Clipped From The New York Times
0pAUATROUBp BYTJITY CONGESTION Sir pecs9 Reid, Higfr Commis- itontr 6ays Therf Is a Rush of Immigrant from England."; f GIVING LAND BACK TO PEOPLE Graded Tax It Breaking Up Large Estate, While Industries Are ' - Growing Ripidly. fir George J-U. Held, the High Commissioner for Australia, who represent, that Commonwealth In England In the same wty Lord Strathcona stands for Canada. trrived at the Plaza, yesterday on wfaat to practically hla first visit to New York. Ilr Georfe recalled yesterday that be (jd pus through this city Juat fifteen eaara asro. when on hla ' way home from the Diamond Jubilee of Queen. Victoria, ut t' ie saw of New York was eom- yfM.n1 Into the time between arriving b. the Majestio In the morning and astchlog the first train for Montreal. The Hign Commissioner of a British jjomlnlon is supposed to be Ha leading attiaen. and In that . capacity Sir Oeorge ease ewer In August to be present at the UTeQlnf tn Halifax of the memorial that Nova Scotia put up in celebration of the 150th anniversary of the establish meat of responsible government there. Besides, be bad to attend the Toronto Exhibition in an official way. Both ends achieved, Eir George started out to see something of the United States, and headed for .Chicago. There "the Mer chants' Association gave him a luncheon, asl the British Empire Club a dinner, and when he got to Niagara, on hla we to New Tork the Canadian Club there bad him booked for an address. He has bera invited to Kinch with members of the. lferehants' Association, and to dine with 'some .of those who are prominent In ti movement to celebrate the 100 years of peace between Great Britain ana roe uniiea Duties. Sir George doesn't look like a lawyer. but rather a prosperous merchant or Mnufacturer. yet he la a barrister by profession. He is a Scotchman by birth. and vent out to Australia ra the early Sara He hadn't been at the law long before he evinced an inclination for politics, and In 1W be was elected to the Legislative Assembly of New South Waits, lie became Prime Minister of that colony, as It was then, in 1894, and held the office until 1809, during the time taking- an, active part in the movement 10 prmg snout a reaeration or me colonies Into a commonwealth of States. In the Parliament of the new Federation h. was leader of the Opposition for a time, but was Prime Minister of the Commonwealth In 1904 and IWOi. He has been High Commissioner for Australia since 1910. , . When New South Wales went Into the ' rT'l Oovertiment does not control the aeeated. Immigration traffic, but the uk w that" -,JR. have much of the poorest 4L ei London coming- to Aliatra-lUaz Sir Ueorice waa uk,) ' . rik tm the Cities. We would not enniraira t.l uri r Immigration." waa the reply. "One wood reason is that our cities already have too large a proportion of the people of the COtintrv. and erre Ann' - i-v. -.i,t by artificial means to the growth of the j-i.r pvptsiaiion. ror example, the popu-!.t,on. t New South Wales Is 1.7CM,isk. Of . this Sydney has 6uO.KjO, though New South sles is as large as France and UTat Britain mmhlnut U,IVmin .nn. talna probably &50.0UU of Victoria's population of 1. .11 ).(. while In Houth Aus tralia 44 out of every .00 of the people are settled In Adelaide. The fact that people can live in comfort In such large cities Is eloquent testimony to the wealth oftne country. i warning- ciaeses seem to me to l'V. under ideal rnnllllnm Vnti see Australia la a country In which test and levreauon oeiong to the working classes in a-measure not vlaihi iuh.r, Th cost of Irving is not high, the men work "i.j ciKui nours a day. men mere is ao much room. We have only 4,600.000 f?A" . cuntry larger than the United States." "What do you think the Panama Canal means to Australia?" waa asked. " The Panama Canal." said Sir George, with emphasis. " is a most Important thing for Australia, not perhaps for the Immediate present so much, but contln- pauy ana in a growing degree. I don't look for great changes in commerce at once. Of course the canal will bring Australia closer to New York, which will be a great thing for bettering commercial relations. . " What one admires about the anal at leaat the way 1 look upon it la the way It has been constructed. It la one of the finest exhibitions of American thoroughness, administrative power, fTh- aociai ana industrial atreng-tn ana "Kiiu I think It la a wonderful monument to the American people, and I erincerely hope that (bis magnificent contribution made by the American people to the commerce Of the world will never be allowed to become a source of ill-feeling. We don't want to see another canal buflt In that part of the world. We want to see the United States reap the full fruits of its enterprise and expenditure, so far as this may be found consistent with her own obligations to the rest or the world." 'PHONE COMPANIES AT ODDS; New York Co., the Metropolitan De-Clares, Refused It Ite Service. Spicial tt Tki Ntip York Timtt. ALBANY. N. Y., Sept. 18.-Rlval telephone companies, doing bsiness in the metropolitan district, will air one of their differences before the up-8tate Public Service Commission. A complaint has been filed with it by the Metropolitan Telephone and Telegraph Company against the New York Telephone Company for Its refusal to furnish the complainant with telephone service. The petition sets forth that on Aug. 8 application was made to the New York Telephone Company for telephone service and the installation of a switchboard In the office of the Metropolitan Telephone and Telegraph Company. The contract was signed the same day, and a check waa handed over. Eleven days later, the complainants say, their check was returned to the maker with their name cut off. No reason has been given them for the refusal of the New York Telephone Company to supply the service requested. The complaining company was Incorporated on Aug. 29 last to construct, THE : NEW YORK BILLIONS HEEDED TO DEVELOP RAILROADS President Winchell Says Vast Sum Will Be Required in Next Five Years. TO PROVIDE NEW FACILITIES Head of Western Road Thinks Public Demands Will Force Railroads Into Debt , Spteiat It TU Nrm Yrrk Timtt. BALTIMORE, Bept. 18. President Wln-chell of the Ban Francisco Railroad In a special Interview published in this week's Issue of The Manufacturers' Record, takes the ground that (8,500.000,000 will be needed during the next five years to provide adequate transportation facilities to meet the growing needs of the country. "The transportation facilities of the Southwest," says Mr. Wlnchell. ''are already taxed te their capacity, and there Is bound to be an embarrassment later on. There has been no Increase in mile age In the Southwest in keeping with the previous increase, because there Is no encouragement to people to put their money Into railroad construction. No way has been found to compel men to Invest their money In railroads. There ought to be thousands of miles of development lines constructed, going back into the Interior from present lines, to keep up with the development of the country that has already occurred. " The only way a railroad can make developments Is by borrowing money or earning It. Present rates, In connection with the greatly advanced wage scale, will not permit the railroads to earn the $ 500.000,000 that w ill be required to pro- Vide adequate facilities and maintenance In the next five years; nor can the money be obtained by the sale of securities, or by borrowing, unless the rail roads can be reasonably assured that freight rates will not be further reduced. The current In crease in railroad facilities is wholly In adequate. The present enormous crops will demonstrate the Inadequacy of the railroads of to-day in such a way as ought to secure the friendly co-operation of the people and the lawmakers In an effort to bo change conditions and the public attitude as to make It possible for the railroads to get In line with the coun try's tremendously rapid and widespread developments. President Markham of the Illinois Cen tral, in discussing crop and business con ditions or tne country in a no muuioi- "The Presidential year is having less Influence on business than ever before. People have been holding back for three or four years watting for something to TIMES. THURSDAY. COMMODITY MARKETS. Stronger en Forecasts of Bad Weather and Frost Repertd. w heat Improved on continued heavy die- , inn(iiion. renecimg previous neavy eaiea, and Influenced by the strength tn corn. Corn waa strong on frosts In Nebraska, predlctlona of frosts and unfavorable crop reporta from Nebraska. . Kansas. Okla homa, and Texas. Oats were firm, but nuiet. Provisions were steady, with light trade. Cottonseed oil rallied on an im proved foreign demand. Cotton displayed strength. Iower temperatures were predicted. The foreign market was firm. Spot inquiry was stated to be on a better scalet Coffee was steady. WHEAT. The market was heavy early, but turned firm and advanced about lc a btufhel front the low point and closed at about th beau Tba advance wsa helped by the enormous move ment Into distribution and th strength In corn. Tl.e trade has been very confident that the record-breaklna recenta wmilri Arm nrm I - lie tee pot market and bring decided pressure Into the future msrket. This Is not occurring, and the larr-r the receipts the lanr, r tl.e shtpmenta from Interior points are bc-tir.,l:-.. With receipts for the day of a.Snn.uio bushels, the Interior shipments Were l.tSsj.WO huoheia. In three dsys the shipments liave Increased 2.i"0r.0rt buphels. compared with last week, and the receipts have Increased only 1.300.000 bushels. rSmnrnl with Isat year, the rereipu have gained 4..4UO.OOO bushels In three daya, while th interior shipments have rained 8.300.000 bushel. This enormous outward movement from interior points is having both a moral and actual effect, aed thsr la somewhat lees inclination to ell the market on th movement. The weather conditions were somewhat unsettled In the Northwest. The Northwestern Miller says that the weather has been so unsettled that thrashing bas been materially arfecte-I. and also the aiulirv of the mln. Ahn m nr cent, only of the thraehlnc has been done In .-sortu Oak ota and Northern Minnesota, while In Central and Southern Minnesota aiul In South Dakota about 50 per cent, of the thrash ing naa ocen done. The flour output Is in-crv.-islng. but the sales of flour the last wek were not so heavy aa they have been. Expert demand la quiet, with only alx loads reported. ah wh-at waa steadier, with No. 2 T!?LUot v- m,,'1v0;,: No- 1 North Spring, ll.oo",: No ; hard Winter, I1.U2U,; ,0. 1 Manitoba, $1.0114. OTHER GRAINS. n. The market developed decided strength and closed at nearly the best of the day. Shorts were good buyers, and there wsa considerable ceneraJ buylna- on the unfavorable weather reporta. The official map showed heavy frosts at North Platte. Neb., and the prediction was for quit general frost, although the weather map did not Indicate serl-ouaiy low temperatures. Considerable apprehension wss created, however, while there were claims from the crop experts that the rrona In Nebraska, Kansas, Oklahoma, and Texas have been hurt more by the drought than waa at flret Indicated, and the crop In thoee States will be ahort of expectations There were also reports of verv small supplies Of old corn bark in the country. Hnot corn was firmer with export quoted at aiic December to March loadfnir. OAT3 Trade waa of fair volume and prices firm. Influenced partlsliy by the strenmh in corn and also the better tone In wheat. The receipts at the Interior are decreasing moderately, and this is bavins some effect on values. The Interior shipments on the other hand keep up. and the ehipments for the day were about equal to the receipts. Canh oats Were quiet with standards quoted at ;i(Sc; No 2 whlte'39ci No' 3 whlte 87 Vtt38, and clipped white, 89312c. PROVISIONS. PROVISIONS. The market was quiet, with prices showing but little change. Hog receipts were rather limited and hog prices were slightly SEPTEMBER 19. 1912. COFFEE Coffee pened 3 te 10 poiats higher. The metal Brazilian eabte showed a decline of 0 to 73 rrfs. The close here waa steely upon total sales of 73.300 bags. Havre closed M . ;, ., Rruu. nta co- tlnue moderate. Kpot coffee, Rio 7. follow: 14o. Contract peters Pre v. Fllgh. Low. Oose. Close. . .i.i.?a i3.o i34n3.a linn ..11711 1X78 IS.77117a 13-72 ..1.178 13 7 ia.77tll3.78 13 71 ..13.00 13.73 13.74 13.7a 13.70 . . .. .. 13.7tl3 74 13.M 13.7lnl8.73 H.5 ..13.77 13 70 13. 73413.74 13- 13.734il3.74 13.7 ..137 13.73 13.74W1.I.75 13. 8 ..IS. 73 13 75 13.744,13.73 13."e ..13.7 13.7S 13. 73p 13.74 I'M ..13.73 13.73 13.72313.14 13.08 ! September October . . . November December January February . Marr-h April May June July Auftut .. COUNTRY PRODUCE MARKETS. BUTTER. Creamery, extras, pound. SOKe; firsts, 288 2". V: seconds. 2e27',c; thirds. 24&23c; 6tata dairy, tha, finest, 2&$29c; good to prima, 25Q27c; common to fair. 22!j2lc; proses, extras. 22lir: firsts, i.Va2.M,c : seconds, 23324c; Imitation creamery, firsts. 24p24i?c; factory. June make, firsts. 23-2231c; current make, flrata, 22V2lc; seconds. 22c ; thirds, 2ot21c; packing- stock, current maks. No. 2. 2l4c; No. 3, lf5t20ViC. CHKBdE. State, whole milk, specials, pouad. lMfHi,c; averase fancy, 134c; nderrrade. 14ul5Vc; twiaira. best. lOVjc; State, skims, spectais. 12giac; choice. HVi)Hc; fair, lillc; undergrade. 7'y30Vc; fell skims, 4(V.. EGOS Fresh gathered, extras, doxen, 2P4J 81: extra firsts. 2-li2c : firsts. :4fl2V: sec-onda, 21a23c; third, and poorer, 13f20V,c; dlrtle. No. 1, 2tVS20V2; N'o. 2. 184219c; Inferior. 1317c: good to fin. 18fjfl9c; poor to fair, 12ilic; refrigerator, firsts, season's storage char see paid. 23i24c; seconds. 21j22c; thirds. ltK20c: Ptate, Pennsylvania, and near by. hennery whites, fancy, large, new laid, 38c; selected whites, good to prima, .IftiqVMc; commo.t to fair, 2432c; Western, gathered whites. 27'rtT2 : State. Pennsylvania, and near by hennery brown,. Rlft32c; gathered brown and mixed colors. 25B30c MISCELLANEOUS MARKETS. BUOAR. Withdrawals of refined sugar were good yetserday, but new business waa moderate. Bhfproenta were more or leas delayed. Prices were unchanged on the eelllnff baala of $3.10 net, less 2 per cent., for fine granulated. Th foUowlnc quotation, are net less discount of 2 per cent, for cash: Crystal dominoes. In csaea of two-poun2 cartons, $8.10 and $8.20; In cases of five-pound cartons, 87-0 and" 87.70; Eagle tablets. f8.40; cutloaf. 13.90; crushed, SG.M); Mold A. 45.4.1; cubes, Eagle, five-pound bag, powdered, and Eagle confectioners' gran ulated. 85.85; XXX X poa'Uerefl. x;.z: powdered, coarse powdered, and Easle coerae granulated T 2 . fruit powdered and Ea extra fine granulated, $5.10; Eagle. to, three and one-half, and five-pound cartons of fine granulated, $5 oO: three and one-half round bass. $3.3.r; five-pound bacs. $5.:tO; ten-pound bugs. $3.25; twenty-five and fifty-pound bass and standard granulated, $Vl5; fine granulated and tismond A. $5.10; confectioners' A. $4 93. No. 1, $43; Nos. 2 to 12. $4.Huj$4 .'10. In five-cent rgnge,; No,. 13. 14. and 15. $4 -5. The local raw ausar market ruled steadv. with cntrlfuaal. 96 test, still quoted at 44 11. Muscovado. 9 tet. at H.86. and molasses sugar, KU teat, at $3.ril. Sales were about 10.-0 bags, and Included Porto Rlcos and Cubes, afloat and September shipment, at equal to the market price. . The Indon beet sugar market was quiet and d to 3d lower. September was quoted at 12s 4d, (X-to!r at 10s, and May at 1"b lijd. MOLASSES AND SYRUPS The market f.ir molasses and syrups held steady at unchanged prices. Quotations: New Orleans, centrifugal, common. 1.V& lrtc; fair. 17ift20e; good, 21S2-; prime. 2tf.'S4c; New Orleans, open Kettle, 37 R2o; syrups, common, 11 a 12c; medium, 144J 17c: fancy. 25c. RICE. There was no Important change In this marju-t yesterday. Business was fairly active, with the offerings moderate. uuotatlons: Scr -nlng. 4tj4V,c. ordinary, 4V, &4c; fair, 4V45c; good ordinary, 5-354V; prime. 61j51ae; choice. 5Viu.Vc; head, Japau. 41ti&5c: I'atna. 6h7c. FLOUR AND MEAL. The flour market ST. PAUL HAD A BAD YEAR. Almost Decided to Skip Dividend When Turning Point Came. The forty-eighth annual retort of the Chicago, Milwaukee at St. Paul Railway Company for the year ended -June 3il shows In detail the decreasrs In operating revenues and the Increase in oiwrat- -tng expenses which made the qucsttim immediate before an improvoment set in early In the Summer of passing altogether the common stock dividend, which had been cut from 7 to 5 per cent. Operating revenues from all sources decreased during the fiscal yenr by $1,-&S.1 to $60,1.7-13. while operating expenses Increased by $t!89.437 to $220.127.116.11. leaving net operating revenue at $15.- 379,588. compared with $17.rC2,776 in It'll. Of the falling off In operating revenues the largest waa In freight revenue, which dropped from $44. 776, 4.71 to $4j;8l3,o73. Passenger revenue declined from $14.- 077,737, to $13,906,113, while " other trans portation revenue " Increased from $r,- 518.821 to $5,751,668. and non-transpor tation revenue from $H04.r31 to $HIH..VH. The largest increase in operating expenea was the advance in the com of maintenance of way and structure from $7.WiT).-410 to M.S12.314. Maintenance of equipment came next with an Increase of $841,- 887. There were a number of Increases par. tlcularly .In wages. General expenses were reduced In a few minor Items, but an lncrase or Sl.-n.m17 in salaries ana ex penses of clerks and attendants left gen eral expenses S1.118.7U9. an increase of $22.74. President Earllng says of the falling off In revenues: " The crop failure or mi in estero Minnesota. South Dakota, and Southern North Dakota .was the most complete that ever occurred In these States." Of the outlook he says: " The 1912 crops of small grain In the territory tributary to the company's lines are excellent, and the yield will be considerable above the average." He also makes note or a general revival of business. STOCK MARKET AVERAGE3. The average quotations of twenty-five leAdlnar railroad and twenty-five indus trial Issues and of these two groupes of etneka comhlned compared as follows yesterday with the quotations of rrevious days and of corresponding aays iasi year: 101S. RAILROADS. Hlch. Low. Mean. . I.t. Pat., Sept. 14 '.1173 Ki 58 Ul C.I "-'..5 Mon. Sept. ML... 83.99 1)3.55 HI 77 9n.72 Tues.. Kept 17..Mft4 93 98 94 to 94 77 Wed.. Sept. 1 . .94.9S 94 48 94.73 94.5b INDUSTRIALS Sat, Sept. 14. ...71. 49 71 41 71 45 71 45 Mob.. Sept. 18. ...71.!C 71.11 71M 71.. Tues.. Sept. 17...72:i3 71.58 71!3 .2.15 Wed.. Stpt. IV. 72.48 71. S4 72.IU 72. OB COMEINKD AVERAGE. Sat., Sept. 14....S2.61 'J IS 82 54 82 51 Mon.. Sept. 18 Si 95 VJ. 13 -' ' 82.70 Tues, S-r.-t. 17...s:t..S '2 77 Kl.17 Ki.4 Wed.. Bept. 18.. S3. 73 83.18 83 44 83 U2 YEAR'S RANGE TO DATE. Open. High. I.ow. Jan. 2. Aug. J4. Feb. 1. Rallread Industrials ....... Combined average .. .9143 MM SS 74 Jan. 2 Sept.. IX. Feb. 1. ...4.oo . 4H Jan. 2. Aug. 14. ...77.78 W-63 1011. 01.17 Feb. 1 75.10 RAILROADS. High. Ixw. Mean. Fui.lt,- I.ast 13 HEfORTS Or TIM ST rnXFATr!li. REPORT rtfr THK orvrrr "! OS THI HUDSON TRUST CO. at the close ef business os th 9.a day ef Bp- irtroor. ivia. RESoVnCE. et--k and bend fn-etmenta. vis. : PuMlc run( l-rt, marart value... inner wurlln,. market Reni estate owned Mis-tgagi-s on-.l Loans secured hy hen-i snd mortgage, deed, ni e4ber r,al eeite collateral . Iwn sv-curud hy other collateral . Ril:s purchased not secured tr col-la :eral Overdrafts I'oe from trust to-ripenles banks. an-1 bankrra ... fpe,-,. I-rsal tender notes snd nite of National bank fash Items Other assets. tx. : Furniture and ftxt'ires Accrued Interest entered Accrued Inierest not entered gxuvsrr m 2.I7.1.H 2 19.13 (a 1&1 4J 158,137 S3 1,232.754 41 l.I75.708.ee 8t 41 71.4i no 245.5M Kl f a-.M 4773.4 s mo o ll.nxi i.-. I.MS) t Total LIARII.ITIKS ..$5 045, 875. M Opltat stock Surplus, Including all undivided profits . In pa Id dikidends, reserked for taxes, etc.. in t'npsi.i dividends $518 00 Reserved fi.r taxes.... t...l l Preferred derwtsits $.5.Vtl "M Deposits nM preferred. 2SH4.54208 D u e trust companies, bsnks. and bankers 233.451 29 $V)0,0O0,O 70T.S4l.7J 1.9 it s.arci.Bsa 41 Other liabilities, via. - Officers riierk. out- "cr.'iing $18.21.m W'.rtgsnes on real estate owned 8.00O 00 Tellers' and accepted hecks 170.529 10 Accrued Interest entered 12.814 13 Accrued Interest not entered 1.427 On 202.7S8.1O Total $B.04!. 873.24 Ainuunt of Investment held a, executor, ed- n;inltratir, g.iariilsn. rece-.er. Trus'ee, rem-nilMie, or as ilex-i!tarv of moneys deposited en nrtier nf the court. f r which the trust company Is 1-a.Me because th" sain are not !ca4 fir Mvmin 1-er.ks. nor permitte.1 tn n1 r-v lbs reiv-tlvr Ir.j.lrun.i-tit -r -..rd creating or dMnlrg the truxts, $14.".. 1 15.t'2. .Stale if New York, County of New York. : I.ori.4 H. lli'l lJitt'AV. Vice i'resldent. snfl RICHARD A. I'lltDT. Sc.-retsj-y. of Hudson Trust Co.. loeated an.l doing business at N 1.411 ItrnS'lviiiy, In the I lly of New York, la sai-l c-.i-jmy, being duly sworn. e4rh f.-r himself. i.tys the foregoing re;ort Is true Ind otrert in all rospetts. to the best of his knowledge and belief, and tHey furih-r :iy that th.- u.ial business " sal.l trut mpenv h.i Imii irans-a.-t.l el the .. atlnn rw.iuirt .1 t. 1 he ilenklng I J w (Chap. 2 if the i n nli'lM f I I.ms amendi-dk and not (l-chtre r l that tho above report is in lh form prescribed by the Superintendent of Hanks, and is made In compliance with an offl.-Ial niilit re. Ive.l from him designating the Iith day of September, 1912, as the ditte of hl -h such rep:r' shall be made IXl lS H. IIOI.I.OW.VV. Vice lYei-ldent. RICHARD. A I'CRDY. Secretary. Severally tsubeersbed and i.orn to by both HeiKinents tt:e lth .lay uf s;.ml-r. 1912. before n;e W. J. H I .!. A V. (Seal of Nolarv.l Notary I'ii!.!r. (TJfM) f21.M New York Coun'v. t THE LONG ISLAND LOAN AND TRUST COMPANY. ISr.fUt. N T , Se;t 9, RESOL RCES. I!n... demand, mid time $0.024. R. 70 Bonds. tnon- gagrs. Ac 4.(175,440 00 Due from bank, and taiikrs. . . Ki.a7.r! Cash on reaers 712. o4M ,V. Other resources ii..H $l2,1lr2.MN.(1s LIABILITIES. capital stock. .. . $i.rm.ti.(s Surpi'is 2 .174.181.33 IViislts x.lsw.s.M !'l Other liabilities. los.-AI '2 $ 1 2.1 1)2.MS.J OFFICKRS: David O. Prefldent: '. t- Rosslter. t i ' '