New-York tribune., 1906-12-04
DROP IN NIpISSlNG.
LOSES NE4RLT I POINTS.
Peoor5 Sale of 100000 Shares
Curl in a mi-Panic.

r..-;, record was made yesterday when
- 2Gaaoo shares Of Nipissing Mines stock
.oiS The trading vas during the day az
.i.a6 in character as IL was heavy in volume.
.,,sitions st times suggesting a semi-panic.
r,be STOCK. which in November had sold as high
=. $50, had gradually declined until. on Satur-
6av. il closed al 1873.
Al the opening yesterday about 10000 shares
vv.~e oHered for sale ini,ial transactions being
9. l,;2. ard ITia. Before the close OF the hr,t
tou- .he stock was selling at 16 and then came
8 -zIiv sad % lie Que 10 buying by syndicate
cor,nosee Of President Earle and important in
tsr.sts IL the company. which soon carried the
1rice u 70 1s. In the early afternoon however
smother decline Sci In. great blocks OF the stock
icing throwa on the market. and the price went
10 I5s.. The lowest in many weeks. II closed at
l6ls
The bulk Of the selling during the day was
believed TO come from small stockholders in
various parts Of the country, who, alarmed over
the great shrinkage in price and apprehensive
over the reports mat the company's titles TO its
mining properties might be found defective
cast over their holdings for whatever they would
brinS. considerable part of the selling IL
vas said. came from Boston
Reports were current that a large house. for
which curb broker had on Saturday bought
leo0 shares OF Nipissing. had refused to accept
them. and that another broker. who had traded
extensively in the stock Saturday, was not
10 be found yesterday.
Daniel GuRgenhem. when asked IL he cared
10 make any further statement regarding the
breaking of of the deal between the Guggen-
helms and The interests connected with the
Npissing Mines Company, said:
50 far as NC are concerned the incident is
closed and ne have nothing further 10 do With
that mime. There Is no prospect or possibility
~ reopeniu- negotiations or Of altering the pres
out status of the case. Having refused to eNer-
else The option We held, We would not go into
the mine ar any price
decline ts give any further reasons for our
action 900 The premises tnan those stated by our
lawyers .n their formal announcement on Sat
uTdsy. Further, / decline To say whether the
trouble Was over question Of title over the
value ~ The mine. Any further explanation on
these points must be obtained from the inter-
ests on tae other side We shall lose the sixty
thousand shares which were held by the oppo-
site party in The way Of forfeit and the
amount Va paid in, less such sums as we may
have sold may sell OF the forty thoUsa nd
shares which came into our hands. This loss
he Ciuccauheims win assume personally, and
uo one Uho went into the syndicate with them
VIII re nu- one dollar 10y reason of the decision
20 tura down the contract.
Mr Gurs0nhein added that he believed that
there vas 100 much wildcat mining speculation
now going on.
II ik llifi-i-tf'fl mat among Lle dSSG'd les OF
the Guggeuheins in the Nipissing transaction
were many foreign capitalists whose co-opera-
tion vas secured through one Of the great for
siEn banking houses Of this city. The only de-
ra'oumenr yesterday the subject Of the
N5rissinE titles vas that II was learned that
fu the spring Of 1:*t, allegations had been made
that the title 70 a hundred and thirty acres.
about 0ue-severth Of the company total hold
inEE was not perfect. These allegations II is
understood. were later C0uClusiTely disproved-
statement was given out yesterday after
noon by Colonel Robert N. Thompson and Jo-
~arh Wharton. m which they asserted their be
lief IN fne value of the Nipissing property and
stating that their Canadian counsel had as
sured them that the company's title TO II was
absolutely iwpTeEnahle-
Toronto. Dec S.-PreInier whitney. Attorney
General Toy aud Minister of Mines Cochrane
conferred to-day regarding the Nipissing mine
trouble Al the close Attorney General Foy
handeo The press the following message.
am rot aware of any protest being presented
10 The government 10 the title If the Ntplsslng
Mining Company. nor do I know of any in
tended application for p fat ! have to-daT se9n
fhe Premier and the Minister Of Mines, VINO IN