Show GUGGENHEIMS TO I PROTECT PATRONS New Precedent of Business Honesty in Wall Street StreetS Transactions S I I WILL ASSUME LOSSES Big lS Concern Steps SIps Injo Il to ton n c lio LO t Ift In iii New Nest York Dec Doc 1 Through I.-Through Through the action of oC the lie Gug Guggenheim s syndicate toIny to- to dd tidy Iny in stepping Into the breach anti and assuming assuming as as- suming all nil lo loses looses ses on their deal In mining stock or more patrons o of the Guggenheim firm willbe will willbe be C saved from individual lo losses es in what proves to be a losing hosing investment Incidentally a new precedent of or business bustness bust busl- ness honesty honest has hos been established establish ell in inWall Wall Vail street streel transactions It II Is estimated esti- esti mated maled that the he approximate cost to the he Gug Guggenheim syndicate through It Its unprecedented tl action will wilh be The Guggenheim syndicate has refused to exercise an option on 00 shares of stock tock The Tho re- re int of patrons Interested In Inthe inthe the he deal heal In the stock Block was wa decided upon b by y the firm In connection with this action A statement Issued In the name of the syndicate explains the the- reasons for tor taking this course Tho announcement states stales that on Oct OcL 30 the he Guggenheim firm took look an option for or the shares at ot 25 Ci a n share A V large block was offered for Cor underwriting under tinder writing for or friends at the contract price A payment of on account account ac- ac count of the purchase price was made Nov 1 The Th syndicate received recel for fOt or itself and suh subscribers on that date 40 O- O shares leaving shares hares of the first allotment In the hands of the vendors a Of as a forfeit Semi runic t on out the tue Curb The second payment was tile due toda today but instead of paying the money noIce notice notice no no- tice Ice was given gl the vendors venders that the had decided not nol to lo exercise exer exer- cise else their option on the remainder of the stock A rumor that the lie Guggenheim GUGen helm heim syndicate would refuse Its option was circulated in Wall Vail street earl early In Inthe Inthe th the day and anh caused a great flurry In tock stock It fell from rom rein 23 3 to 19 and anti a semi panic resulted on the curb In a lett r to lo the the- subscribers the Guggenheims explain the COUl course e the they Intend to lo take lake notifying their patrons that thai If It the shares of or stock Block are Oll returned the full rull amount of ot the first payment made on them will be re re- re funded If JC the suf subscribers have ha told sold Id their Lutock they arc ore ask nl l to notify the syndicate the price at which they disposed of thorn them and a promise e Is made to lo refund the the- difference between this selling price and the sum um originally originally origin origin- all ally paid for tor the shares Will lit Assume Lo Lo eThe e- e co Th The effect of this notice nolice is that the tile 1 Guggenheim have stepped Into the breach and will assume whatever lo losses losos cs ma may arise out of ot this transaction ansac tl-ansac- ion tion thus titus relieving their subscribers In ID an un Interview a member of the syndicate explained the tue causes that thai led oll the GUJ to lo drop the deal About ten days das ego ago It was stated l. the syndicate requested lell the i venders to lo grant an extension of or thirty days das time before making a n second payment on the option In order th that t the syndicate might Investigate the tue title to the property properly Tho The venders were dilatory In IH responding to lo this demand When hen It became certain that the contract must be abrogated or the second Instalment fJ of 2 paid the former course was vas decided upon To protect their patrons patron the helms helmts resolved to lo hc hear bear ar tilt the I hem Delves S |