New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-05
HENRY ALLEN TO FIGHT.
WALL. STREET INTERESTED IN HIS SUIT
AGAINST CORDAGE OFFICIALS.
NE uyDorprrprY INTryps TO PRESS CRIMINAL
pROCEEDINGs-THE GRouNcS On WHICH
THEY WILL DE BASED.

,,r ,,xnorprrnry IxTryIs TO PRESS CRIMINAL
rEocEEprNGs-rnE GRoUNrs on WHICH
THEY WILL DE BASED.
Wall Street was greatly Interested yesterday
In the report that Henry Alien W lnoehueu
to bring suits against members VI VI. 'aoo'''
Cordage Company to recover money uue 10 the
brokers for margins on stocks which never were
met and then to prosecute several members OF the
company for obtaining money io" ''e "''n vi
brokers under false pretences' Inc s!"p"'''.'
OF the Wall Street men seemed u "e "ai'ly
with Henry Allen & Co. The hrm Is an extremely
popular one, and it is generally uhue'''oou u, van
Street that II was carried down by the failure
OF the Cordage people TO cover their margins as
,bev nron,ised IN do When the crash came Henry
Allen g. Co were entitled to receive several hum
dred thousand dollars in margins Inc amount mas
been placed at $4,000 Mr.. Alien "ouiu hot say
Yesterday what the grounds were OH Which, he
intended to proceed criminally against 'ne Hiem-
hers Of the Cordaee Company. 1t was said, how
ever. by a close personal friend OF MI Alien
that he had been induced to carry Cordage stock
and buy Cordage stock for the account OF Tour or
five members of the company at time wheh they
well knew that 1t would be compelled 10 20 INTO
the hands OF a receiver and, III ihc'' inc! were
seeking for bondsmen for the receivers All 'hat
Mr.. Allen would say yesterday was that ne would
push the case to the extreme emu ihoSe WIZ
know him well believe tndt I've VIII Wv
In the criminal proceedings when Mr. Allen
undoubtedly intends to bring against the directors
and officers whom he holds responsible for the
downfall of his firm, five men are saiu 10 DE I'M
plcated. Charles II. Brush OF NO - "aii-st'
was Mr. Aliens counsel. and John vincent OF
No 90 Nassau-st.. has been engaged 10 assist
him Mr. Vincent refused to say yesterday what
stems Mr. Allen was going TO take The lawyer
admitted however, that he had not been called
in to take part in any civil proceedings The IN
ference Is inevitable that he is to lay criminal
charges before the Grand Jury. Mr.. Vincent was
chief assistant TO District-Attorhey Mcheoh' anu
is therefore familiar with the criminal law.
District Attorney De Lancey Nicoll was not in
the city yesterday. his assistant, H. H. b. stapier'
being in charge of the office. Mr.. Stapler knew
nothing about any complaint against Cordage
officials The Grand Jury will not be in session
until Monday.
The charge to be made before the Grand jury
by Mr. Allen is grand larceny in the first degree
II is alleged that when the Ave directors owed Mr.
Allen 100000 bought 10000 more shares OF Cord
age on the promise that the pool would pay all
the money needed to carry the stock. AS the
price fell and Mr. Allen received no money, he soon
was 100000 behind this last purchase ana was
compelled to suspend ,
The story IS that the members Of the pool dined
with Mr.. Allen shortly before his failure. They
gave him such an account of the condition of the
corporation led him to be willing TO buy more
stock. There is also charge that at That time the
receivership papers had been drawn up ana the
members OF the pool were selling the STOCK snort