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Pinches Three Big Operators Inquiry luto 'Change and Banking Methods Fore? cast as? Untermyer Takes Charge of Ryan's Interests Shift in General 3Iotors p. S. du Pont ?Named Presi? dent as Durant Resigns: Schat/kin Quits Oil Deal The effect of the drastic decline in market value o? speculative securities on the career of three conspicuous fig ores in the financial world was further retealed yesterday. In these cases adjustments were made which involved the pass.ng of stocks into strong hands. Samuel Untermyer, in & letter to A?an A. Ryan accepting his appoint? ment as counsel, assured his client that he wo.:!., have a substantial equity le-'t after the banks -had protected their loans to him, provided his re? cent arrangement with the institutions which have taker, charge of his assets properly safeguarded his rights. In some Wall Street circles the ap? pointment of Mr. Untermyer as Mr. Ryan's counsel was interpreted as pre? saging a sweeping investigation of Stock Exchange practices and banking methods similar to the i'ujo inquiry of 1912, when Mr. Untermyer acted as attorney for the government in its quest tor' a money trust. In 1910, when there was a state investigation of the Stock Exchange, Mr. Untermyer strongly advocated the incorporation of that institution. Climax to Dursnt's Affairs A climax was reached in the affairs of William C. Durant, who a week ago Monday sold his huge speculative hold? ings of General Motors common stock to du Pont interests through .1. P. Morgan &. Co., when his resignation from the presidency of the largest automotive concern in the world wa* announced yesterday. After a direct? ors' meeting at the executive offices of the corporation the selection of Pierre S. du Pont, chairman of the E. I. du Pont de Nemours Company, of Wilmington, as Dr. Duranfs suc? cessor, was made pubi'.c. Mr. du Pont last week became head of the du Pont Securities Company, which was formed to take over Mr. Dnrant's holdings, estimated at 3,000, 000 shares. Mr. Durant, who will re? main as a director, said he was about to take a vacation and then would de? vote h:s attention to his personal af? fairs. On Marc:-. 20 oi this year Gen? eral Moteja sold at the New York .-'rock Exchange as high as $410 a share. Since that time each old shfcre -.as been divided into ten new, and ! during the recent collapse of security jricos, the lowest levels of the year, the new General Motors stock was traded in ut $12%, otfacing in many instances the margins of speculators. Retirement of Schntzkln i The third development was the re 1 tirement of S. M. Schatzkin, a market operator not so well known to the gen | eral public as the others, but never? theless an important factor in the affairs of Wall Street in recent years, from a dominant position in the In? vincible 0/1 Corporation, in whose flotation during the bull market of 1919 ? he played a leading r?le. J. S. Rache i & Co., members of the New York Stock Exchange, who have been directly con? cerned from the start in the develop? ment of Invincible, took the public into its confidence, with this brief state? ment : I "We have purchased for the account ? of ourselves and associates from S. M. ! Schatzkin all his holdings in Invincible j Oil- Corporation." In spite of the prevalence of rumors j to the effect that a large oil company had acquired Mr. Schatzkin's shares, th?> brokers refused to reveal for whom they hud acted. Standard Oil Com? pany, of Louisiana, and Royal Dutch Petroleum were mentioned as possible buyers. Trading in the stock market was dull yesterday, with quotations tending ! slightly lower. Extraordinarily heavy j offerings of Chile Copper shares, which j declined sharply, indicated distressed ; selling. Untermyer, Taking Case, Tells Ryan Not to Talk "Yon Will in All Things Abide Absolutely by My Judg ment" He Warns Client Samuel Untermyer, who is now en ! gaged as counsel for the Lockwood in? vestigating committee, yesterday noti? fied Allan A. Ryan that he would, rep? resent his interests in the situation growing out of the taking over of Mr Ryan's affairs by a group of leading Wall Street banks. Mr. Untermyer's acceptance was contained in a lettei sent to Mr. Ryan early in the day ant i made public at 2 o'clock. The communication stipulated thai ? so long as Mr. Untermyer's time was j largely taken up by the activities oi ! the Lockwood committee the detail; i connecte?! with Mr. Ryan's attain ! woulil be Intrusted to his son, Alvit Untermyer, and Harold A. Content, o: ; the law firm of Griffiths, Sarfaty ?J I Content. Among the conditions under vrhicl Mr. Untermyer consented to uct as Mr ' Ryan's attorney was that Ryan "par I ticularly r?-frain from conducting ne gotiations or making public statement except as specifically and in each in stance approved by me." Mr. Ryai agreed to accept all the conditions im -, osed by his new counsel. Letter of Acceptance Mr. Untermyer's letter accepting Mi Ryan's invitation to act as his counsc follows in part: "Such study of the situation as have been able to make confirms m in the belief that your interests n I quire prompt ami vigorous represe! tation. The banks are manifest! 1 overwhelmingly secured and you ha\ an equity of millions of dollars, pre vided you are properly safepuarde? Ready: Victor Record* or ece A new list, rich in the quality and variety that always characterize the monthly issue of Victor Records. Here it is, complete: Red Seal Records Air from La Juive, Enrico Caruso.$1.75 Tarantel le, piano, Alfred Cortot.$1.25 The Garden of Memory, Emilio De Cogorza.$1.25 Oh, Silvery .Moon, Giuseppe De Luca.$1.25 At Parting, Geraldine Farrar.$1.25 When I Was Seventeen, Mabel Garrison.$1.25 Symphonie Espagnole, Jascha Heifetz.$1.75 My Swee* Repose, Mme. and Miss Louise Homer. .$2.00 When you and I Were Young, Maggie, John McCormack .$1.25 Hungarian Rhapsody, No. 2, Philadelphia Or? chestra.$1.75 The JJ?me Road, S'chumann-Heink.$1.25 Dance Records Anytime, Anyday, Anywhere, Whitman's Orchestra 85c ??1 85c Wang-Wang Biues, Whitman's Orchestra.. Fair One, Benson Orchestra. I'd Love to Fall Asleep, Benson Orchestra. Chili Bean, Benson (orchestra.f My Little Bimbo, Benson Orchestra..[ 85c Dane? O-Mania, Solvin's Orchestra.? Old Man Jazz, All-Star Trio.j 85c Vocal Records Wh m ^/ruspering, John Steel..,. ?%*???.? .;.??-*. .? I he Love Boat, John Steel.J ?5c ::l85c That Old IriHh Mother of Mine, Sterling Trio. Just Lik" a Gypay, Sterling Trio. Virginia Judge, Walter C. Kelly.! Virginia Judge (Part 2), Walter C. Kelly./ The Japanese Sandman, Olive Klein. I .Old Faiihioned Cardon, Olive Klein. ? Santa Claus Telia About His Toys, Gilbert Girard !** ~ Santa Claus Give? A way H la .Toys, Gilbert Girard : Gem?? from "Mary," Victor Light Opera Co.I Gem? from "The Night Boat," Victor Light,-$1.35 Opera Co.... ;.'..... ) $1 $1 with respect to which I have not, yet | had an opportunity of investigating or making up my mind. So far I have found no reason to question the good will of the banks, which it is your ?Juty to assume, until something transpires that convinces you to the contrary, al? though I believe that the transaction as consummated should in justice to you be substantially modified. "If you are willing that I shall, for the time being, intrust the details of transactions to my son, Mr, Alvin Un? termyer, and Mr. ?laroid A. Content, to work out under my general direction, in cooperation with your former attor? neys, I am prepared to act lor you. provided you will be content to accept such of my time as I can spare from .my public and other duties. Untermyer Takes Command "It must, however, be clearly under stood that you will in all things abid? absolutely by my judgment and tha you will particularly refrain from con ducting negotiations or making publi statements except as specifically and i? each instance approved by me." In his reply to Mr. Untermyer, Mi Ryan said: "I accept the conditions you impost although I would have greatly pre ferred a larger share of your person} attention, which I am hoping to r< ceive at your hands as soon as th present pressure upon you has bee relieved." Bankers associated with the institi tions directly concerned with M Ryan's financial affairs would make i comment upon the statements in M Untermyer's letter. They r?it?r?t? that their action had been dictated I a desire to be helpful in protecting X Ryan's assets. A report was curre that one of the banks involved h sought to force Mr. Ryan to resign president of one of his companies as to make it possible to list the iss on the New York Stock Exchange, th making it easier to liquidate. T I stock mentioned was not Stutz Moto which was removed from the stock e change list following the famous c? Tier of last spring. The report v denied in authoritative quarters. Durant Quits as General Motors Head Secoiul Tin The resignation of William C. Dun as president of the General Mot? Corporation, foreshadowed in the i nouncemenfc of the purchase of speculative holdings in the company the du Pont interests and J. P. Mor? & Co. a little more than a week a was accepted by the board of direct at the company's offices, 2'.M W Fifty-seventh Street, yesterday. Pie i S. du Pont, chairman of the board, ' ! elected to succeed him. No ot i changes were made, it was said, du Pont remaining chairman. Durant will remain on the board of directors. The retirement of Mr. Durant as the active head of the General Motors Cor? poration yesterday marked hi3 second exit from that post. In the reorganiza? tion of the company in 1010 he was ousted from the presidency by the Lee, Higginson-Seligman banking group that to?'k the lead in the reorganization and elected C. W. Nash as president. Six years later Mr. Durant w-as put back as the active head by the du Pont in? terests. The elevation of Pierr?? S. du Pont, representing ti.e large interests of E. I. du Pont de Nemours & Co. in Gen? eral Motors, to the presidency of the 1 corporation is the culmination of the steadily increasing interest he has been taking in the corporation. The du Pont-de Nemours group has been j identified with General Motors Cor i poration for several years and was in I strumental in effecting the merge] I which associated the Chevrolet Motor: Company with the corporation earl; in 1918. The corporation was formed in th? summer of 1918 after involved nego tiations and was incorporated in Del? ware on October 16 of that year, main ly for the purpose of acquiring stoc control of the General Motors Com pany. The old company had a authorized common capitalization o $40,000,000, of which about $16,511,80 was outstanding, and an authorized ? per cent cumulative preferred capital zation of $20,000,000, of which almos j $1."),000,000 was outstanding. The ne | company was organized with a authorized capitalization of $82,f?00,0C in common stock and $20,000,000 in per cent cumulative non-voting pn ferrcd stock. Forming a New Corporation Interests headed by Mr. Dura j paved the way for the formation of tl ! new corporation when he was nam> ! president of General Motors Compai | in July, 191 6, succeeding Charles 1 I Nash. With the formation of the ni ? holding company expansion was rap j and the several subsidiary compani I were increased. Mr, Durant pushed the corporatioi I expansion program steadily and int? j ested the du Pont do Nemours gro in the enterprise, with the result ti? the corporation now controls abc fifty companies manufacturing au mobiles, paspenger and truck, tract? and implements, accessories and par These plants are located in the Mid? West for the most part, and there t branches in Canada and in Enrope. addition there are about ten "affili?t? companies. The number of employ? on December 81, last year, was ef mated at nearly 86,000. Net profits of the corporation 1 year were $60,517,519, which rep ; sented a remarkable increase from i j figures of the previous year?-$15,3f ' 028. Sales for the year exceeded ?5( 000,000. Earnings on the preferred | stock were 85.47 per cent and 38.63 per I cent on the common stock. Schatzkin Was a Leader In Deals in Coal and Oil At Peak of Bull Market Finan cier's Fortune Was Estimated At More Than $5,000,000 The holdings of S. M. Schatzkin in the Invincible Oil Corporation were j acquired yesterday by J. S. Bache &. j Co. and associates. Mr. Schatzkin has j been a leading speculative figure. He ! effected the merger of coal companies into a new corporation?William S. Farrell & .Sons--last year, and also fig? ured conspicuously in the Invincible and Vivaudou companies. It is, pre dieted in the financial district that Mr Schatzkin will soon dispose of his Vivaudou shares. At the peak of the bull market Mr. Schatzkin's fortune was placed at more than $5,000,000, and. according to gos? sip in the district, he told an inquirer last year that he had a million dollars ; for every year he had lived in this I country, and that he had been in the | United States seventeen years. Mr. ; Schatzkin's assets over and above all his liabilities were estimated by a i friend of his yesterday at between $500,000 and $1,000,000, most of which is said to be in Farrell stock, with 1er amounts in Burn.? Brothers j Coal Company, of which he was a vice ! president, and in Kockaway Rolling ! Mills. j It was reported that Mr. Schatzkin's sale of Invincible involved between 50, 000 and 100,000 shares, but this could "Good Sense" cA SHOE FOR ALL AGES *t%, a, i .*x 9 Nearly fifty years ago the Coward ' Good Sense" Shoe was first manufac? tured. It was accorded in - stant acceptance, then, and received the flattery of many imitators. Most of the others have since abandoned "Good Sense" for "snappy styles" but the Coward "Good S^nse" Shoe has steadily grown in popularity and today we are manufactur? ing and selling more of these friendly shoes than ever before. True to the foot from heel to toe and made from the softest seasoned leathers, "Good Sense" combine? easy, helpful, thorough? going comfort with dignity of appearance. Sold Nowhmrm Eh* James S. Coward 262-274 Greenwich St. N-Y.C. (Near Woi r*n 8..I ?Wg^jUlj^ugWMIW.^IM.BWWn? HIM Spain to Raise Duties MADRID, Nov. 30.?-Provision for im portant advances in customs duties is I niade in the new tariff bill prepared by I the government. Thcsa increases, os shown in to-day's ssue of I a ? . of the government for official announcements, include nearly all kinds of imports. -?K Birthday Endowment A RE there not persons, members of your familv per? /-% haps, whose birthdays you commemorate regular? an ? To select for them a suitable gift is an ever recurring duty. Why no? solve this problem once for all. promoting at the same time the successor those vou love? The New York Tide and Mortgage Cempanv has a plan to endow birthdays, whereby periodical premium pay? mefflts become unnecessary. On ejeh specific birthday a check m mailed to the person \i hose birthday you wish remembered. This gift check arrives every year without further effort o?> your part. It need causo you no trouble for the rest of your life. To thus endow the birthday of a loved one, you deposit with the American Trust Company $100 or nxore. This money is invested at 5 *' % in a mortgage certificate which guarantcesthe yearly payment of t he birthday gift. Thus I you have economically solved the birthday problem in addition to teaching, by a concrete example, the ad? vantage of saving. Send for booklet 7./^ NEW YORK TITLE & MORTGAGE COMPANY 135 Broadwsy, New York Bridge Plata, I.. T. City 203 Montague St* Brooklyn 37e? I-ulton St., Jamaica il Electric Dou^h Mixer Electric Portable Drill Electric Furnace Electric Refrigeration 3i nt in noustn Electric Exhaust Fan T Effort to reduce exhausting human labor in tiie factories and workshops, the warehouses, the terminals and on the piers or the city will con? tribute much to the better spirit of the approaching season. With electric aids and safeguards, industry and commerce are benefited, and with the elimination ot exhausting labor and dangerous conditions, employees work with a better spirit and accomplish enhanced results There is no darkened condition in shop or factory, which causes poor work, there is no eye strain on an employee, resulting from poor or improper lighting, there is no exhausting human labor in any industry or undertaking, - which electric light and power cannot lessen or entirely eliminate Experienced representatives are at the disposal ot anyone who desires infor? mation upon any modern application o? electricity to the service of the commerce, the industries and the homes ot this city Electric Tailor's Goose Electric Hand Gnnder Electric Lathe Electric Grinder The New York Edison Company -At Your Service General Offices: Irving Place and i :th Street Branch Offices where Electrical Appliances are displayed and demonstrated tor the convenience of the public ?20 Norfolk St corner Hester St ^151 East 86th St bet Le'xington 6:3rd Avei ?424 Broadway near Canal Sr * 15 East 125th St near ?th Ave f 10 Irving Place corner 15th St *3?2 East ?^yth St near Courtlandt Ave *I24 West 4?d St bet B'way cc 6th Ave *SSS Tremonr Ave corner Monferrv Ave ?Open until 10 P M fOpen until 7 P M ?Open until >> P M Electric Ludiess Brit Electric Floor Truck Electric Truck Electric Cloth Cutter Klcctric Light Where Wanted Electric Traveling Crane "T ?Tucker Afefacy.