New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-14
Ryan Asks Sale
OF 'ChangeSeat
i In Stutzs Fight

tcoAEa usd> frem\pass eaA)
allowed. and has ns set failed.to make
delivery of suck sales.
II have always met your committee
frankly and in fair spirit While you
have freely had ALI the help and in
formation l could give, you in turn
have given me none; but your com
mittee members have had access to all
sides and phases Of the matter, even to
the foreknowledge on your point Of
view, your plans and YOUR decisions.
II am informed thar members Of
your board Of governors before whom
this matter has come ana will again
Come fer consideration and decision
have actually joined hands, with an
outside committee Of firms all short of
Stutz stock, who are banded Together
for the whole and express purpose of
repudiating their Stock Exchange con-
trxcts.
Feared Evasion. He Asserts.
"The fact it is only candid for me 10
say to you that from your first in
terest in the Stutz matter you have
impressed me with the idea that your
committee was more intent upon find
ing some way of impairing the validity
Of Exchange contracts and assisting the
unsuccessful shorts to evade their re-
sponsibility than Of forcing your MEM
bers TO observe the obligations of their
commitments and of preserving the in
volatility of agreements made on the
floor of your Exchange in strict ac-
cordance with all your rules and regu-
lations.
"Your action in suspending trading
in the Stutz stock was, in my opinion,
~ unwarranted as it was unfair While
I know Of no authority given to you un-
der your constitution, bylaws or
regulations to take such action, still
ii there be authority, protest that the
action was gross injustice to every
a visitation upon them for the fault
and the reckless speculation Of men
who had no interest in the Stuty COM
pany except to harm it by depressing
the value of the shares.
Patiently / waited your further ac-
ton, in the hope that you might vindi-
cute yourselves by coming forward
with some fair plan which recognized
the avowed sanctity of Exchange obi
been repeated developments, all of
character intended to harass and injure
me and the companies with which / am
identified
New Inquiry Started, He Says
ton in another security in which am
known to be largely interested, the in
timation being that in this security
again had done something which mer-
tied investigation and possible criti-
cisn. But the most casual eXamina-
tion must have served to persuade even
your members who have interests an
tagonistic to me that there was no
basis whatsoever for the intimation.
And so. from day to day, there emanate
from some body, if not official in char
acter, then so closely related as to have
what seems to be official sanction by
your board Of governors, statements,
declarations and even threats, all d.
rested toward me, my fellow stock
holders and our companies, and all de-
signed only to assist in extricating
from their valid Exchange contracts
those who unsuccessfully attempted to
depress the market value of our secu-
rites.
$50 long as your body is responsible
only to itself, so long as you can make
your own rules and regulations for
their immediate execution as you may
deem the exigencies of situation re-
quire, and 30 long as you permit men
who have a personal, financial interest
at stake to take part in your delibera
tions, your judgments and your de-
cisions, / cannot escape the feeling that
your system is unjust and that, greatly
- l respect your institution, with it's
traditions and its important place in
the commerce of our nation, l cannot.
with self-respect, longer continue as a
member. Accordingly, hereby request
that my seat be sold without delay"
Act on Resignation To-day
Mr.. Remick, in his statement, said
that the exchange would act on Mr..
Ryan's requested resignation at a meet
afternoon. He declared that dealings
in the stock of the Stutz Motor Com
pany were suspended upon MIR. Ryan's
reiterated statement that the stock was
cornered.
after the exchange was informed
that there was no longer free and
open market in the stock" he added
"it could not permit the public to trade
upon its floor in the belief that there
was a free and open market The sus
pension of dealings in no wav affects
the legal rights of any individual upor
contracts which he has entered into
ut is assumed that the committee o,
the exchange to which Mr.. Ryan re-
fers as the committee having this mat
ter in charge is the law committee ans
that the member Of that committee t,
whom he refers is H. G. S. Noble, H
G. S. Noble is member of the firm o
De Coppet & Doremus, odd lot dealers
which firm purchased and sold Slut;
Motor stock up to the time trading wa
suspended When dealings were sus
pended the firm had 533 shares to re
ceive from twenty one houses and So
shares 20 deliver, and was long o.
balance 33 shares"
The announcement of the Mors