The sun., 1916-12-21
FINANCIAL NEWS
And COMMENT
Margin Calls Increase, Fright
cncd Holders Let Go and
Bears Press Hard.
STOCKS TUMBLE AGAIN
1ndustrials Suffer Severely,
Especially War Brides and
Shipping Shares.
STOCKS TUMBLE AGAIN

wall Street II not laboring under the
impression that peace abroad will be a
development Of the immediate future,
but 1t Is acting on the assumption that
operations for lower prices in the stock
market at this particular time will, con.
'ey the idea to the country at large that
peace with all Its horrors Of business
REIMBURSEMENT is a possibility that holders
Of stocks should not overlook. Stories OF
calamity to come are being sent broad
cast, and In consequence public operators
VINO were not even alarmed over last
weeks decline In market values are now
nervous. with the result that they are
closing out their accounts in brokers
offices while stronger interests are TAX.
ing their place.
The professional element Ia working
overtime to drive prices down, with the
result Of greater profits than they could
record at any time in the recent up.
roarious bull speculation. And appar.
emily banking interests are well satisfied
with the situation.
Many accounts which last week were
strong. In spite OF the break In prices IL
that period. came upon the market yes
teriay. Holders were frightened b,
their dwindling margins and by the per,
sistent pressure against the industrial
list. They were unduly frightened 1t
mind. but although they had nc concret,
reason for the belief that money ant
business in this country were to run int,
a period Of distress. they found ampl,
reason in the course Of stocks to civ,
their brokers' selling orders.
In some instances the publlc operate,
on tho shor, side with good results IN,
ppouortion NJ outside selling FOR hear ne
count. however being email comma re-,
with similar onerations for nrofessiona
Wall, street The public "a "A whole doe,
NOT understand short selling and In ,
heor marke, generally II, ia who'll,
straight, pub,ic liouidation that Ais IN,
coners n, tho exnerienced wall stree
trader.
pacer, halifax .xcess.. no the ou,sid,
e,emen, which embraces All narts OF IN,
country are finding their counternart 1,
currsnt ,os..s And a, 10 no, ,m,.ossih,,
that tho nrof.ssion.l ha,rs vho are nov
n, mmar;ny s,ocr. with what m,v h,
r,Ii.a Undated en,hus,a.m a,so may hay,
some ,rouh,e Tor declines bave nee,
eno,mous ne hor, irtsr.s, has hecom,
baav,iv ext.pded ana .,ocL, which m,
nuhlic ba. soid have yons into The hand,
80 s,rony er,n,,aI ,,,.res,s
VlanlinAa In thA tndllGfrlnl ehnIa Nas
terday u.ere sayere while they were ain
ra.,i.r a., ,ha shi,,,,, ,,.nas In,.rn,
80, Naroan,,,a Nar,n. nr.,.,,.d iosin,
49,. ,h,n ~ no,n,. ana IN. common
,oi,,s wi,h a symn,tho,Ic "a noln, dro,
=, >,,,,i, chic al w., Irdt.s
In IN. Iioyd c.nry. snsach ina, mar
nearing mon greater control ~ Enp,Is,
.hInnina nrny;d.d IN. L,,ic,I c,usa Ia,
an a,,act mon ,hs Nsrc,n,ne Marin,
- ,"r ,h.r. ia a ,w.n,y y.,r ayr..
80, ..n ,ha pri,t.h Gov.,nm.n
,ra tho In,erna,ional N.rc,nt,le Marin,
comnany which piyes that Government
oo v.hich arnarsn,,v couId rnt IA,
-, ,,' ,ha s,ncLho,dsrs How, ,b,
s',m,,ion will dsye,on ran only he con,
ioc,,r.d hin, M matter how IL turns IN,
I,ncert.jr,v ia proyiding bearish trader,
an n,nor,nri,y ;, drive nut an oyercx
tended buii acooun, in the COMPANY,
shares.
S,ocLs renresep,Inp co,,nanl.. eithe,
directly or indirectly protlting from tn.
WA n,fac,nre M mnni,ions Of war wer,
hard hin in the afternoon dealings, wher
inssss NJ fro,, more than . Is , poin,,
wer. recorded. with the greatest weak.
n.ss in I,ni,,d states Steel. Crucibl.
Steel. IN. .auipment shares. Contra
leather conner issues. Republic Steel
~Iackawanna Steel and Industrial Al,
cuhol
From the course OF prices IL nigh
have been imagined that something hat
happ.ned 10 reduce the actual worth 81
Investment securities. There was n,
change in basic conditions and no sug
~restlon OF "A change, and while the mar,