Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-28
Shorts Sold Stocks During the Early
Trading.
'ohE GOOD BUYING FOLLOWED
Realizing Sails Marked the Closing
HOURS d the Exchange.
GENERAL MARKET REPORTS

! Special Dispatch TO The Evening Star.
| NEW YORK. December 2S-Traders sold
stocks during the opening hour on the the
| ory that the rally had run far enough and
| that lower prices in London would invite
| realizing on ehts side. Once the pressure
| of short sales was' relieved the market
| moved upward under a. commission house
! demand, and early sales were speedily re-
| covered at higher prices. The market was
! given excellent inside support il several
instances, AMI raids on the part of the pro-
fessionai eefe'aent failed of profitable re-
| suits. While the movement in the Pacific
| stocks is attributed mainly to buying by
inside interests and the covering of short
| sales, the former demand is not always in
evidence in other properties.
The industrial list is thought to have been
given its chief support from sources which
were conspicuous sellers a week ago.
In New York Central, Pennsylvania and
Panhandle there were special movements of
substantial proportions which were more or
less mixed in character. A large short in
| terest in Brooklyn Rapid Transit was
forced to cover literally, the supply of
stock being sufficiently limited to admit of
substantial rise in price
me buying was not wholly for the short
account, since the street had been a mod
crate buyer on recent declines in anticipa-
tion or such movement that of today
Much tax OF new pool is heard, but I'M
TIL the short interest is eliminated the ex-
act credit due the pool will not be known
In rev OF the inactive stocks. Colorado
r uel' Ior example, the price was advanced
Sharply under a moderate demand. Evil
dence OF scarcity of stock seeking mar
Ket was to be had in this and similar in
stances, and tended to encourage the adj
vance in all departments.
There Is a Widespread belief in a ruoder-
ATE reaction before the end of the wear but
tne arguments are adopted by one faction
only TO be disputed by another
some gold Is going out by Saturdays
steamers, and the Transvaal situation gives
every indication of being a prolonged ele-
ment of mistrust. Arguments based on
these facts are offered in Justification of
the reactonary theory, together with the
usual post-panio habit of a slow recession
to the low level
On the other side there are the January
disbursements of over $500, 600, 900 the re-
turn of money from interior points-said
to have exceeded So. 900, 900 yesterday-and
increased dividends in railroads as well as
initial dividends on the common industrials
Ihere can be little doubt as to which series
of arguments would be accepted had not the
severe depression of the month reduced
the absorbing capacity of the street
Londop has home difficulties, Boston has
had shock and New York has felt the
ev1l Influence of the neighboring troubles
If the lost confidence can be restored the
great prosperity of the country must force
a much higher range of prices. At the
present time there is enough confidence to
deter short selling even at the new level
Prices reacted during the final hour. but
only because of profit taking on traders
purchases.