New-York tribune., 1922-07-26
Ryan, Bankrupt
For Is Million.
To Start Again
Attorney for Receiver Says
Beaten Market Plunger
Hopes to Begin Building
Up Another Fortune Soon
Stutz Syndicate Hinted
Effort Being Made to Obtain
the Highest Price Possible
for Pledged Collateral

Allan A. Ryan, sunk in S1S 5000 ,00C
worth of liabilities as result of un-
fortunate dealings with the stock mar
kct. is hopeful, according to David H
Miller, attorney for Colonel Francis G
Caffey as receiver for the BANKRUPT, of
Starting all over again" some time in
the near future.
Just how Mr.. Ryan intends to 20
about this, Mr.. Miller could not say
He said he assumed Mr.. Ryan would
first MAKE an effort to pay his debts
and begin again from the bottom.
A syndicate of important financial
and business interests will, in all prob
ability, be organized to acquir. the
10000 shares ii Stutz Motor stock
which form the bulk Of the collateral
held by banks against the Ryan loans
Although there ware no definite in
d1cations that such purchasing group
was in process of formation, it was
limited yesterday that IL would be or
ganized if the Guaranty Trust Com
pany carried out its plan for disposing
of the securities left with it to secure
loans to Mr.. Ryan and claims for which
it is acting as trustee.
Value of State Stock Sought
Mr.. Miller declared that the receiver
had begun the collection of data re-
garding the Stutz holdings in the
possession of the Guaranty Trust Com
pany and other New York banks in an
effort to determine its present worth.
He said that everything possible was
being done to spread broadcast the af-
fairs of the Stutz company in order
to get as high. price as possible for
the stock.
A meeting Of the Stutz directors
mas been called for tomorrow in New
York to discuss the situation arising
from the bankruptcy of Mr.. Ryan and
the move on the part of the Guaranty
Trust Company to dispose of it's col
lateral behind the Ryan loans. 1t is
expected that after this meeting
hgures will be made public showing
the latest earnings figures and other
information relative to the company's
present financial condition. The list
of directors includes George L. Burr,
vice-president of the Guaranty Trust
Company; W. N. Thompson, president
of the motor company; John j. Wat
son jr., director and official of a large
number of industrial concerns; w. l..
Cox, Hicks A. 'Wetherbee, Alvin Inter
myer and W. H. Coverdale..
Annual Meeting Postponed
Mr. Watson said the Stutz company
owed practically nothing, and at the
end of 1921 its ratio of current assets
to current liabilities was about to i.
There is no relation whatever" de-
clared Mr.. Watson, between Mr.
Ryan's affairs and the Stutz Motor
Company. 1t is a we'll organized COM
pany and is turning out a good car.
The only indebtedness the company has
with banks amounts to only s15O,OoO,
and it has cash on hand to cover this
more than twice over. On December
81 last current assets were S2,028, 900,
against current liabilities of only
1902, ,000"
Mr. Watson said the company's an
nual meeting, scheduled for the third
Thursday in June, had been postponed
because Of the fact that at that time
Mr.. Ryan's Stutz holdings, amounting
to e5 per cent of the outstanding stock,
were still held by the banks under the
agreement Of December, 1920, which
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