The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-13
WARNING VOICE
T. ]. Hill Thinks That the Prosperity
of the U. S. Has Reached Its
Zenith for the Present.
He Expects a Decline From Now On
"A Rather Pessimistie
Interview.

Chicago, Dec. 1s.-James J. Hill, presi-
dent of the Northern Securities company,
says that prosperity in the United States
has reached its zenith and that the retro
grade movement is near at hand, if it
has not already begun. The crisis may
be fastened, says Mr.. Hill, by the trouble
in Venezuela.
Men. who know Mr.. Hill best have al
ways regarded him as an optimist in
finance. His words therefore are con-
sidered as having peculiar significance
at this time. New York capitalists he
says, fear that the United States will be
drawn into war with either Great Britain
or Germany, or with both. He points to
the recent slump in stocks and the "sick'
condition Of the money market as the de-
monstraticn of the way these fears have
taken hold Of Wall street. He says that
men who in debt are being forced to
assume new and heavier obligations and
thus pay for benefits that they have not
reaped. In the end, Mr.. Hill says, they
will be caught between the upper and
neither millstones, where the bears will
squeeze" them
MI. Hill arrived in Chicago from New
YORK In his private car at o'clock last
night. He went at once to the Chicago
club To-day he will start for st. Paul,
his home, and thence will go over his own
cific coast He will return to st. Paul for
Christmas and the holidays
Il am not one Of those fellows who
cross their bridges before they get to them
-'alarmists.' I think you call them,''
said Mr.. Hill: Il am disposed to be cheer
full about most things. But can't see
anything in the present financial situation
to cause me to do any rejoicing. Things
| look serious. They are bad already, and,
what's more to the point, they are
destined to grow worse. This country
has reached the top of its prosperity. If
| the serious downward movement has not
already begun, it is not far off.
There are more reasons than one for
this; chief among them is the uncertain
! state OF mind in which the New York
men find themselves from day to day.
Uncertainty is the worst thing on earth
for the moneyed interests Of country.
"They fear the United States will be
| drawn into a war with England and Ger
| many. Many Of them actually expect
clash with Germany. This ties things up.
| Excessive rates are demanded on money.
| The men who are long on stocks get pan
| icky, and as a result the market slumps
| off.
Look at the way prices have fallen in
| the last two or three days. Somebody
has to suffer when these things occur
Just at present the future is dark to men
who are in debt In my opinion it has
| not been SO dark in years.
The Venezuela trouble has Jared the
money situation in the United Statse.
Things were just ready to topple before
the trouble came 1t wasn't necessary
that anything half so serious should have
| occurred to precipitate a crisis.
! Zone does not need to look to Wall
street for support Of this opinion. Tight
| money is not felt there alone. The manu-
| featuring districts are suffering already
Their suffering. will increase as things
grow worse.
| Good evidence can be found too.
among builders. Where they were re-
ceiving orders for five buildings a year
ago they are lucky if they are getting
! one to-day. - OF course. am not saying
| that my opinion is held by everybody in
New York. Probably a good many men
who have positive ideas about thing.
would fatty contradict everything l have
said. but there are many people in New
York and elsewhere who agree with me-. -