No Stutz on Exchange

The authorities of the New York Stock Exchange refused after due consideration to replace the shares of the Stutz Motor Car Co., cornered by Allan A. Ryan in 1920, in its list. After the corner Mr. Ryan was, however, forced by his subsequent bankruptcy to sell out his Stutz holdings, and the largest stockholder at the present time is Charles M. Schwab. The refusal of the Exchange was no reflection on the financial standing of the Company, but was forced by the usual policy of the Exchange in requiring stock issues to be well distributed before their entry upon the " Big Board."