The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-09
| DRESSER WILL PAY IN FULL.
CREDITORS CHEER AND VOTE
BONUS TO RECEIVERS.
Ten Per Cent. Apparently Of sl.lss.0oO.
for Robert &. Morris. G. \. Mackenzie.
Ex.Goy. Blacks Firm. NJ. J. Hirsch
and the Expenses Of the Recc,yership
No Draft on Vanderbilt Money.

Ex.Goy. Blacks Firm, NJ. J. Hirsch
and the Expenses Of the Receiy ership
No Draft on Vanderbilt Money,
d. lie Roy Dresser announced yesterday
to the creditors OF Dresser d Co., which
failed on March 7. that they will be paid
in full and that especially he had raised
$3.50 900 In first-class securities with which
to pay of the unsecured creditors within
ninety days.
The unsecured creditors present. some
Of whom would gladly have sold their
claims at IS cents on the dollar had not
Mr.. Dresser written to all Of them not TO
sell below par. applauded the announce
ment heartily.
Creditors for million we're at the meet
ing and they passed a resolution favoring
a proposition to apply 10 per cent. OF what
the creditors get. which will be some 81, 49,
900, TO the expenses Of the receivership
and the fees OF the receivers and counsel.
Robert G. Morris, chairman Of the Repub-
lican County Committee, and Charles 3
Mackenzie OF Brooklyn are the receivers
ex-Gov. Blacks firm is counsel to the re-
ceivers, and Morris j. Hirsch is attorney
for Dresser d Co.
The meeting yesterday was held at Mr.
Hirsch's office. He read letter from Mr.
Dresser which said:
! have now completed arran gements which
will provide for the payment in full OF the
face amount OF every claim against tne nrnl
dollar, which has been accomplished with
out regard to the assets OF the Arm or Dresser
4 GO, which will remain intact, freed from
To secure this reeult I have entered into
an agreement with responsible parties, under
which ' %. hold S, Ssr q sss @ a. n
security to their Undertaking TO me effect
that within ninety days from, April !. 1903,
with the Knickerbocker Trust Company In
trust for the benefit Of my creditors and those
OF the Arm, and TO be applied TO the pay
ment Of all unsecured claims against me or
And in the event that such deposit be not
made. within the time aforesaid tnen me
81 t. and IN case ths proceed. shsl bel se ,e =
than the sum OF $4,000 and IN me f rIm ,S os
This sum viii be sufficient g pay az The IN :
diSidnal unsecured liabilities.
am assured that Of the $4,000 to be de
posted With the k IN Within me
shortly thereafter and the time limi, Of ninety
days, Is hxed to cover all possible contn-
II is essential for the, furtheTanoe. Of the
plan that the business OF the firm he restored o
n forth with. and the legal proceedings and the
receivership terminated. The receivers have
ept the business intact as FAR as possible.
and in such a condition that business car he
resumed M once. d. LIE Roy DREssEu.
There was no hesitation in voting to
drop the bankruptcy proceedings.
Receiver Mackenzie said that the secure
ties Mr.. Dresser offered were first class
markets able securities now deposited with
the Corporation Finance Company. AND
were not securities OF corporations with
which Mr. Dresser had been connected.
Mr. Hirsch was asked IL the vanderbilts
had come to Mr.. Dresser's aid. He re-
Piled
aWe wish II distinctly understood that
neither the vanderbilts nor any other Of
Mr.. Dresser's relatives are concerned in
this transaction. 1t has been brought
about through Mr.. Dresser's own personal
friends"
Mr.. Dresser's sister. Edith s.. ia married
TO George W. Vanderbilt. Another sister,
Natalie B.. Is the widow Of Nicholas Brown
Of Providence. r. l.. and mother OF the
infant heir Of the $50, OO0. 900 Brown estate.
Mr.. Dresser's wife was daughter Of Gordon
W Burnham Of the Benedict 4 Burnham
Manufacturing Company OF waterbury.
Conn. which n now absorbed by the Ameri-
can Brass Company.
The FIRMS total liabilities were Si17s,-
O57 IL and the assets S3l6 ,227ss.