The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-07
TALK WITH ]. !. HILL
GREAT NORTHERN MAGNATE SAYS
NATIONAL PROSPERITY Is
HERE TO STAY
DENIES MANY FAKE STORIES
TALE OF OCEAN TO OCEAN LINE
UNDER ONE MANAGEMENT
A MYTH
BUILDING UP THE NORTHWEST

He spoke of the prevailing wonder era,
| pointing out the pitfalls, sounding
warning against wildcat speculation,
| talking modestly about himself and his
| plans, ridiculing the story connecting
| his name with the formation of an all
embracing transportation trust, showing
| the 1mpossibility of a transcontinental
! system under one ownership and express
ing serene confidence in the continuance
of good times.
So buoyant was the great railroad king
| that despite his sixty-three years he
went up the Wall street entrance to the
Mills building two steps at a time, fol-
| lowed by the interviewer.
HILL IS AN CPTIMIsT.
"The general conditions of the coun-
try" said he, "are healthy, and the ma
tion's prosperity is grounded on solid
| foundations. The only danger that
can see, If it can be called that, is the
speculative fever that seems to have
| seized upon so many people 1 do not
like to see wild speculation on margins
and l am not blind to the possibilities of
| overexcitement on that account. This
may be one of the unavoidable features
incidental to popular discovery and ap-
probation of the great progress max ng
in the development of the nations re-
sources, but l would like to see the mass
es take the situation ia a cooler spirit
ana with sober judgment
'lt is not well when the millers in
Wisconsin cr the blacksmiths and wagon
makers in Iowa, or the cattle herders in
Nebraska put the money they have saw
ed and the money they can borrow into
stock speculation on margins. It's
business they know nothing about, and
their investments cannot be based on an
understanding of the properties in which
theys are putting their money. L would
like to see that feature eliminated, be-
cause I fear no good can come from it in
the long run. Profits which may be taken
out of the stock market that way a-e
lost again as result.
PROSPERITY HERE TO STAY.
Eliminate this one feature of the ex-
citement to reasonable limits and [ see
nothing in the future to shake confidence
or to initiate against absolute faith in
ling continuance of substantial prosperity.
The sooner people settle down to strict
attention to their own affairs and to per-
scnal conduct of their own business,
making the best of the situation as it
exists, the better it will be. Conditions
are wholesome aside from the one fea-
ture have referred to. The masses of
the people are prosperous. General busi-
ness is excellent. There is activity in
every department of industry. Labor
finds employment in every township IN
the United States. Some of the staples
entering into universal consumption may
be little higher than they were few
years ago. but that is due to the growth
of legitimate demand Cotton may be
cent or two pound above normal.
Corn commands a little better figure
than consumers have paid in rece mt
years. Wheat prices are lower, but not
as low as in recent years, and the con-
sumer gets the benefit. The Slight ad-
vance which has taken place in meats is
due to the increased demand on account
of the great number Of soldiers the Unit
ed States, Great Britain and other coun-
tries have been obliged to put in the
field and feed for the last two or three
years, and also TO the demand from
American wage-earners whose prosperity
enables them to buy more and better
food for themselves and their families"
MANY FAKE STORIES.
Mr.. Hill here touched on newspapers.
He said: Much of what appears in
print about the operations and plans of
those at the head of large affairs is con
jecture. 1t is upon such misintormation
and idle rumor that the popular excite
ment feeds. 1 seldom read the news
papers myself, because l have not the
time, but from what hear through other
channels | am certain the public is sup
piled with a mass of misinformation
IL.
1 understand there is an impression that
I have been actively acquiring the stock
of that road for myself.s Now, as a mat
ter of fact l have never owned share
of Burlington stock, nor do own a share
today. My operations in Burlington have
been solely for and in behalf of the two
great corporations, Great Northern and
Northern Pacific. That my plans do not
conflict with the public good may be as
sumed from the fact that it is my firm
conviction and the rock basis of my
policy that properties dependent for their
revenues on the public can only prosper
when the people prosper When the peo-
PIE are oppressed and overtaxed they
suffer, and every line of business de-
pendent thereon suffers correspondingly."
BUILDING THE NORTHWEST.
Mr. Hill then talked about conditions
in the Northwest. He said: 'The de-
velopment of the West and Northwest
is amazing almost beyond comprehension.
That vast empire is filling up with popu-
lation as never before. During six days
of last week the Great Northern and
Northern Pacific took out of st. Paul and
Minneapolis 10000 people, who intend to
settle in the states traverSed by these
roads. About half of them were destined
for the state of Washington Most of the
remainder dropped eff at points along the
route. Washington is to my mind one Of
the richest sections in America 1t has
everything that Pennsylvania has Gnd
more 1t has iron, ccal copper oil, gold;
silver and splendid agricultural areas It's
resources justify the most extravagan.
claims of the Inhabitants
Reverting again to the transportation
problem with greater earnestness than
he had yet shown, Mr.. Hill said: ST have
in my hand a paper just given me, in
which find a. report purporting to be
from ST. Paul. in which is narrated with .
great detail a story about meeting held
three years ago between myself, Pierpont
Morgan, Vanderbilt Gould, Hartman
and others, in which a scheme of con-
solidation of our roads was arranged It
is as untrue and utterly baseless as it
could be if the additional statement had
been made that we had met as described
and gone to heaven there to hold a con-
ference with the archangel and at its
conclusion had returned to earth the
other way"
CONDITIONS DIFFER
Contining, Mr.. Fill said: II do not re-
gard O transcontinental system, one ex-
tending from ocean to ocean, under one
management or ownership, practicable.
Conditions differ SO radically East and