Word: nickels
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...boom was set off by a small but promising nickel find in the sand and spinifex of Western Australia. It attracted particular attention because of the worldwide nickel shortage, made worse this summer when Canadian nickel miners went on strike. A tiny Australian mining company called Poseidon started the speculative mania late in September. A drill on its 1,100-acre lease in desolate Windarra churned up traces of nickel ore. After the company announced assays of 3.5% nickel, its stock, which had sold earlier in the year for 50? a share, jumped to $35. "In sober fact...
...rush was on. Speculators turned to cheaper issues of other mineral companies operating in Australia's raw and open West. Rumors spread that undiscovered nickel deposits lay under much of the territory. Thus, the boom is likely to spur prospecting as well as speculation...
...nickel find was made by Ken Shirley, 55, a veteran of 40 years' prospecting for gold in the Outback. Last year he went to work for Poseidon. He found several promising outcroppings and staked out the drilling site. The big payoff has gone not to Shirley but to his burly friend Norman Shierlaw, an Adelaide broker, who hired him for Poseidon. A mining engineer before turning to finance last year, Shierlaw controls 8% of the company's 2.5 million shares, an amount worth $6.5 million. Sitting behind a desk littered with empty beer cans, lumps of ore, contract...
...Museum Trips" from a forthcoming book by Carl Nagin is a short, funny story about a visit to the Fogg. In the Modern Art Room Rocko and the Narrator meet an employee who "wouldn't givya a nickel" for the $70,000 Brancusi wood sculpture Caryatid, which he calls Mrs. Murphy's Bedpost. He calls a Jackson Pollack "that horror over there" and says it was hung on its side last month, but he likes Olitski's Ariosto's Kiss because the "painting seems to move." They visit the Persian Rug Room twice, but the rugs are on the wall...
...very high interest rates." Maybe so, but last week interest rates on short-term Government notes jumped to still another record high. Example: 6½% on a $356 million issue of New York State tax-free notes. The prices of many industrial materials-among them copper, nickel, steel pipe, chlorine and abrasive powders-also continued to inch upward, promising subsequent increases in the cost of the goods and services that consumers...