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Show GLOOMY PERIOD IN MARKET WORLD Influences That Have Ruled Trading During the Week Depressing. TAFT'S SPECIAL MESSAGE DID NOT HELP MUCH Outlook Is Brighter, With Prospects Pros-pects of Early Readjustment of. Difficulties. . BY RALPH EMERSON. By Leased Wire to Tho. Tribune. NEW . YORK. Jan. 15. Tho stock mnrkot reacted sympathetically to many influences this week and unfortunately they wero all of a depressing character. The effect of the Hock Island flurry was still strong, and tho suspension ofbro kors did not restore tho confident feeling necessary to firmness. President Taft'a special messogo on conservation and waterway improvement did not havo much effect, notwithstanding his recommendation recom-mendation for $03,000,000 expenditure for better "waterways. "Reacting from the turbulent cotton market, there was a pessimistic feeling which was not dispelled dis-pelled even by improved dividends and reports of buslncsH extensions. The banks report a gain of $13,S56f000 In cash for tho present week, of which $11,67S,000 -was made on tho interior movement. To find a greater weekly gain would mako it necessary to go back to tho week ending January 23. 1908, when tho gain recorded was 14,416,000. We arc now witnessing a flow of currency cur-rency from the interior that Is somewhat some-what remarkable. While I enumerated Boveral leading causes for market effect nt the top of this column, there were statements from corporations which should have had a buoying effect. It developed this week that the billion-dollar copper merger will not come until more propitious times prevail. pre-vail. International Harvester made a skeleton skele-ton report, showing SM.000,000 more earnings in 1909 than in "1905. There was a sudden rise in U. S. Express company com-pany on the report of a further melon cutting. International nnd Great Northern announced an-nounced an increase of 30 per cent in earnings. Missouri Pacific announced earning capacity so high that $10,000,000 can bo spent In 1910 without hurting the treasury. Lackawanna Steel company shows a substantial gain in earnings. Southern Railway has gained so extensively exten-sively that the operating facilities will bo expanded. The steel trust Is looking ahead to get things. True, the railroads and copper mines in the west aro being retarded by lack of fuel and by blizzards, and it is also true that tho cotton industry in-dustry does not" face such a rosy prospect pros-pect as could be wished, but -with these difficulties adjusted tho horizon Is cleared. There wero fluctuations abroad today and the London exchange bumped up and down from ono to four points. The incentive for tho heavy selling was a matter of much conjecture United States Steel, after starting a half-point lower this morning, held fairly fair-ly steady through subsequent transactions. transac-tions. ChcsupeakG & Ohio showed a fractional advance at the end of tho first fifteen minutes' trading. Westlnghouse fell four nolnta on a fow transactions, going to 70. Thcro was good purchasing of Amalgamated, Amal-gamated, and two big Wall street houses bought Union Pacific and United States Steel in great blocks. The Standard Oil Interests sold railroad stocks and this, coupled with sales of 30.000 shares by a London arbitration broker, caused a depressed feeling. The feature of the day was a vigorous vigor-ous raid mado In tho last hour by tho bear interests. On this attack. Union Pacific xtns forced down a point. As soon aa the bear selling ceased, Union Pacific reacted two points. Railroad nnd industrial bonds remained unchanged; government bonds wero unchanged. Call money ruled nt 1 per cent. Dairy Produce. CHICAGO, Jnn. 15. Butter Steady; creameries, l!6(!i)34c; dairies, 2530c. Eggs Receipts. 2703 cases: steady at mark, cases included, 24iijf30c; firsts, 30c; prime firsts. 35r. Cheese Steady; daisies, 16J17c; twins. 121124c; young Americas, 16c; long horns, ICic. New York Sugar. NEW YORK. Jan. 15. Sugar Raw. firm; muscovado, .89 test, 3,77c; centrifugal. centrifu-gal. 96 lost, 4.17c; molasses sugar, ,S9 test, 3.42c. Refined, steady; crushed. 5.85c; granulated, granu-lated, 5.15c; powdered, 5.25c. |