New-York tribune., 1920-11-17
Pricken Sued
For $25O,O0O
On Stock Deals
Alleged Manipulations by
Which He Is Said to Have
Gained 81, 100000 Since
1915 Recited in Detail
Larceny Cases Pending
33 Stockholders in 34th
Street Stores, Inc, Are
Plaintiffs in Both Actions

Alleged details of the stock COM
pany manipulations by which Adolf
Pricken, ex-convict, is said to have
cleaned up more than $1,000,000 since
he was discharged from Sing Sing in
1915, were revealed in suit for
S250,000 filed against him yesterday in
the Supreme Court. The action was
brought by Harold H. Straus, an at
torney, of Beekman Street, in behalf
of David Weiner and thirty-three other
stockholders of the Thirty fourth Street
Stores, Inc.
Pricken was indicted last week by
the Kings County Grand Jury and
placed under $4,000 bail on charge
of grand larceny in the second degree.
The complainants in that prosecution
are the same who are now trying
through civil action to recover funds
they say he diverted to his own use.
Codefendants with Pricken are his
brother-in-law, Theodore Southard,
Frank A. Page, the Coastwse Ware
house, Inc, Adolph Z. Gutgsell and
Lorlys E. Roger.
Conspiracy Is Charged
Prcken was president, Southland vice
president and Page secretary, the COM
plant sets forth, of the Coastwise
Warehouse. The others were directors
1t is averred that Pricken. Southard
and Page "connived and conspired to
deprive the Thirtyfourth Street Stores
of its funds, leases and assets and OBJ
tanned money from its stockholders
under false pretenses.'
After organizing the Thirty fourth
Street Stores it is alleged, Pricken
sold stock in it on the guaranty that
shareholders would earn IL per cent
dividends. He explained that his prof.
ect was to have the new company
occupy the premises at 439 to 445 West
Thirty-fourth Street. 70 some, it is
charged, he Said the Coastwise Ware
house owned this property, while to
others, he sand it would require S40,-
900 bonus to induce the owners, James
Gledhill and George II. Klein, to ex-
ecute a lease at S37 900 a year The
truth was, according to the complaint,
that at this time, September 1919, the
Coastwise Warehouse already had a
ten-year lease on the property at s25,-
600 a year
Pricken and his associates, it is
claimed, thus stood to profit $4,000 q
year on the suitcase the Thirty
fourth Street Stores had obtained from
the Coastwiac Warehouse. Pricken is
also accused Of pocketing the $4,000
pretended bonus and $4,000 in addi-
ton that he said was to be used for
repairs, both of whicr sums were
voted from She treasury f the Thirty
fourth Street Stores.
He is ALLEGED to have told the stock
holders that the business of the Coast
wise Warehouse was so great he had
been offered chance to sell it for
Sl,000,000 and that there would be no
difficulty in filling up the Thirty fourth
Street stores with the business the
other concern could not handle.
Pricken bore out this deception, it is
charged, by paying out of his own
pocket the promised IL per cent di-
vidends until August 1 Of this year,
when the stockholders found their
earnings suddenly suspended.
lnterlocking Directorates
Pricken, Southland and Page, it is
set forth, so managed that they and
their friends held all the Offices of
we'll as of the Coastwise Warehouse,
and were able through this system Of
interlocking directorates to consum-
mate their schemes. The complaint
charges that the money received for
the sale Of stock in the Thirty fourth
Street Stores was never placed in the
treasury of that company, but was
converted by them to their own uses.
One hundred thousand shares of the
Thirty fourth Street Stores, it is
averred, were caused by Prrcken to
be placed in the name of the Coast
wise Warehouse, after which Pricken
IS said to have sold it for 100000 to
Weiner and several other stockholders
in the Thrtyfourth Street Stores,
pccketing the proceeds.
The straw that broke the camel's
hack, the stockholders allege, was when
Pricken, Southard and Page held di-
rectors' meeting of the Thirty fourth
Street Stores on August "a last and
Warehouse, without consideration of
any sort. the suitcase on 439-445 West
Thirty fourth Street.
This accomplished, it is claimed,
Pricken, Southland and Page as direc
tors of the Coastwise Warehouse, ex-
ecuted new suitcase Of the property
to the Republic Storage Company and
received from that concern bonus of
$4,000 A demand by the stockholders
that the Coastwise Warehouse assign
to them this lease to the Republic
Storage Company has been refused, the
complaint asserts.
The Supreme Court is asked to en-
Join the defendants from transferring
any of their holdings or removing them
from the state. An accounting also is
demanded, in connection with which it
IS stated that Pricken, Southard and
Page have in their possession all the
books and records of the Thirty-fourth
Street Stores.
Mr.. Straus said yesterday he planned
TO ask the Supreme Court to name a
receiver for the Thirtyfourth Street