New-York tribune., 1875-02-25
THE COURTS.
A SEQUEL OF b. F. ALIENS EMBHRRAss-
MENTS


MENTS.
A SUIT BROUGHT FOR THE DISSOLUTION OF THK
FIRM OF ALLEN, STEPHENS oo.-ExrENT AND
NATURE OF Mr.. ALIENS LIABILITIES.
suit for the dissolution of the partnership
of Allen Stephens Co.. bankers at No. IS Pine-st has
been begun in the Supreme Court Chambers before
Judge Larremore. by VIM. A. stephens and Herman
Blennerhassett two of the members OF the firm. Ben
jamin p. Allen, the senior member Of the firm. and
President OF the Cook County National Bank Of Chi
cago the Ninth National Bank Of New-York; William
C. Conner. Sheriff OF Eew-York and Albert G. Hyde,
Carlton Ayres John Roll and Lawns Bristol who com
pose the firm of Hyde, Ayres Co., made defendants
The Ninth National Bank Hyde. Ayres Co., and sber
III CODnor, are included defendants. because the
plaintiffs seek injunction 10 restrain the Sheriff rom
levyDg upon them under warrants Of attachment issued
in suits against Benjamin F. Allen by the Ninth National
Bank and Hyde, Ayres Co. Judge Lawrence granted
a temporary injunction TO that effect filed on Feb le
To-day the will up before him, and be argued
on motion Of the PLAINTIFF attorneys to codtinue the
injunction. The plaintiffs claim that Allen is indebted
the firm the OF about s9OoOOo. The copartner
ship of Allen, Stephens Co. formed Jan. l. 1872,
by articles OF agreement signed by Benjamin T. Allen,
william A. Stephens. and Herman Bleunerhassett and
limited TO expire Dec 81 1884, unless previously
dissolved by death The capital was fixed
$4,000 be contributed by Allen and either Of the
such sums he fit Forty per cent of the profits
was to form contingent fund and the remainder was
to be equally shared by the three partners. Neither
Stephens Blennerhassett incur any response
bilty OF the firm without the consent of all
the partners and both to devote all their time and
energies the advancement OF the interests OF the rm
The firm has carried banking and commission bust
ness this citv ever since It's foundation.
complaint alleges in substance that the defendant
BENJAMIN +. Allen during the existence OF the firm OF
Allen stephen Co., has carried on large separate
business OF in Iowa ana Illinois, being President
of the Cook County National Bank OF Chicago, and
owner of private bank at DesmUines, Iowa; that in
course OF the partnership the firm has loaned 10
Allen at different times large Of money,
and large amount OF negotiable securities. and that
Jan 49, 1885, he indebted 10 the nrm on account
OF such loans in an agggregate sum OF ABOUT
Allen became greatly anc as the pialntns heleVt
hopeessly embarrassed in his separate business and
unable 10 meet his liabilities; thai the s0lvcncy OF the
firm way affected by such individual embarrass
ment, but that the rm is probably indebted TOR haO
ties Incurred in the prosecution OF ts own business 10
fall value OF all toe present assets OF the cOprtner
shin that Aliens indebtedness the partnership ex
ceeds by many thousand dollars all his share in the
profits, and interest in any copaTnershlp property
that although the firm Is solvent, anu IL go0d
credit vet It's future operations will be III
iuriously affected by tine individual insolvency OF Allen
and the legal complications that Will result some OF
wncn already occurred and That therefore II IS
absolutely necessary for the protection OF tine paln
and the creditors or the nrn tnat the cOparnershp Oe
dissolved. The complaint iurhe alleges that tgo epa
rate actions been begun IN the odprec Court OF
NewYork against Benjamin T. Alen, me oe9nuan'' On
two separate drafts drawn by him individually on me
firm Of Allen, > ephens & Co., payment Of when mas
refused by the plaintiffs. IN each OF which when
actions warrant or attachment mas been
issued against tho property OF the defend,
ant on the ground Of nOn-residenct, ana server
the plaintiffs respectively that neither drlt was Tor
"A demand connected IN any way Win tne cop r.
shp that OF the actions was Dy the defendant he
Ninth National Bank 10 recover SU'l H. anu 'nt otuet
by the defendants composing the nrm or hNde AVfes
Co TO recover SG240U0 90 that the defendant "m g
Conner Sheriff threatens 10 proceed under Jae warrants
OF attachLicnt and seize the property IN thls ciI
their books OF account that the p'dIhIlhs
nave gwen notice their willingness 10 submit
the books papers. and affairs OF tho e0partnefs
shin to the inspection OF the piaintns IN the acuoh
aCaust len, To show whether Alien has any interest
n the irm OF Allen, stephens & Co, either az law or
equity that be taken 20 pay his indIydull dchu
Plaintiffs or their attorneys, IN the action named 10
harass ana vex them IN order 10 induce them u pay
the claims against Alien.
iury TO them ana creditors imparins tne value
Of tneir assets have their property seiZcd removed
or intertered with books seized and carried away -
interest Of BENJAMIN f. Alien; wherefore ihey
de nand judgmeut-hrst, that the copartnersDlp
may he dissolved and an account Ilksn OF
beginning OF the firm, and or moneys aud nego-
table securities loaned TO Alien. and t1lt the copart
nership debts and Liabilities be pald on beconu Hit
the interests Ben F. Allen In the surplus uf the
assets OF the ir, IL anY DC asCtrtfIued, ana tlaS
d. and all claiming under him be- excluded from any
found iudcbted tU the firm. Thlrd, that untll
such account shall have been taken the
defendants and their agents, attorneys. ana en-
ployes restrained from sciZlns Or lutuIlhg WILL
Under the warrants dclnCnt or under any cNecu-
uon tnat NAV hereafter be issued To " H. e. conner,
sheriff upon any judgment recovered by Jhe defendants
naued against Benjamin r. Allen III either OF the
actions named, any BOOKS or property OF, or III
any manner iuterruptng tAe business OF Alien
Stephens Co.. and asty thai the plaintiffs snail nave
such other relief as the Court may thlhK meet