I have no idea what the thinking was in 1916. Other than that, I guess you should talk to the PGA directly about it. Suggest taking out 20 balls and intentionally trying to shank them. Line them up on the hosel and try to shank them severely. Sounds weird, but it works.
Shanks are from deceleration that results in the hosel leading the club into the ball.
As a result, I lose distance and accuracy. When I hit is in the center of the face, it goes where I am aimed. Try to swing the club by moving your shoulders more and your arms and hands doing less. Follow through longer than you take the club back and accelerate through the ball to a good finish. Any assistance you can provide would be greatly appreciated.