New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-23
RYAN Doubts
Shorts; Drops
Price Offer
Plans to Proceed With His
Rights in Stutz Transac-
ton and Bring Suits ON
Outstanding Contracts
Stock Corner Is Denied
Counsel Notifies Committee
That Securities Will Be
Bought In To- morrow

Allan A. Ryan announced last night
sis conviction that the shorts in stock
At the Stutz Motor Company had no in
tention of settling their obligations
and that he had Withdrawn the settle
ment price he had offered to the pro-
tective committee Of the shorts. He
would proceed with my rights, what
ever they may be" he said, and bring
suits on the loan contracts which he
said he made Eat the specific instance
and request Of the Stock Exchange
committee"
II deny that my obligations are gam
bling obligations whatever they may
have intended theirs to be-" said Mr..
RYAN. II believe that a Stock Ex-
change contract is still good, and
an ready to spend my money in order
to prove it so. | believe that these
gentlemen, who would have been de-
lighted to take the profit if the stock
had gone down, will be obliged to pay
the loss now that the stock has gone
up.
Stock Corner Denied
He denied that he ever had said that
there was corner in the stock and
asserted that he was ready to prove by
testimony of governors of the Stock
, Exchange that the statement made by
me was quite the contrary and that
was, at their specific instance and re-
quest, lending 1t to those who wished
to borrow"
Counsel for Mr.. Ryan yesterday mott
fed the Morse protective committee that
the shorts would be bought in" to-mor-
row at 10 o'clock on the New York Curb.
Mr.. Ryan's lawyers in letter to
Rosenberg & Ball. counsel for the
templated action WAS decided upon
"inasmuch as the mediation proceed
ings had failed"
The protective committees counsel
expressed surprise over the statement
OF Mr.. Ryan's lawyers and said that
the Morse committee continues to be
willing that all matters in controversy
De adjusted by mediators or arbitra-
tors"
Statement by Chairman
Charles A. Morse, chairman of the
protective committee, issued the state
meut outlining the latest developments
III the Stutz controversy. 1t reads:
This morning at 10 o'clock, while
we were Stlli actively eHutdNSTluS u
secure the services of mediators, ouI
counsel received letter from Mr.
Ryan's counsel, of which the following
is copy:
! Ion behalf of our clients, Allan A
Ryan & Co.. we beg to notify you thai
inasmuch as the mediation proceedings
have failed. our clients. acting upor
the stipulations made with your clients
through you as set forth in our letter
OF yesterday Will proceed to buy in
for account of those firms represented
by you. on the New York Curb on Sat
urday, April "a, at 10 O'Clock a. M. OF
az soon thereafter as the same can be
bought, in accordance with the notice
heretofore sent by our clients to sale
firms respectively
ITO this our counsel replied as fol
lows:
Answering your letter of ever
date, received early this morning, ant
the statement contained therein tina
'the mediation proceedings hav
failed" the protective committee was
as you know. engaged all yesterday il
endeavoring to secure the services o
men of high standing a. mediators.
comes as complete surprise both t.
the protective committee and to our
selves to learn that "the mediation