicate closely related to the
North American Company. il ma" be remem-
bercd. which last November took over loans OF
the Trust Company of the Republic to the
United States ShipbuldinG Company, aggre-
eating more than $4WOOOO- Mr.. Preston SAID
late Yesterday afternoon: Il canOt say whether
or not the resignation of IesSrs. Wetmore.
Marvin. Gould and Satterlee from the board
in consequence of a disagreement with
President Dresser. as it occurred prior TO my
election as director Whlch was III be'tLlpeI-
Mr. Dresser's resignation from the presidency
was voluntary but | don't care to discuss the
proba BILE or possible reasons for IT, me trust
Company of the Republic is to-day IN better
postion financially than 1t has occupied at any
nravious time since the Shipbu1ldlnS incident
last .aII No / can't tell whether g not MT
Dresser's projects for developing business in
Manchester and in the south VIII ic Ge tbe o
That will depend on the view "ilch the he"
president will take of the matter
The Trust Company OF the RepuDnc mas Deeh
closely allied with the Security "arehouslhB
C'un,n,ny the field of which Is the constructor
of 6raDrOof warehouses in the South and West
for the housing of cotton and slmllar common,
ties against which goods are issued guara ah'eeu 20
receipts upon which loans Couiu oe eiieCteu VI
Dresser last fall visited Manchester. Where ne
cxDIained at a conference OF cotton men the
system under which the security NarehouSlhg
company and the Trust company VI VI tlle r. ~.
r,,biir onerated; and il was reported IN cable
d5t.Tot tcbes al the time that an arrangement
W'ouId no made by which this system would De
Cx+ardad to the port of Manchester, the plan
Sr,,oI,-jpt tho erection of large cotton ware
t,'gos erd terminals there. and the establish
..soat ~ y direct line of steamships from the
!roi.cd States TO that British port.
Mr. Dresser is head OF the drygoodS colnlnls-
M, MT bn,,sc Of Dresser & Co. No II Greene-st.
80 ,iarIed for about year as president or the
NGarChants' Association OF Ne"-1oih' haNi"S
roeIaned a short time ago