New-York tribune., 1905-01-12
DRESSER STILL HELD.
Referee Recommends Refusal Of
Discharge in Bankruptcy.

Stanley ". Dexter, as special referee late yester
day ased with the clerk Of the United States dis
trict Court a report in which he fecommendea me
REFUSAL Of a discharge in bankruptcy to Daniel
Le Roy Dresser and Charles T. Reiss. composing
tho irr. o. Dresser 4 Co. and supplemental re-
port fn witch he recommends the discharge of
aLr. Ec.ss.
The firm made an assignment on March l. lSoS
arc thc petition in bankruptcy followed on the
ncNs aav with the appointment cf receivers MI
I3ress.rs aea.rs the referee says. were complicated
vlthinase cl the Shipbulding Trust objections Were
T-aCe 10 the 0ischarec in bankruptcy The referee
says, oy various creditors Who nae & pui n.5
crafts o ne American Tubing and webbing 1oth-
iany. accepted hy Dresser x % 1,.sar 4
Go. issued an alleged statement OF ,s 1i.e az 1he
strrlus of S125U74 This statement was dehNeTeu
80 t.Tm Of note brokers in Boston who USED ,i y,
the rsport SAYS 10 sell the Dresser paper me
referee says thar the statement Was not true Sllu %
hsS ne arm dc not have sio IN m ;S;tfe S5S. le ess
the surp9s sEesiE "a eSeeoe9 c Ssf' m the , statement
issf fe arm Rsd noI surplus Of s726c74 al
i6 anofber statement issued BY Dresser 4 Co,
the reoor continues, it said that Dresser q 20;
lie Rt1ublic or The Shipbullding Trust and that
i. Le Roy Dresser was not persoaliy IN -
&, - fr,o M Dresser Is Co second or so-caIled
was issued the report says, which was tne same a.
the nTst except Tor charging The amount 9i cash a
Dresser as additional capital. Si25005, ana 'casA
on hand. S27243' Both statements showed lne SUI
plus - S716g7a number of acoepiailceS were sOiu
on this statement ,,, 49,
The schedules in bankruptcy hled in March, Two
months later showed debts Of Sl-5e All ana hoIhl'
assets of 81 ass ice The surplus the referee sass'
OF s24sG1S shown in the schedules. MAS tll7o ictl
tiOus OF the accounts S53.5ll proved Mo..nleS
The real excess of liabilities amounted 10 s4los--
The indridUa schedule Of Dresser the report 81 ~
showed excess of liabilities OF S5sJ-'o9 anu ule
individual schedules OF Reiss showed sllnlSI eA ~
cess uf 500 SIS The additional capltal OF sl[oy9O
Was. Alr. Dexter says. never put m Inc plllS
PAYABLE were S150941 the books showed, Win toIaI
liatliLies OF r562Z5. Mr.. Dresser testlIeu me
referee saws. that he included in his statement MS
ueTS0rlal holdings in the Trust Company ana Lne
United Srases Shiphuilding Company
Ia "a supplemental report M Dexter says thst
since writing tie first report PROOF hau Deeh al
Cuced before him 40 The effect that Nj Relss had
not seen the so-called short statement until long
after The bankruptcy proceedings had been begun,
and he therefor modies his original opinion ana
recommends that q discharge be granted him.
q rhe stock Of the Trust Company OF the Repub-
ilc in which Nj. Dresser was heavily interested
deureciated greatly. while the shipbunoing stock.
of which he large holder, became practically
worthless In submitting his schedule OF assets
ar- Dresser had included his holdings IN the trust
nnd shpbullClDE companies at the market prices.
Therc WAS n tremendous slump soon after, and
these sacgrities closed out for less than the
amount he had borrowed upon them.
IL was said yesterday that Mr.. Dresser hao been
approached by one Of his large creditors, VINO OF
fere5 To withdraw opposition TO the discharge IN
bankruptcy II the sum OF $4,000 was paid