The Birmingham age-herald., 1911-12-29
TWO OCCURRENCES UPSET THE MARKET
Poor Report of Hartman Roads and Bill for Lower
 Steel Tariff

New York, December 2S.-After several days of quiet the stock market was up set by two occurrences which Wall street Interpreted as bearsh One was the un- expectedly poor November reports of the Hartman roads, the other the statements from Washington that bill lowering the tariff on steel would be soon placed be- fore the lower branch of Congress as the first step in tariff legislation during the present session. f
 The stock market was dull at prices near yesterdays close until the middle of the afternoon when these two influences were brought to bear. During the remain ing of the day trading was active. Union Pacific with drop of 29s was the heav- jest loser among the more prominent stocks. United States Steel was sold In large amounts and sank more than a point to 6634. Reading, New York Cen tral, St. Paul, Northern Pacific, Southern Pacific. Baltimore and Ohio, Louisville and Nashville, American Smelting and Amalgamated Copper lost a point or more.
 The pressure against Union Pacific during the last few days was said to be due to selling in anticipation of a poor November showing but the street was not prepared for falling off of $SSS,O0o in gross earnings and of sl,1oO,000 in the net. Southern Pacifics shrinkage of $715,0O0 in net earnings was due largely to a si0o,- OOo increase in expenses, the loss in gross returns having been $2H,00o.
 These reports, following the unfavorable figures submitted yesterday by Rock 1si- and, seemed to bear out advices previous ly received that earnings of the western roads had been cut into severely last month The harsh weather conditions in territory served by Union Pacific was largely responsible for the sharp reduc- tion in gross earnings. The strike of shop men on the Hartman lines is under stood to have been another important fac tor in the result.
 The report from Washington that the steel schedule was to be taken up first was the signal for short selling of UrA- ed States steel, but that stock declines no more than several other prominent is- sues The course of the market during recent weeks has been regarded as an indication that less attention was being paid to political conditions and more to signs of revivlng trade. The days news from Washington apparently had little effect upon the market except as it sup piled to professional traders a workable motive for selling stocks.
 The advance which has brought inter national mercantile marine into promi- hence recently was continued with point gain for the preferred stock early in the day.
 The demand again cape largely from London which dealt efnore heavily in this market taking considerable amount of United States Steel as well.
 The money market remained dull with little demand for time funds. Recent heavy money movement abroad were indicated in the Bank of England's weekly statement showing a falling off of ss,00o- coo in reserve, the proportion of reserve to liability depressing sharply from 4.55 per cent to 35.4S The Bank of France reported an increase of nearly $40,00O0o in advances and bills discounted.
 Bonds were irregular. All is Chalmers . rose sharply but did not hold. Union Pacific convertible fours were weak and Some speculative bonds were heavy To- tai sales par value. s3,521 0o0.
 . rITnited States fours registered declined hc on call.