Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-12-03
ANOTHER CURB PANIC
NIPISSING SELLS DOWN TO $12
AND THEN sTEADIEs.
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK. December S.-The opening
OF the curb market this morning was as
wild and excited as It could well have
been. Rumors had como down town that
the Ntpissing mines company stock nao
been offered last night and again this
morning as low as s12 a share. This was
believed in some quarters and secuted IN
others.
Before 10 o'clock the curb brokers were
within the ropes and discussing the propa-
bilitfes Of the opening sale. The nrst DIG
shouted out was 10 for 1000 shares. Then
came bids at 19h. and offers at that price
were accepted with five times as many
sellers as buyers. The price dropped then
from 1871 to 1871. then to II. and between
II and 1S the transactions were IN enor-
nous volume.
By degrees there was a lowering Of the
price until there were sales at 1914. Then
one man offered 1914 for any part of a
thousand shares, and he got the stock at
that figure. This started sort OF stam-
pede of selling, and the price dropped
quickly to 16, where 1t steadied and began
to improve selling up to In within five
minutes after the opening.
In the middle of the crowd. which was
pushing and surging from one side OF
Broad street to the other, the stock sold for
1913. while at the same time, on the out
side Of the crowd, 1t was selling at II.
Many brokers had stop-loss orders at 20.
but during the first fifteen minutes of trad
ing, at least. they had no opportunity OF
executing them, since the stock did not sell
that high
Bids below 16 were frequent. Some Of
them for as much as 1900 shares, but 16
seemed to be the limit. and below that up
to 1918 o'clock there had been no business.
Reason for Support.
SO FAR no i,,der
ton on the curb and talks with the curb
brokers. most of the selling orders which
they had were from small holders, rang
ing anywhere from ten to a thousand
shares. Big men. 1t was said-men who
own 1000 or 1000 shares-were not dis
posed to sell below 90 and a great deal of
the buying below that price was said to be
for the account Of men who had got In
down at the bottom and had such good
profits even at these prices that they were
taking on more of the stock in the belief
that the alleged trouble about the titles to
the Nipissing mines company would soon
be clear, and that the stock would then
was dispatch from Canada this morning
which gave the cue to those who believe
the titles are sound. and this. no doubt to
some degree, steadied the market at the
opening.
Story Of the Slump.
Because Of the collapse Of the sale Of an
important interest in the Nipissing Mining
Company to the Guggenheims and the heavy
slump In the prices Of Cobalt mining stocks,
forfet-use was made Of 10000 shares Of
Nipissing stocks. for which the Guggenhem
interests paid 81, 10000 in cash. The addi-
tionaf loss from the fact that the stock
dropped from Is. the price paid by the Syn
dicate. to 20 makes the Guggenheims' ap-
parent loss approximately $1.sOOOOo.
1t is not often that syndicate or financ-
ing house will drop 81. 800, 900 rather than
go on with a deal to which 1t Is committed.
The Guggenheims. according to their coun-
sells statement today. merely asked a de-
lay Of thirty days in which to investigate
the charges and reports Of transactions in
connection with the granting of patents
and titles to the Nipissing.
Aside from the possibilities Of flaw In
the Nipissing title, Wall street Is chiefly
interested in the effect the slump In Nipis-
sing stock will have on the mining boom
in the east. The Guggenheim interests pro-
duce and sell more silver than any other
two or three concerns in the world COM
bined. The weight of this organization and
It's commanding facilities are thus with
drawn from the Nipissing field.
The losses sustained in Nipissing in this
market following the entrance of the Gug-
genheims into the property, have fallen
chiefly upon the rank and file of the specu-
lators. The Guggenheims personally will
assume whatever losses have been sus-
tained by the members Of the syndicate.