いつもお世話になってます。最近はGMATのSCを中心に頑張ってます。来月受験に向けて頑張りたいと思います。今日もまた分からない問題に直面したので分かる方がいらっしゃいましたら宜しくお願いします。

(1)In 1929, relatively small declines in the market ruined many <speculators having bought on margin; they had to sell, and> their selling pushed other investors to the brink.

(A)speculators having bought on margin; they had to sell, and
(B)speculators who had bought on margin; having had to sell, and
(C)speculators who had bought on margin; they had to sell, and
(D)speculators, those who had bought on margin; these speculators had to sell, and
(E)speculators, who, having bought on margin and having to sell,

Ans. (C)
このケース（A)と（C)の違いが良く分かりません。それとtheyがこのケース曖昧なのでは？つまりtheyは"declines"を指す可能性があるのではないでしょうか？

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Re:SCの質問
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