New-York tribune., 1920-04-15
Governors Accede to Re-
quest of A. A. Ryan,
Making Possible Deals
in These Shares ON Curb
New Rule Proposed
Aimed at Corners
Brokers' Request to Sell
His Seat Held Up Until
Inquiry Is Completed

yesterday acceded to a request from
Allan A. Ryan that Stutz Motor shares
be stricken from the trading list, thus
making it possible for the stock to be
dealt in on the Broad Street curb mar
! set by Stock Exchange firms or other
brokers, beginning to-day. The au-
thorities of the exchange, however,
stipulated that member firms which
had outstanding contracts in Stutz
March 81. the day when dealings were
suspended, were still subject to the
ruling preventing deliveries Of that
stock until the investigation of the
events leading up to the corner has
been concluded.
This was only one Of the numerous
developments that arose in the great
est sensation Wall Street has wit
messed in years.
An amendment 10 the Stock Ex-
change constitution was proposed en-
covering the governing committee to
suspend dealings in any listed security,
whenever in its opinion a corner has
been created. This amendment, which
IS intended to prevent a recurrence of
asltuation similar to the Stutz corner.
Will he submitted for the approval of
.ae Stock Exchange members at later
date.
Ryan Seat Sale Held I'm
fhe exchange governors also adopted
i resolution to the effect that action
upon the request of Mr., RYAN to sell
hc I.f
CATION now being had in regard to
transactions in Stutz Motor Car Com
pany of America, Inc, is completed"
governors OF the exchange who were
named BY Mr.. Ryan as being short of
stutz stock, either for themselves or
their firms, issued blanket denial
oI the charges. Those mentioned in
eluded Herbert I. B. Jacquelin, of
!!acquelin & De Coppet; Allan l.. Lind
ley, or Lindley & Co.; J. F. Carlisle, of
garllsle, Mellick e. Co.; Donald G.
,sieddes, OF Clark, Dodge & Co.:
lerome j. Danzig, of Jerome J. Dan
zig Co.; Bayard Dominick, of Domi-
M nlck & Dominick; Fuller Potter, of
pnos!er, na, Choate & Prentiss; Howard E.
whitney, OF II. n. Whitney & Son,
and Arthur Turnbull, of Post g. Flagg.
ihe statement issued in behalf Of these
governors Of the exchange said
Seven Of them categorically deny
ma. either they or their firms, or their
partners are Or at any time have
oeen, interested for themselves in the
STOCK OF the Stutz Motor company. 1t
20 happens. however, that several of
.ae houses mentioned were short for
sae account Of customers to the fol-
! lowing limited extent:
one house short $40 shares for a
eSssomers account; one house short
"vo Shares for Western correspond
ens; one house short two small odd
'o's 1or out-of-town correspondents.
Governors Resent Insinuation
The other two, Messrs. Jacquelin
snd Carlisle, who are members of
aims OF odd-lot brokers. who have no
sassomers among the public, but deal
Only IN odd lots for member firms,
we're interested in Stutz as of April
Saiy 70 the extent of few shares
aess than 1907, either owed or owing
"a Daiance at the close Of the day,
happens in the normal course of
se,r business Of buying or selling
saeh odd lots as are offered. On that
Ss'e pr. Jacquelin's firm owed on bal
saas sass fourteen shares OF Stutz Motors,
.ahe Ar: Carlisle's firm was actually
s.x OF The stock on balance.
Ahe above denialS are made in an
ssf 70 the inference to be drawn from
ress notices that their action as gov
aaora 0; the Stock Exchange with re
| ssses 10 the Stutz situation was infu-
@sea Dy personal considerations"
4 :, !. IVA, was said after yesterdays meeting
.hs governing committee that nor
angie member who was involved in
w ssusz episode voted on any of the
s4ss aa.se,s With which Mr.. Ryan was con-
ssssa. ea. Ine others, it WAS said, voted
aten, ''Ao ~~''"N
when the denial Of the governors
80 called to the. attention of Mr..
sysn ne said:
sin prepared TO prove each and
~ ~ one OF my statements The thor
~ 'h'estigation Of the situation will
s'ssioss the facts"
Curb Deals Permissible
ni Ryan Expressed qualification at
j rsmss.;h sssioh OF the board Of governors in
s. Ess.hs stuz shares from the etock
( a~sssnxs list. As result, ne de-
.s.sssd, the Jurisdiction Of the exchange
/ esasss and there will be q return
| re ef market that has been arbi-
s.xa 81. - '''' ''''~"''"s'S "'"'e
.s....ewing a meeting Of the board OF
8 uesxsfs og the New York Curb Mar
nsseciation, r.. r. Mccormick,
kss;an, admitted that there was
kss,"x 70 prevent outside dealings In
gss;ss gss oat ne said that until further
kg1ation n ~ had been given the mat
st.iS quotations of the transactions
o.. Ds printed on the official curb
E In pursuing this policy he
4 ay,,sas association wAs temporarily
MTnE out the regulations adopted
80 x1srch II, when the managers
4ens mat no transactions between
{. ~ - would be permitted while
hi. *nafes we're listed on the Stock
lmsn ls.nln sone reputable indiyidua,
ei'g ffm s1bmlt an application
II {fNniin.sc