New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-28
DRESSER LOST 81, 100 900.
Saus His Married Sisters Were Not
Interested IN His Business.

The hearing Of the creditors of Daniel lie Roy
Dresser OF the failed firm of Dresser & Co. was
resumed yesterday in the Office Of Stanley w Deh-
ter at No Il Broadway. At the last hearing testi-
mony was adduced that the names Of Mrs. George
W Vanderbilt and Mrs. 5. Nicholas Brown, Sis
tiers Of Mr.. Dresser. used to influence pros
pective promoters of the Richmond Real Estate
DEVELOPMENT Company. which had been financed to
aid Mr.. Dresser in meeting obligations. Mr.. ORES
the first witness yesterday. He SAID ne
received in March letter from NJ. {. Quimby-
saying he prepared organize real estate
company on Staten Island and wanted the witness
10 become president of it. He continued:
willing to take the presidency but It., did did
welfare. Mr. Brink. Mr.. Cohallon and another were
to make up the $500 neeeSsaTy sI 10 Of epos9
iting the securities These were brought down 10
ton tor Finance Company / waited outside Mr..
Ycungman's Office while the alleged delivery was
was satisfied with the certihcaton Of 5000 OF the
securities and that the remaining S'o vas 5eef
that the total value Of the securities was SS2oVn
know the nature Of the securities was that if
were told the matter would to the cars OF my
up the securities would be jeopardized. The agree
ment was signed by Mr. Cohalon and others for
their undisclosed principals.
/ asked Mr.. outmby IL I could learn at later
the assurance that I could. Afterward. after the
deposit OF the securities Mr. Qunby was IN my
Office told him it would be much easier Tor me
Il he would disclose the nature Of the securities;
He list of which ! maQe q ESnclI
memorandum. describing some OF the securities.
I remember that Pennsylvania and New-York Cen
trial stocks were among those named. ] have not
been able to ind the memorandum loQnsman
said some Of the securities were listed. l never
heard any offer let else see the secu-
rites. That was what I wanted all the time. hut
could not accomplish.
who put UP the securities. I attended one meeting
OF the Richmond Real Estate Development Com
pany its president. I 70 receive $4,000 of
the $500 GO stock Of this company. amount SUIT
fcient to satisfy my creditors In return for the
S5r00gl was give my services as president Of
cifcaIv stated that I could not undertake the
underwriting 81 any stock. I have stated positive
y and clearly 10 every body with whom have had
dealings ia the last few years that my sisters
Mrs. George ". Vanderbilt and Mrs J Nicholas
Brown. had nothing whatever 10 do with bust
they would back me in any Of these Undertak kings
As president OF the Trust Company OF the Re
public ! had certain duties in connection with the
inited States ShpbuildinE Company. l lost $4,000
IN the stock Of the Trust Company OF the Republic
Q.-To what Do you attribute your failure A
tailment Of my credit. [ could not get my assets
together quickly enough The depreciation Of my
assets was between N.1cooco and sl2,oeA
Q.-Who owns the oyster Bay property where
you resi6e9 AIRS. Dresser She was the p'r-
/ chaser.
Mr.. Dresser said his life insured for $50 90
| in favor Of Dresser & Co He said he received in
! November large block Of stock in the Shpbuild-
ing corpanv-about $4,000 in each Of the common
and preferred stock. He sold II for 500 600
| This money was put in the business Of Dresser &
| Co and n making good personal loans