Show vf w g m m c 4 r Ml INies mes s and Mining Stocks d t j i I BUMP COBALT I 5 Refuse to Exercise Option on oni i q Shares h hares s ares of Nip 1 I pissing Stock Stack M Hi If PROTECT PROTECT R THEIR TH IR FRIENDS I LEAVE CLEAVE EVERYBODY AT SEA ON i PROPOSITION r I Y r f L Li i New York Dec 3 A rapid decline in the stock of ot the Mines j company a J Cobalt company company from a high point of at 33 Sans a short time ago aco to 19 today attracted much attention 4 and was without change ch until this af afternoon afternoon afternoon when It was announced that the Guggenheim im p Bros had decided pot potto potto pott t to eier lwi Spa of 1 M l them to toI I purchase shares of th com ys stock l per er share oboes sh rl Jl ho tea i son s n Js is s given in j the th statement the he but Louis Marshall l coun counsel counsel a sel for the Guggenheims said saUl it was ryas wasl because l there thore had not been sufficient time to examine the titles to the com corn f property The par var value of the stock is Jo 5 per pert t share and the total issue is shares The Tho stock had been traded t ed In very largely on the curb and ane Las been r H It leader in the speculation in to mining shares When it became known that hat the Guggenheims were considering cons delIng the stock as an investment there was a rush on the part of the public to buy and the price advanced sharply When i the decline set in there were rumors I That hat tho the Guggenheims might not exer exercise else cise their right to buy at 25 The ofIl official cial statement by the Guggenheims Gugg contains a notice to the th subscribers su to their syndicate s that they the the Gugen 1 heims helms will assume all lo cs s and that the subscribers will n not f l e a al Th statement by the lows Guggenheims Statement f I On October 30 to 0 the Guggenheims helms heims took an option from a number of ot i gentlemen for the purchase of shares of the capital stock of Nip issing Mines company at 25 2 per share They rhe offered a large portion P of this block lock for underwriting to their friends at the contract pric rec ivin not a dollar for commissions or otherwise They The also intended to keel a large larSe por portion portion tion lion of the stock for themselves On November 1 they the paid on ac account account account count of the purchase price prie In ln making this thi payment they reserved rei for them themselves themselves selves and their subscribers ere shares Chares hares of the stock leaving l fn in n the hands of the tho vendors shares pf of oft the she stock as a forfeit in the i vent event that t r they the failed tailed to make subsequent pay payments payments ments The second would have hae I been payable today if they the had con oon 1 eluded to further with the tho busi bus business bushlEss i Mess iness They Tho have hae now no decided not to exercise their th ir option with regard to o the fly purchase of the remainder of this block of ot stock and md have so notified the ven yen vendors vendors yena a dors Concurrently with this notice they the have hElve issued to their several sub subscribers subscribers subscribers scribers the following letter Will Give Money Back New York Dec DEL 1 1006 1 Ot Dear Sir Sire L We e have determined rot Lot to exercise our optic n for tho this purchase of the Nip issing Mines company stock If you will return us promptly the certificate for the shares of or the Mines company compan stock delivered to you ou by b us we will twill return to you dol dollars dollars dollars lars the full fun amount of your our first pay payment pa pam rent ment m jI e tai o e 1 the stock please pl as r Inform ud what yo you have haw re ived and we will send you a aI I heck for the between the sums Bums received and dollars the amount of ot your first payment Please return us your subscription agreement with your answer to this letter Yours truly DANIEL DArr EL GUGGENHEIM MURRY GUG GUGGENHEIM The effect of ot this notice is that the Guggenheim have havo stepped into the breach and have assumed whatever losses may arise out of this transaction transaction tion thus relieving their subscribers subs from all aU obligation so that trot not one of ot their subscribers will lose a single dol dollar dollar dollar lar Louis Marshall counsel to the Gug Guggenheims said sald V question arose after the tho first pay payment payment payment ment was made as to the title of the property About ten days d ys ago the syn syndicate syndicate dicato requested the vendors to grant them an extension of time timo of thirty dayS clays before making the second pay payment payment payment ment upon the option in order to grant crant the syndicate more time to Investigate more deeply into the title of ot the prop property property property erty The Ilse Guggenheims in view of this uncertainty as to the validity of the title did not see their way clear to go ahead For that reason the request was made for the extension of or time timo timoThe The effort to secure this extension proved fruitless and the Guggenheims I were told today that no extension I would be granted Today was tto he day I Ifor for the matting making of ot the second payment of 25 per vcr cent on the purchase p price In view yieW of ot the theco conditions the Gugen Guggenheims Guggenheims heims determined that it was best to oft off negotiations |