The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-03-08
Head Of New York Commis-
sion House, Brother-in-
Law of George w. Wander
bit, Carried Too Heavy
Load of u. S. ShipbuiId-
ing Company.
Resigned the Presidency of
Trust Company of the
RePublica Few Days. Ago,
When Asked to Take UD
Loans-Attorney Says the
Debts Will Be Paid.

NEW YORK. March dresser a Co
firm composed Of Daniel Leroy Dresser
and Charles Y Rives wholesale com
mission dealers in hosiery. silks. and
weddings. at 10 and II Greene Street.
made general assignment today to
Charles 5. Mackenzie. a lawyer. OF 346
Broadway. and the attorney for the
Trust Company OF the Republic. from
the presidency OF which Mr. Dresser re-
signed few days ago.
The liabilities Of the firm are placed
at $i.25O.0OO largely. il is said on pa
per Of the firm held in New England.
the nominal assets at $3.50 600. and the
actual assets al $500 OOo. About Ss25. 900
OF the liabilities. IL is said. are secured.
Bankruptcy Petition Filed.
After the assignment a petition in
bankruptcy was 6led against the firm
by Black. Olcott. Gruber & Bonyuge. at
torneys for William y Dutch. cred
itor for $3.50. who has the Endorsement
and consent of claimants for s2T 600.
This is the impending failure that Wall
Street has been talking about since
Thursday.
Mr. Dresser has rich family connec-
tions. One Of his sisters. Mrs. Natalie
3. Brown. IS the widow OF Nicholas
Brown, and mother OF the infant heir
Of the $50 O00 OeO Brown estate: and
another, Edith s. is the wife OF George
W. Vanderbilt. He himself married the
daughter OF The junior partner of Bene-
dict & Burnham. a firm whose business
was absorbed by the American Brass
Company. OF Waterbury. Conn.
one OF the reports current last week
was that Mr. Vanderbilt had come 10
his brotheT-in-iaw's assistance. but this
Ar- Dresser denied The Trust Com
pany Of he Republic is rot a creditor
OF the firm.
Asked to Take Up Loans.
Two weeks ago Mr.. Dresser owed he
trust company about $50. 600. but he
was asked TO pay up and did so. said
Chairman Preston OF the executive com
mittee Of the trust company today. Il
don Z know, OF course. but I suppose
that Mr. Dresser did not like being
asked 10 take up his loans. I don't
know whether he was asked 10 resign
the presidency OF the company. bur
mink he concluded that he'd better re-
sign when he was asked TO take IN hfs
loans At the time he resigned / be-
iieve he owned something like $50
shares Of the company's stock. II he
has sold or hypothecated that stock va
10 not know it. We have received no
notice 10 that effect
From statements made today bx
'harles Z. Riyes. Nj. Dresser's partner.
md by Morris J. Hirsch. attorney for
he assignee. il appears that Dresser *
20 8 failure was due 10 outside specu-
alton on the part Of Mr.. Dresser.
Interested in Shipbuilding Company
Mr.. Hi-sch said: Mr.. Dresser
in many ventures outside
esular business. The principal one
he Uni,ed States ShipbuildinE CT
Is president OF the Trust Co
he Republic. Mr.. Dresser
company 10 act as the n
indicate which under
ompauy's bonds. Tt
Undertook 10 place
lace many OF the
syndicate took
4 the trust
Ir. Dresser s.
The firm
n Monda
money 10
ow IT,
mt M
hit
or