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Show i! . " I j THE YEAR 1916 OPENED WITH AN OPIATE VAPOR HANGING IOVER THE COUNTRY'S STOCK MARKET. THE FOG SOON DISAP ,( PEARED. A VERITABLE SATURNALIA OF SPECULATION ENSUED. SECURITIES SOLD AT THE HIGHEST PRICES EVER REGISTERED. TO- - WARD THE CLOSE, PRICES CRUMBLED AND MELTED AWAY IN A TUR- I I BULENT MARKET THAT WAS AGITATED PRINCIPALLY BY SHADOWS. AT THE END, DESPITE THE BIG SLUMP, PRICES IN MANY INSTANCES SHOWED HANDSOME NET GAINS FOR THE TWELVE-MONTH PERIOD. INVESTORS, THAT IS TO SAY, THOSE WHO BUY AND OWN j STOCKS OUTRIGHT, GET POSSESSION OF THE CERTIFICATES PROP- ; j ! ' ERLY TRANSFERRED INTO THEIR NAMES, AND HOLD THEM FOR IN- I VESTMENT, SUFFERED LITTLE AND IN MOST CASES FARED WELL. SPECULATORS, THAT IS TO SAY, THOSE WHO CARRY STOCKS ON MARGIN AND TRY TO BEAT QUICK-CHANGING FLUCTUATIONS, j SUFFERED MUCH AND IN MOST CASES FARED ILL. THE LESSON FOR 1917 IS PLAIN. j George Graham Rice j I DECEMBER 30, 1916. 27 WILLIAM STREET, NEW YORK. II - . I ' 1 . |