Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-12-31
WAR BURDEN FELL
ON STOCK MARKET
Americas Entrance Into
Big Conflict Brought
Severe Losses
ADVANCES AS YEAR ENDS
NEW YORK. Dec. 81.

of American life for that reason stiii
4. light hut we may be said to he feel
ing the pressure OF the war III all 'tner
directions. Taking forty representative
sneculative and investment shares tho
reduction in the years average prNe on
the New York stock Exchange hasoeen
somewhat in excess OF 80 per cent This
Is probably an average of the dec'ne so
far as active stocks as whole are con-
cerned.
The reduction in bonds has prob
ab,y been about one-third TO one-nlf OF
this amount. Nevertheless, II Is obvious
from these representative calcul,'ons
that Wall street-using the term U, ts
broadcast application--has peeh .np -
bearing it's full share OF the kii'u war
Y burden II must he called upon to bar.
An estimate by n large banker VINO
has made a study of the SUBJECT , tnaI
the decline in railroad securities usteo
II on the New York Stock Exchahse-i' Go
/4 the value of the various propertis ng-
"a ured on the quotations for tneir scur'.
ties as compared with those esrert
z3 earlier in the year-was between eo'.
|W O00. 900 and $4,000, 100000 beiorelas'
W weeks advance. 1t appears reasosole
4 to assume therefore, that as induriai
IA securities so greatly prepohdera,A III
M stock Exchange transactions thattho
IN depreciation of stock exchange EVIL
~ ties. due directly TO our entrances in'"he
M war. is not much less than S4'ooo,p,-
II 900. IL may exceed that amount "
81 some $500,000,0o0.
n Undoubtedly it has been the seVe
a curtailment Of buying power quite as
n fectively as any great prsssu.o pa,,o, ~
ss.,,ns u.bioh f,aured in percentage
.sSahi,, sn,,ivalent to the full declii
II i.s,sa..a H., Tordon Stock Exchanf
nr,o.s aur,ry tbe full three and a hai
ps a.;.a os Tho war
t., ,ho cIo.jng days of the year a rt
L ,,ar,, erc,S, tbe lowest figures (whic
H were reached about December 2o) ha
4 taken place. This was due to the solVll'
OF the railroad prouleiii 80 ,,oaoa soole,
upu.eu " t p,,, :, has nrobablv
o! the ha go, ~ the windo
basls aiso n' .me onarc;a, institutio,
oress"ss Vi t"i tha hast noss;h
wnicn ueshr " ',',a, ta,omepts
showing Ill their "i'i'u"i
LENIENT WITH BANKS
A., a,,ora, hanks. the Com
" a. Currency has authoriz
oi'e to ba Ienient with [
~ ,-ha,. ora not 70 compel the
uains q, ,,arlr the mutations
,e''tue ,,r;,,os +bev ara CARRYING do,
~ .hosa that now are current and whi
~ .no .. ~, ahno.maI with this &C
n,,,s;o, VIII street as a whole agre
c.usio' ,.;,u a,,thorities have tal;
1 Inc State cane ,rha Insurance dena
siniiiar ~. ,.,,.;aus states have u
mems vi .o,;on ,.;tb annual sta
~lii...u ~ :" ,,s,o,,, of quotations for secu
.,,ents ~, to,,ds of underwriters ba,
ues III unaa ue of nr;ces drawn at (
d,trerent periods during the year.
shasa circumstances window dressing
~, 90 imnor.ant a matter as usual
This season. Nevertheless. there is pr
ant a not unnatural desire to make
Il nual statements appear as favorable
rnss;hle
,,~,r ,>.,,s
MANY CAUSES FUR pr'i'''> r''
The causes for the years spectac'
decline in prices are not difficult to
,ermine definitely. When we ,consi
that for practical purposes the Treas
has conscrpted the wealth OF the CO
try for pressure of AN Irresistible cl
acter 1t is hardly necessary 10
much further 1t is a known fact
Standard Oil and other large inter
were sellers OF securi,ies as oos "
became evident that our participated
the war was inevitable. These inter
Il were aware what war meant from
financial standpoint. Others waited
4 had to learn by. experience. IL
\ course, has been shrewdhess nNe
which is responsible TOT the i'e'
4 such interests as these are SO
lously wealthy. however. ~ No
said In their favor, that they ulo
make any secret OF the iac' thus
selling nor did they snow an! ii'.'.a IN, @
Of market manipulation cairie" VI,
the purpose or ADVANCING priceS '''
to sell.
Quotations for stock exchange
curities have declined, then. "her
sure or the uoNe.l .,s /osnar
financing. income =,
the high surtaNes, W. ,'.'', - ;,
prcnts taHes, ant,s .u Man for {
ny he ,, ;.a,,,s os wel, as o
prices-ah ny ,,rag ga,,ent for
nave ano,uI. % indnstr;aI GO
safes o. ,'..eaas have sen
ties. .ne ne - Pu, tho outsta-
story OIL .se ~. ysar,s oneration q,
A Ieatu,g C,ooI Exchange has bee
Governments pressure in one for
s,.',aot,on ne actual holdings OF $,
T. aovnward movement has
.,s.S 70 an appreciable extent by
-.,,,nv on the mart of professional {
sens put toward the close of the
~ axcbanpe authorities took this
Ill