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Show PUNCTURE COBALT BOOM. Guggonhoims Refuse to Exorcise Option on Nlpissing Stock. NEW YORK, Dec. 1. A rapid decline de-cline in the stock of tho Nippissing Mines company, a cobalt company, from a high point of 33",fsc a short time ago, to l9-?'t i today, attracted much attention, atten-tion, and was without change until this afternoon, when it was announced that tho Guggenheim brothers had decided not to oxerciso an option held bv them to purchaso -100,00(1 shares of tlio company's com-pany's stock at .$25 per share. No reason rea-son is given in the statement for tho decision, but Louis Marshall, counsel for tho Guggenhcims, said it, was because be-cause thero had not been sufficient time to examine tho titles to the compauy's property. Iho par value of tho stock is $5 per share, and the total issue is .1,200,000 shares. Tho stock had been traded in very largely on tho curb and has been a leader in tho speculation in mining shares. When it becamo known that the Guggcnheims worn considering tho stock ns an investment there was a rush on the part of the public to buy, and the price advanced sharply. When tho declino set in there were rumors that the Guggenheim? might not exercise exer-cise their right to bnv at $2. The official statement by tho Guggcnheims contains a notice to tho subscribers to their syndicate that they, the Guggcnheims, Guggcn-heims, will assume all Tosses and that the subscribers will not lose a dollar. Tho statement by the Guggcnheims follows: "On October 30 tho Messrs. Guggenheim Guggen-heim took an option from a numbor of gentlemen for the purchase of -100,000 shnres of tho capital stock of the Ni-pissing Ni-pissing Mines company nt $25 por share. They offered a largo portion of this block for underwriting to their friends at the contract price, receiving not a dollar for commissions or otherwise. other-wise. They also intended to keep a largo portion of tho stock for themselves. them-selves. On November 1 they paid $2,-500,000 $2,-500,000 on account of tho purchaso price. In making this payment they reserved for themselves and their subscribers sub-scribers 40,000 shares of tho stock, leaving leav-ing in the hands of tho vendors 60,000 sharos of the stocky as a forfeit in the event that they failed to make subsequent subse-quent payments. "Tho second paymonfc would havo been pnj'ablo today if they had concluded con-cluded to proceed further with tho business. busi-ness. They have now decided not to exercise their option with regard to the purchase of tho remainder of this block of stock and have so notified the von-dors. von-dors. Concurrently with this notice thev have issued to their several subscribers sub-scribers the following circular letter: " 'New York, Dec. 3, 3906. Dear Sir: Wo hnve determined not to exorcise ex-orcise our option for the purchaso of tho Nipissing Mines company stock. If you will return us promptly the certificate certi-ficate for the shares of Nipissing Nipis-sing Mines company stock delivered to you b' us, we will return to you dollars, the full amount of your first payment. If you have sold tho stock please inform us what you have received re-ceived therefor and we will Bond you a check for tho difference between tho sums received and dollars, the amount of your first payment. Please return us your subscription agreement with your answer to this letter. " 'Yours truly. "'DANIEL GUGGENHEIM. " 'MURRY GUGGENHEIM,' "The effoct of this notico is that the Messrs. Guggenheim havo stepped into the breach and have assumed whatever losses may arise out of this transaction, transac-tion, thus relieving their subscribers from all obligation so that not one of their subscribers will lose a single dollar." dol-lar." Ore and Bullion. The ore and bullion receipts for Saturday, Sat-urday, given by McCornick & CoM were as follows: Oro, $22,000; bullion, $150,-000. $150,-000. Tho total ore and bullion receipts for tho week just closed amounted to $813,000; gold, $6000. The Metal Market. The metal quotations for Saturday, posted by McCornick & Co., were ns follows: Silver, 09c; lead, $5.75; coppor, 210, |