New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-24
Stutz Shorts
To Hold Last
Farley To-day
Ryan's Plan to Buy In Stock
at 10 A. M. Brings Call
From Committee for q
Meeting at 9 O'clock
Settlement Is Urged
Dilatory Tactics Laid to
the Protective Board in
Adjusting of Contracts

ton OF Allan A. Ryan to buy in the
shorts in Stutz Motor shares on the
New York Curb at 10 o'clock to-day.
the Stutz protective committee will
hold meeting beginning at o'clock
this morning in last attempt to ar
range a private settlement Of the con-
tracts made prior to March 81, when
dealings were suspended on the Stock
Exchange.
The terms upon which a settlement
may be made were stated in letter
to Mr.. Ryan from C. A. Morse, chair
man of the protective committee, which
is acting for the ffty-six Stock Ex-
change firms having customers short of
approximately $500 shares Stutz STOCK.
These terms were: $500 share Tor
the old stock, plus $50 share for the
stock dividend. plus $40 a. share for
premiums at the rate of 81 day for
twenty days, or a total of $500 sharee.
The developments suggesting the pos
slbilty of a settlement were outlined
in a statement issued late in the day
by Mr.. Morse, which follows:
ION Wednesday, in confidential
conversation. Mr.. Ryan suggested to
Colonel J. w. Prentiss. of the com
mittee, a settlement price. To-day at
noon, for the first time, Mr.. Ryan per-
mitted Colonel Prentiss to state pub
licly what the price had been. There
upon the committee Immediately ar
ranged for a meeting to be held to-
morrow morning at 8 o'clock at the
office of the committees counsel.
Denial by Ryan
"While Mr.. Ryan declares that he is
not now making any such offer, the COM
mittee, which is acting solely in a
duty to present the situation exactly
as it stands to the interested parties
This will be done tomorrow morning.
During the day Mr. Ryan issued two
statements in which he again charged
the protective committee with pursuing
dilatory tactics in the matter Of MAX
ing settlement Of the short contracts
in Stutz. He reiterated previous
assertions that all informal offers
made by him for settlement had been
withdrawn. These were in reply to
letters from the Morse committee
stating that the members we're willing
to continue efforts toward mediation.
The committee denied the charge of
Mr.. Ryan that it had no authority to
effect a settlement.
Until Wednesday last" said Mr..
Ryan, 81 really believed that the com.
mittee was formed in good faith and
that when they met me they had at
least secured some authority, but their
letter to me to-day shows beyond ques-
ton that they really had no authority
whatever and would like to put me in
the false position of begging those
whose defaulted contracts hold to &C.
cept my prof1'ers of settlement or make
counter haggling propositions. l hope
have made 1T clear to them that
do not intend to submit to such
maneuvering any longer"
Mr. Ryan charged "it is a curious
coincidence at this time" that every
possible effort is being made to en-
barrass him and his friends who are
holders of Stutz stock.
Action Over Stocks
"Only to-day he added, "a Stock
Exchange firm which is short Of Stutz
stock and which has member on the
board of governors, to wit, Dominick
& Dominick, has seen fit to demand
stockholders that he take up his &C
count, which they have had for some
five years and from which they have
had revenue of many thousands of
dollars a year, but which account,
though amply secured for many times
the debit balance, has a considerable
amount Of Stutz stock in it. This &C
count is so well secured that it would
ordinarily be deemed privilege for
a New York Stock Exchange house to
have it on it's books, and has without
the faintest suggestion been carried in
its present condition for long time
past. And yet, despite these indisput-
able facts, the account is called for no
other conceivable purpose than to en-
barrass and cripple me through the
embarras sment of my friend and fe.-
low Stutz stockholders.
"But fortunately, again, the purpose
has failed of accomplishment My
friend was quite able to help himself,
and if ae had not been l should have
been not only able to step in for him
but delighted both to be Of service to
him and to make it clear to this Stock
Exchange firm and all other Stock Elk
change firms that no such performance
can weaken my determination nor
diminish my resources"
In reply to Mr.. Ryan's statement
Dominick & Dominick issued the fol-
lowing:
Zone Of our customers whose &C
count contained a large amount OF
state stock was requested by US to
substitute other security for the Stutz
in his account. We understood that it
was entirely convenient for him to
make the substitution requested by
delivering to us other securities which
he named.
"This morning we received instruc-
tions to transfer his account to Allan
A. Ryan e. Co.. with which instructions
we Immediately complied.
"Ncither the firm of Dominick
Dominick nor any of it's members are
or ever have been long or short of
Stutz stock for their own account. The
firm is short of 800 shares of Stutz
stock for the account of an out-of
town brokerage firm, who in turn is
short for the account Of one of it's
customers.
"The statement that any request for
substitution made by w was made for
the purpose OF embarrassing either
Mr.. Ryan or one Of our customers Is
untrue"