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Show PR0PE58I0NAL TRADERS IN CONTROL OF THE MARKET Relatively Heavy Selling of the Speculative Issues; Is-sues; Coppers Continue to Decline. NEW YORK, July 8. Professional , traders were in complete control of to- ! Jay's narrow and perfunctory market, j virtually all offerings coming from that source. There was relatively heavy selling sell-ing of such speculative issues as United States Industrial Alcohol and the more distinctive war stocks, iike the equipments. equip-ments. New York Air Brake. Crucible Steel and Motors. Alcohol recorded an extreme decline of points, duplicating its low price of the year at 126. Coppers and affiliated shares continued their declining tendency of recent days, but Mexicans were fairly steady when not under severe pressure. Sugars and the shipping group iost some ground, probably on further realizing for profits, but the more stable industrials, including United States Steel and Lackawanna Steel, were firm. Rails Are Dull. Rails played no part worthy of comment, com-ment, aside from considerable activity in Denver & Rio Grande preferred, which rose almost three points, with some reaction re-action toward the close. New York. Chicago Chi-cago & St. Louis, the "Nickel Plate" control con-trol of which was recently surrendered by . New York Central interests, made a recession re-cession of four points, to 39. Total sales of stocks amounted to 153,-000 153,-000 shares. The day's general news included further 1 export inquiries for steel and iron, trade reports showing: a moderate halt in vari- I ous lines of business, the decision of the federal court favoring the American Can company, and additional May statements of railroad earnings, including that of the Great Northern road, showing a net gain , of about $&00,OUO. j Cash Contraction. The actual condition of the clearing- I house institutions fulfilled popular predictions, predic-tions, the bank statement showing a cash contraction' of about $53,000,000, with a decrease of almost $36,000,000 in surplus, drawing the excess reserves down to $53,-546,000. $53,-546,000. the smallest total for this Item since the system of weekly reports came Into operation. A year ago excess reserves re-serves approximated $1(S;J, 000,000. Bonds evinced an easier tendency on limited dealings. Total sales, par value, $1. 940. 000. U. S. and Panama 2fs and TJ. S. registered regis-tered 4s declined Vz per cent on call during dur-ing the week. |