New-York tribune., 1903-03-08
DRESSER & co. ASSIGN.
LIABILITIES $3.50, 200.
Outside Interests of Senior Member
the Cause.

doing business under the firm name or Dresser
& Co, commission merchants at No Il Greene
St. made q. noon yesterday an assignment Tor
the benefit Of creditors. without preferences
Charles s. Mackenzie, OF No 3fG Broadway. the
assignee, represents the principal! creditors
The assignment was f.ei at noon. Just as ths
Office OF the County Clerk was closing for the
day. nd the news Of the FIRMS action was not
generally known I'm Wall Street until hour o.
so after the close Of the stock market Ths
failure was not unexpected by the Street as L
| had been matter os common knowledge there
that the rumor current since Wednesday after
noon Of the embarrassment OF a leading dry
goods firm had reference to Dresser & Co. Nor
ris J. Hirsch, Of No. Is Wiufam-st. attorney FOR
Dresser Co. said yesterday afternoon that
the liabilities. as nearly they could be ap-
proximated, amounted to about 81, 10000. and
| that about half OF this Indebtedness was Sc
cured The nominal assets he added, as close
ly as could be estimated IN the absence u q
statement, were about SIJOOOO consisting og
cash, accounts receivable and equities in ner~
chandise- Continuing, Mr.. Hirsch said:
The firm had been doing business some four-
teen years. The reasons for the failure vera
as follows: Mr. Dresser has been interested S5~
some time in various personal matters outside
Of the firms business. Principally he was 5onS
nected with the shipbuilding Trust In canse-
quence Of his connection win the Shipbuil1lns
n
president and a director underworld the urs
building Trust; and as a result OF this u..s1-
writing when. during November last, va-fnLlB
stories were circulated affecting the trust clr--
pany and the Shipbuilding Trust, the cred ns
the firm OF Dresser & Co. became impaire< n
reason Of NIr. Dresser's connection with tnOss
enterprises.
The firm could not get the banks to acCGua-
modate them with what was necessary N =
various manufacturers and mills and ssIilnE
goods on commission This, together with the
rumors which were so busily circulated d1rin5
the last week, chopped of the credit OF the 6rm
entirely. The creditors will be called together
at the earliest possible date and a very faIP
settlement will be made. We did not announces
the assignment until noon to-day, for fear thaE
the rumorists would connect the failure With
the stock market and use it for their own pur-
poses in Wall Street. There is no reason why
the failure should affect Wall Street in any
way
After the announcement Of the assignment
Mr.. Dresser and myself received notices from
several creditors. who declared that they would
do all they could assist the firm in straighten-
ing out its affairs"
AN IMMEDIATE CAUSE
1t was said at Mr.. Hirsch's Office that one oe
the immediate causes Of the assignment WAS
the fact that Dresser & Co. had to meet sever.
laIz drafts tomorrow. The amount OF tx
drafts was not given
The impression had gained currency in W7i
Street that the house would lie tided over its
difficulty. il having beau reported that COM
nfrtee Of bankers had taken charge Of the
FIRMS affairs, but it is understood that the
plan of the banking interests to lend assistance
involved the cooperation of Il wealthy relative
of one Of the partners. who finally declined to
interfere. she suspension following That tenn
porary aid was given. however. seems likely,
as IT is known that two OF the FIRMS notes
for 5000 each we're paid on Thursday or Fris
day.
The firm OF Dresser & Co. has handled on COM
mission principally white goods AID silks. Al
though their credit has been good md their
business proftabI=, they nave for seyerai yeaFs
been regarded by their neighbors IN the Fry-
goods district as slow pay" A member @
tba firm, which formerly placed their paper said
last night that his house had handled none of u
within the last seven or eight months. It IS De-
Iieved that most Of the outstanding paper OF the
assigned firm is hald by out Of town institutions-
Local banks which, according TO report ara
large holders of these obligations denied yesfer-
day the truth of the story aud it is believed tHae
not more than two or three BANKS IN TINS nv
have any Of the paper.
The view taken Hy Mr.. Hirsch. that the fsll-
IRE of Dresser & Co. was primarily the reslls
of the senior partners connection with the na@
derwritfng Of the United States Shtpbuiloins
Companv by the Trust Company OF the Re-
prrlfc of which Mr.. Dresser was president as
tn. time Is the view taken by Wall Street. but
Mr. Ffrsch's belief that the rumOrs circulated
during the last few days were @he immediate
cause of the assignment IS not generally heids
as these rllrnors were not current until after fh5
retirement of Mr.. Dresser from the trust com
panv's presidency. which occurred on Wedues-
dav and which. IT is understood, was decided
mon because OF the position then Of his firm
MIR. DREssER's INTERESTS.
Mr. Dresser's interests. outside OF his cornnlis-
eio, business have been rather varied. He was
for several months president OF the Merchants
Association. resigning cthat Office on January
| 13 owing 20 the pressure OF other business"
| No reason was publicly assigned for his resis-
nation last week as president OF the Trust Com
many Of the Republic, but 1t was learned them
that four directors had left the board last tahs
| at the time Of the United States shipbuilatRE
| Company complication.
The Trust Company of the Republic began
business almost year ago It's main ofice Is at
/ No 346 Broadway. and il has two branches one
| AT Nc Il NiIliau-st. and the other uptown.
/ Mr. Dresser, who its president from the
/ o,tset. had hal no Wall Street experience. Ths
/ new, company, as announced a little before IS
| formal opening for business, was Organizes 90
| develop IN alliance with the Security Ware
| housing Company an extensive system CT yzare-
/ houses throughout regions producing cotton.
| rice grain ore etc and to finance issues q
| Investment certificates based guaranteed
/ warehouse certificates and the collateral evi-
/ denced BY them The extension OF this policy
| to International limits vas desired by President