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Show ACCUMULATION OF MONEY IN THE NEW YORK BANKS Financial Institutions in All Sections of the Country Coun-try Said to Be Overflowing With Ready Cash. By Thomas C. Shotwell. By In'ernat'onal New.- Baprlca NEW YORK, .inn K. Announcement by the Laokawa noa Railroad company com-pany thai It would Issii" $12,000,-000 $12,000,-000 par of new stoi;k for -onstni's-tion work In the stat of Pann-syl Pann-syl van la cve tiio c-nor.il market a firm underton- toda- bSCaUaC it lad BP6CU lators fo 'iiope for 1 m Ions" In Hit di- ractiona Lackawanna -took sold up tn points to 655, which with the subsidiaries mak lha original Lackawanna stock tiie aqulvalenl of 1916 a share. Tha other s'lrprisins: feature of tbo rav was a wild upheaval in tobacco shares. American Tobacco advanced twenty -aeven nolnta, maldnc a us.'1 of forty points in two days. G. TV. Ilelme stork moved up lli Liggett t- Meyers and r. Lorlllard 9. The tobaoco aharea on th '-iirh market were also strong. Prltlsh-Anieii.iTi hp-prooohlr.c hp-prooohlr.c Itp prN ions high record and United '""Ijrai- Stnr-s shov.dn strenffn for the Tirst tlmo in v."eks. Puzzle for Traders. Or the standard issues. New York Central was leader, -jalnlnc two points on th dav's trati-actloii. and closltiK at the high Drieo St. Paul was a puaalc for the tradTs They started in to sell if. but found a nood demand for the isne and withdraw, so that iho Price Sh O Wad a decline of on!v one point for th day. u la generally believed that the atOCk has discounted tha reductions e.f its dividend. Lnion Paeifio barel) held its own ttn-dcr ttn-dcr a ,na"1' vnlump of trading. It Is noted that the stock is In active demand In the loan crowd and It Is possible that it lias been oversold by 'he wrnnc people peo-ple On" of the most skillful traders In the street as reported today to h covering his short commitments, pro-parlnsr pro-parlnsr for a wlnr on tho long sid of the market. The. feature of the market that is worrying the b"ars Is Its stability stabil-ity under tb flood of had developments that has struck It this week. Reduction of t',ie St. Paul dividend, demand hv the locomotive engtneera for higher wftpes. announcement that the Re.pnblle Iron A- Stel company did not earn its dividend In the last half of 1P11 and a tempornrv let up in the demand for stepj were among these Influencsa Cash in Banks. On the other l)nd there Ij a surprising surpris-ing accumulation of cash In the banks. the sain for this wek showing fully $12,000,000. Preparation:- ate under wav for cold shipment- should i no rate of exchange hsi" n slight further advance. Banks in all sections Of the Country are overflowing wltli mone-. Tht? accumulation of nionev Is not due 50 much to the fact that business Is dull as it la to the. fai:t that ordinary Htijtens have quit carrying so much cash In their POCKS U as they tlld during boom times. They have eit'ner sp.-nt tlieir pockd money or pave nut' It in the bank f-.r fear they will spend it. Railroads in the northwesl have suffered suf-fered much from the -now this winter and poor reports are expected for .fan- uary, but announcement today 'hat the threshing of whSat has been resumed In Albert.' -how- that there 1- conalderable business rel to bo done In connection with the Inst harvest. ;-tel authorities aald today that the advance In wire prices had excited a better demand. This probably la due to the fa 1 that dealera are preparing for the demand for fencing that will make Its appearance In the spring No Alarm Felt. Although a congressional committee vas busy with the money octopus the street displayed no alarm, "it Is definitely believed that Samuel T'nt e rmeyer will bS counsel for the committee If a real invest in-vest icatiop s made and that he, being ambitious for political honors will steer the Investigation along such lines as to mak It a good thing for both the public pub-lic and tht banks Nanks are doing many thmcs contrary to the best judgment judg-ment 01 tha preat flnaneler who feel, however, thai ihe neceasttlea of business compel present practice.;. An officer of the United Cigar Stores aald toda: that Bailing of the stock of that company was undoubtedly due to liquidation by the lending Interests in the American Tobacco compan) Strength of New York Central and its officii announcement that plans are under un-der unv for merging the Lake Shore and Michigan Central With the parent company com-pany have caused manv persona to wonder won-der whether the Chicago a- Northwestern will be Included in the merger. Intimations Intima-tions are dropped from time to time that the Northwestern is arutloua to get through to the Pacific coast over Its own lines If that were done New York Central would he nn ocean to ocean railroad. rail-road. St. Paul's experience has chilled enthusiasm for such an enterprise In the Immediate future. |