The morning journal-courier., 1908-11-10
WALL STREET NOTES In Spite of Tremendous Activ- ity at High Prices Stocks
 Close Strong HEAVY REALIZING LATE Steel Common Led List in Volume With Total of 1000 Shares
 Bonds Active.

Starting with q whlrlwlnd of tre- mendoues trading at prices which threatened sharp declines before the day was over the stock market with sales of l,63S,000 shares to-day broke all records for activity since March, 1907, but closed the day without re- cordlng serious net losses and even with gains in some important stocks. A sensational decline in the price of common stock of the American To- bacco company on the curb market as a result of the decision of the L. S. Circuit court declaring that company was a combination in violation of the Sherman law, precipitated the early demorali7atlon in the trading on the stock exchange. Tobacco common had dropped IS points just before the close of the market on Saturday and opened yesterday at 375 from which point 1t dropped violently total of 35 points. A feeling that the recent advance in prices had been too en- tnusiastc, and that a reaction was about due, heavy sales of American stocks 1T London and rise in call money to per cent. which had not boen approached since last January, contributed to disposition on the part of recent heavy buyers of stocks for speculation to dispose of their holdings and take profits, The atti- tuds of this element, however, was offset by buying which came from some of the leading commission houses, some of which reported very decided increase of public interest in the maiket.
 In spite of the heavy undertone and heavy realizing of the last hour, many stocks closed at net gains, though Union Pacific, Southern Pacific, Cop per. Smelling, St. Paul, Baltimore and Ohi), Northern Pacific and the United States Steel shares closed at losses ranging from substantial fractions to over point American Tobacco commons net loss for the day was ten points.
 Steel common led the list in regard to activity, with total of 22l,O0C shares. Union Pacific was next with about 156,0OO, while Reading was q close third with 150.OO0 full shares.
 Bonds were very active, though the total, $6,532, 900, was considerably be. low that of last Friday.
 During the violent markets of tho three days after election there was a no time any evidence of or any occa sion for the kind of support" O prices which shows the hand of { faction maneuverinG for the rise. Tn market carried, itself, and went ahead faster even than the expectations 0 capitalists who had planned for sucl a movement, Yesterday, the hand O the supporter came into evidence around noon. when the course Q prices appeared to be considerably il doubt the familiar cxpedent of scizinj one stock. bidding 1t up suddenly, thel dropping it and bidding up another was plainly adopted. Rock Island Reading, and Union Pacific were sue cessivcly used for such concerted op eration. Trading was very confuse elsewhere, while this biddng-up pro cess eonvcrged on the stocks selected It was not the hand of the publi which did this.
 Brokers stated that they had thous ands of buying orders on scale dow from outsiders, mostly small people who wanted 59 to 100 shares, whic they would pay for, in distinctIo from carrying them on margin.
 The cotton ginning report indicate that 6b per cent. of the years cro has already moved to the mills. Tn final report on corn shows the per centagc in farmers hands to be onl 2,7 compared with 4.5 year ago. l connection with the very heavy move ment in wheat these figures sugges wlY railroad earnings since the frs of S ptember have been so large
 Arbitrage houses sold 0,000 share as response to the heavy advanc here last week, and in spite of yer favorable reviews of the America situation printed in the English finar cial journals on Saturday and in tn sunday reviews. After selling tn amount in order to take profits the bought back some of the low-prlce railroad shares.