New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-06
D. l.. DRESSER FREED.
PROMISES REVELATIONS.
Discharged Bankrupt to Press Ship
Building Suits.


bankruptcy yesterday by Judge Hough, in the
United States District Court Stanley A. Dexter
the referee. who had Teopened the case. RECON-
mended that Mr.. DresseTs application be allowed
discharge had been formerly refused. The dis
charge was granted following unanimous vote In
favor of 1t by the creditors on February %.
Mr.. Dresser. at the time Of his failure. presi
dent OF the Trust Company Of the Republic. which
became involved in the United States Shipbuilding
Company. and this carried down his individual
commission business Of Dresser & Co. the litiga-
ton Of which has been continuously IN the courts
ever since. Both liabilities and assets reached
the million mark. The firm was involved also with
the American Tubing and Webbing Company
Mr. Dresser last night issued the following state
ment:
am much pleased with the decision just handed
down, which gives me my discharge IN bankruptcy,
put | have known from the beginning that It must
be decided this way. when an the facts
to the United states Supreme Court az Wasbine-
ton. but this will not now be necessary Owing to
& Co. the Trust Company Of the Republic and the
United states Shipbuilding Company my true posi-
Dresser & co owed 81 10000 and the estate has
preoiation Of some Of the Securities and the shrink
fe 6 6as b to fof th closing E an estate
beginning. because l gave notice that ! would
swindie In the sbi1buiiding COMPANY and I have
been fought at every turn probably with the idea
Without other complications the business OF
Dresser & Co could have been run by receiver,
of my Efforts to accomplish this was not allowed
70 do so. as would then have been stronger to
However. the creditors now understand the true
Meresne Trusts 9gomBaRy Coione john mans Nee Me
Cook. James H. Hyde. Charles b. Alexander and
know every detail of the swindle- No details will
be omitted, no names spared; all documents Will
be submitted and the whole scheme laid bare my
true position will be known and my vindication
When the crash came the attempt was made TO
load al the blame on me. and by getting me down
E.aV iDR me I
that it would never be fastened on any one else.
but we went systematically to work. from point
TO point and the final blow came 10 them when
received decision in my favor in the United
States Circuit Court Of Appeals last spring Judge
Wallace. in rendering the decision, saying. that
II was the most dog -the-Tnanger piece OF bust
ness he had ever seen and that he wished he could
charge the costs 20 the attorney who was arguing
the from the other side"
We were interested in one hundred and thirty-oae
lawsuits. but now most OF them are out OF the way
scheme concocted by the men mentioned above
The suit against them is for fraud in the inception
less underwriting in Paris, by which lost g $40
voI that IL viii be done Thoroughly not only be
cause / was compelled 70 lose business that /
had built up with years Of hard work as well as
give four years OF time 70 fighting. but because
by men who held high positions IN the church and
business world at the time Of the inception OF the
scheme
The following petition was presented by large
number of the creditors:
We the undersigned. creditors OF Dresser & Co
and Daniel Leroy Dresser. beg herewith certify
that feel that IL is 10 cur best interests that
the application OF Daniel Leroy. Dresser for his
discharge. be granted, and In doing IL is our
desire herewith to declare that have. and
always have had every confidence in his Integrity
honesty of purpose, realizing that certain com
plcations existed the time OF the failure OF his
were then entirely beyond his control since which
time he has devoted himself TO bringing about the
best possible results for all concerned
Morris ]. Hirsch. counsel for Mr.. Dresser got the
court TO reopen the case. II shown the
that the proceedings against Mr.. Dresser had
been filed March !, 1898 the petition having been
directed against Mr. Dresser and Charles c. Ress.
who composed the firm OF Dresser & Co
on March :. 1870. discharge in bankruptcy was
granted Reiss but denied Dresser. the recon-
fnendati0u OF the referee, who held that the aC-
lions OF The bankrupt in giving to the trade certain
statements showing the liabilities and of
Dresser & Co. and the tubing and webbing COM
pany said to he false, deprived him OF the right
TO be discharged.
IL had not been shown. IL was said, that Reiss
had any personal knowledge of the falsity Of the
statements.
Mr. Hirsch convinced the court referee and cred
ftors that his client had valid claim against
tain banking and trust company interests arising
could be realized on il prosecuted. to the extent
of S2.ON6sN.
BY agreement the referee assigned back to Mr..
Dresser this claim The creditors of Dresser & Co
holding the tubing and webbing company notes
had received. II shown. dividends Of % per
cent on their claims, leaving only small per-
centage 10 he paid out of the s, 0tO,O0O claim.