Personnaly I like to do all the initialisations in the constructor
public Test()
{
symbolsPresent = new ArrayList<String>();
symbolsPresent.add("ONE");
symbolsPresent.add("TWO");
symbolsPresent.add("THREE");
symbolsPresent.add("FOUR");
}
Edit : It is a choice of course and others prefer to initialize in the declaration. Both are valid, I have choosen the constructor because all type of initialitions are possible there (if you need a loop or parameters, ...). However I initialize the constants in the declaration on the top on the source.
The most important is to follow a rule that you like and be consistent in our classes.