1903-11-06-New York Times-Dresser's Shipyard Stock
New York Times
6 November 1903, page 16
DRESSER'S SHIPYARD STOCK
Testifies at Creditors' Hearing That He Sold $1,000,000 Worth for $100,000.
Daniel Le Roy Dresser was again a witness yesterday afternoon at the resumption of the hearing of Dresser & Co.'s creditors. His examination was conducted by J. Aspinwall Hodge, attorney for E. B. Whitney, the trustee, and concerned the relations of the defunct firm with the Narragansett Web Company, and other companies. Shipbuilding stock figured briefly in the inquiry.
Mr. Dresser said he did not make any distinction between himself and his firm in the ownership of collateral used for loans in the firm's business. He and the firm were one and his personal affairs were interwoven closely with those of the firm. As to $1,000,000 worth of Shipbuilding stock, to the receipt of which he had testified in a former examination, Mr. Dresser said it had been sold outright for $100,000. Asked if he had received any other Shipbuilding stock, the witness said $200,000 or $300,000 worth had been delivered to him under an agreement with William S. Andrews, acting for John W. Young. Permission was given for the use of this stock either as collateral or by sale for the benefit of Dresser & Co. It was simply and accommodation on the part of Mr. Young, said Mr. Dresser.
