New-York tribune., 1903-03-08

- .s-sr,f,.- e de unstee Btaasz ss-
$500 Company, fn the financing Uf wAicn
esraaion the trust company had tekes 3
eesst part had had materiai declines
# developed In the course OF & few dsys that
4hs Trast Company of the Republic had obii-
rated atae!f 20 advance a larger amount than
SD besn supposed 60 the shipeaiiding company
The collateral being securities OF the latter con-
eagn. About 100000 Of the underwriting had
sea subscribed for IN France, but the FrenOA
szderwriters declined to pay up the amount OF
RAeir subscriptions. and loans were made in TINS
rountry 80 take the place Of those unpaid sub
ecr,pt5ons, the Trust Company Of the Repuphc
carrying part Of these loans. heavy burden
sxhen added 70 its previously existing commit
n1eut- A syndicate identified with the NoFtn
American company was then formed which pur-
chased the collateral held by the trust company
and paid of the loan, thus relieving the trust
zompsRy Of ali obligation in the matter.
Charles III. Preston. chairman OF the e&ecu-
tive committee Of the Trust Company OF the
Republic, said last night that that company
wogld not be affected by the assghtnelt =
Dresser & Co He said that no paper OF M.
Dresser was held by the trust company ana
adaed that he did not understand no" Tue
arm had got into difficulty so far as Il hao'
rs he thought 1t perfectly strong.
Edwin S, Schenck, president OF the Nauohal
Cfttsens' Bank, said that Dresser d Co. hao
~, account IN that institution. Before the
merger Of the Ninth National and the Cltizens
Bank the firm had an account with the Nlnth
National he said but after the merger the
account was refused.
Fx-District Attorney William NJ. h OlcotI OF
49, sr,n of Black. olcott, Gruber 6 Bonynge,
zp1sared before the clerk Of the United States
Hy5sfrict Court yesterday afternoon and filed an
tnysl,ntary petition in bankruptcy against
,Tp-e~zer a Co The petitioning creditor is VIII
liam Dutch, who, Mr. olcott says has claim
y,f $50 MT. oIcott said he had the consent ana
endorsement Of other creditors whose Claims
amount to $4,000. Although it was after hours
and the court was closed, the clerk accepted
the petition.
Last night Mr.. oIcott said he would ask
5udEe Adams. st o'clock tomorrow morning
70 appoint a receiver for the firm
STATEMENT BY Mr., RIEss.
z0st Orange. N J., Msrch 7.-Charles z.
ry7sAss OF Dresser & Co, has lived for the last
s.tx wears at No. 81 South Grove-st, this place
lTo = Tribune reporter tonight Mr.. Reiss said IN
,.nsuer 20 questions: 'I believe that Mr..
-Ksrezser's connections with the Trust Company
OF the Republic and the United States shipbuiId-
sng Company helped materially to tie him UP.
Besides, he had, understand, number Of pri-
Este financial obligations to meet. and he was
nnaIly crowded so hard that he had to go to the
sail"
Mr Riess said ne was not interested fnan-
cialIy In the nrTn, but was a special partner and
secured & certain percentage OF the profits in
return for managing the details OF the bust
ness. He had nothing to do with financing the
concern That work he said, was left to Mr.
Dresser. who gave no time TO any other par
" OF the business MT. Riess was with the firm
eight years and found Mr.. Dresser, he added
10 be q very hard working man. hr. Dresser
had practically comprised the firm, and he
Riesz, had not had the slightest idea that al
sssESnrneut to be made until few days
axo, when Mr.. Dresser had admitted that ht
could not secure the money TO meet certain
payments.
as regards the business itself. MT. Riess de
elsred IL was in good shape and was paying Z
neat profit but required considerable capital
Last year was an exceptionally successful one
for the firm, he said. The volume OF business
done amounted to about S1,JO00O0 annually,
and the net income Mr.. Riess estimated at about
$4,000 He would not attempt 70 be exact
however as regards figures, for Mr.. Dresser,
he sAid. supervised the books. Il got the bust
ness,a1 continued Mr. Riess, ''and saw TO It that
ShineA went along in g businesslike way but
Mr.. Dresser handled all the cash"