The 2nd U.S. Circuit Court of Appeals in New York granted a stay of the Fed's April 30 decision allowing subsidiaries of Citicorp, J. P. Morgan & Co. and Bankers Trust New York Corp. to underwrite and deal in certain securities. The decision by the three-judge appeals panel on an emergency motion by the Securities Industry Assn. delays the Fed's ruling until after a June 22 hearing. The court's ruling came the same day that the Fed approved the applications of five banks to operate securities subsidiaries, citing its earlier decision.