The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-18
DRESSER EXPECTED TO-DAY
TD ANSWER QUESTIONS ABOUT
REPUBLIC TRUST ACCOUNTS.
Company Disposed to Disown Contracts
lie Made Is President to Boom tnited
states Shipbuiltllng Sccurities-Runors
OF suits Against Him Personally.

OF suits Against Him Personally.
Winthrop E. Scarritt. George G. Boldt
and Stuyvesant Fish. the Reorganization
Committee of the Trust Company OF the
Rcpublic, were in session all day yester-
day at the office of their counsel, James
r. Dill getting ready for the special meet
ing OF the trust company's stockholders to-
morrow. when the committee Is to report on
tho condition Of the concern after it's trouble
with the United States Shipbuilding Com
n,ny's securities d. lie Roy Dresser.
the former president Of the trust company.
vino was succeeded by Mr.. Scarritt Is ex-
,ectad in this city to-day. For week
or more he has been in a sanitarium in the
Adirondacks. just where nobody knows
bu, his physician and his personal coun-
sel. Morris j. Hirsch of 8s William street.
His prolonged absence and the igno-
rance of his business associates as to his
whereabouts gave rise to more or lees
sensational yarns yesterday about his
dsappearance.
MIR. Dresser has not decamped.' said
Mr.. Hirsch. Il expect him in this city
Tomorrow, and after i have had talk
with him I will make statement OF his
side OF the case. ! am not at present
familiar with the details, but I do know
hat Mr. Dresser has been absent from
the city solely on the advice Of his physi-
clan. who advised him to 60 to the Adiron-
dacks to recover from the nervous strain
and shock caused by his business troubles"
A member Of the Reorganization Commit
tea said
We have been unable for week to
learn of Mr.. Dresser's whereab outs or how
we might communicate with him, and
that has caused us considerable annoyance.
There have been some transactions which
we have not fully understood, and for that
reason we wanted the benefit OF MIR Dresser's
explanations. But nobody attributes his
absence to any improper motive. We take
It for granted that he has been III, and We
don't wonder at IT..
The complete report Of the expert &C
countants who have been going over the
trust cornpanys books is expected by the
reorganization committee to-day.
suit by Harris, Gates 4 Co. for $135 900
has already been filed against the trust
company by the law Arm Of Hornblower.
Byrne, Miller Potter This is for a balance
due the brokers on what. they paid in the
senting Harris. Gates Il Co. said yesterday
that he supposed that the trust company
will repudiate the claim on the ground
that MIR Dresser. who ordered the purchase
1t is supposed that that will be the defence
of the company against several other claims
which may be filed later.
Mr.. Scarritt. the new president. said on
that point yesterday:
Il do not believe the company can be
held liable. The laws are very explicit
as to the power OF president of trust
company, defining just what he can do, and,
il he steps beyond this and incurs obiga-
tons, even upon the name Of the company
Henry B. Anderson, counsel for Harry
T. Cause, former president of the Harlan
Hollingsworth company, said yesterday:
Gapss h Of tbe Rsnb s Ms tb bS
the vice president and atteeted by its
secretary, under the seal Of the company,
by which the Trust Company Of the Re-
public guarantees the sale of his shipbuild-
cent. OF the par value Of the bonds, 90 per
cent: Of the par value OF the preferred
stock and rs per cent. Of the par value Of
me 1.s somm 9 stock Lees brokerage es
be sold at these prices on or before Aug.
Is, 1908. The agreement recites that the
Trust Company OF the Republic Ia inter-
ested in the securities Of the United States
Shipbuilding Company and desires that
they be sold to the best adva ntage, and
this guarantee is given in consideration Of
an agreement on Mr. Causes part not to
dispose Of these securities in any way pre-
with the Trust Company OF the Republic
such securities.
These securities were. some time after
the execution Of this agreement, taken to
the officers Of the Trust Company. Of the
Republic and offered to them under this
agreement, and Mr.. Causes representative
was told that the trust company had not
vet called for the other securities and that
when these were wanted he would be noti-
fed The Trust Company Of the Republic
now seeks to repudate this contract on the
ground that It was executed without
knowledge Of the board Of directors and
without sufficient authority on the part
OF the company"
None Of the vanderbilts, Mr.. Anderson
said Is interested in either the trust COM
pany or the shipbuilding company.
Among yesterdays rumors was one
that civil suits against Mr.. Dresser, per-
sonally. are contemplated. When asked
about that Mr.. Scarritt said: have heard
Of none. but you cannot tell what some dis
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