Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-03
FINANCE AND TRADE
Realizing Sales Caused Depression in
the Stock List
TENDENCY TOWARD LOWER PRICES
All the Arguments Favor the Bear
End of Dealings.
GENERAL MARKET REPORTS

Special pispl:th to The Evening Star.
NEW YORK. January 3.-Today's stock
market was rcactionary in character. prof
it-taking on a considerable scale forcing
prices down at all points Of activity. Lon
don's early prices were lower and foreign
houses were sellers of upward of 5000
shares of miscellaneous issues. This sell
Ing is believed to have originated in Ger
many and 10 have been carried on by the
familiar triangular process through London
and New York.
Germany's selling gave rise to rumors OF
possible friction between that country and
England as the result OF Transvaal compIi-
cations. However this may be. the early
selling by London was due to a more accu-
rate estimate of recent successes to the
British arms. The effort to counteract the
recent reverses by magnifying the Skin
mishes of the last few days had been over
done ana stocks bought under the impulse
or such reports were marketed TODAY
All things considered, the market did re-
markedly well. The orders under the mar
ket, of reimbursement character served
to make the decline gradual and orderly
AS an influence for good a reaction such as
was recorded today must not be underesti-
mated. The recovery from last months
panic had been too rapid too substantial
ana entirely too sentimental The change
In conditions did not warrant such a move
1nent ana the sooner the error was discov-
cred, the better.
1T makes nttle difference az to the cause
OF the foreign selling since II has served to
point local operators TO the safer course OF
using more caution to the volume of
their dealings. The gold movement is still
an unknown AMI disturbing factor. This
country must send more specie to Europe
and for every dollar sent there is a dollar
the less to lend on home securities. This
view has no cor: liberation for the coInpi-
lnentary side of the movement. The money
rate has destroyed profits I'm the interest
account, and unless this condition changes
toners change their commitments into the
short account.
Money will he plentiful later on. but
there Is reason for Withholding confidence
In the immediate happening of such AN
event Stocks that can be paid for are
recommended by commission houses but
where margin risk is contemplated the
best advice seems to be to walt for lower
prices.
The selling today represented trading ia
the two accounts, with evidence of an in
creased short interest.
The steel stocks were sold off and
brooklyn Rapid Transit was extremely
erratlc In its movements.
The Pacific shares sold down, but were
extremely well taken. Union Pacific is
noticeably firm and a good demand an
peared on the way down.
The gas stocks were strong for a time
under the influence OF rumors reporting an
early ending Of the rate war. Surface in
dlcatlons seemed to warrant these state
ments. but the lack of definite confirmation
allowed the entire group to be forced UP in
sympathy with the general market
Todays decline should run further and
then a basis trifie more definite NAV be
had for new achievements