EXTRAVAGANT AGE.

Gisborne Times, Volume XXIX, Issue 3121, 18 January 1911, Page 7

EXTRAVAGANT AGE.

FINANCIER’S PROPHECY OF RETRIBUTION.

The New York Stock Exchange has been discussing the pessimistic utterances of Mr. J. J. Hill, the “railway king,” who predicts that the United States, and indeed, the whole world, is about to harvest the fruits iff undue extravagance. “When I told President Taft a few days ago,” said Mr. Hill, “that there would be many thousands of men thrown into idleness next year lie was 'incredulous. But I was not making a guess. 'lt is a fact.” Mr. Hill reiterated his views upon American extravagance both in private and public lMe. “Wo. have devoted ourselves too much,” lie observed, “to adornments. We have wasted ioo much in nonproductive undertakings. Those who have money to inovst are not contemplating productive enterprise. Next year factories and other concerns will have no large plaits of expansion or improvements, and in consequence there will be shutting down of -mines and many will be thrown out of employment.”

Mr. Hill illustrates the impending stagnancy by figures showing that the Great Northern Railway is ordering only 70,000 instead of,, as last year, 245.000 tons of new rails, 3000 instead of 11,000 new freight cars, twenty instead of 300 engines, and no passenger coaches.