Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-04
FINANCE AND TRADE
Stocks Opsned Weak. But Rallied
Later in the Day.
SHORTS had TO TAKE TO COVER
Sugar Was the Favorite in the
Industrial List.
GENERAL MARKET REPORTS

Specirl Dispatch to The Evening Star.
NEW YORK, January 4.-Early trading
in today's stock market was irregular, but
mainly favorable to lower prices. Traders
sold the International shares in anticipation
of further heavy liquidation by London.
Lower prices in the foreign markets. cou-
pied with the free selling Of yesterday. en-
couraged selling for a time, but it soon be-
came evident that neither London nor COM
mission houses offered stocks in any con-
siderable volume.
Realizing that their own sales were being
quietly absorbed by strong interests, trad
ers changed from just before noon and be-
gan to buy back early sales. This move
ment met an improving commission house
demand and prices were moved up sub
stantially in consequence. In the railroad
list New York Central was the conspicuous
feature. being bought in round amounts
and responding easily. The earnings of
this company. its management and the
gigantic schemes for betterment through a
process Of absorption are certain to push
it rapidly to the front of the investment
department
The Vanderbilt system seems likely to
lead the present market In any advance,
and no better leadership is possible. By
centering the demand on a group Of stocks
which has repaid the confidence Of legiti-
mate buyers, the middle group of securities
may be developed gradually. The de!iber-
ate, logical movement alone survives, and
a campaign coming Immediately after the
decline of last week needs to provide es-
pecially against hasty and impulsive opera
lions.
There is a growing belief that the largest
interests in the market favor higher prices
but are opposed to an uninterrupted ad-
vance. On reactions, therefore, the best
judges Of the market express a willingness
to buy.
The short interest in the market espe-
cally in the Pacific and other low-priced
shares, has assumed proportions which
fully justify a sharp rise should covering
movement be forced.
In the industrial list American Sugar Is
the feature, and the buying comes from
sources which have heretofore been singu-
larry successful in these shares. The rate
war will be little heard of. it is said, dur
ing this year and actual competition is not
to be feared. Serni-Official advices report
the earnings of the American Smelling
Company to be extremely gratifying to the
management. The quiet buying of this
property and it's excellent handling during
the decentralization two weeks ago have
made 1t many friends.
The industrial department is not likely to
come into prominence In it's entirety for the
reason that the money rate does not yet
Justify the carrying of an extensive line of
this kind of collateral.
Bankers are predicting easy money later
in the month, but wisdom, as well as recent
experience. suggests waiting for the actual
fact rather than discounting the prospect
The market is admittedly acting very WELL
but the week is likely to end with the pres
ent differences of opinion in evidence and
a consequent irregularity in prices.