New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-28
HEALTHY RELAXATION,
DAAUNOohO BY j. j. HILL.
Business SIO1cing Dozen. but No
Panic Coming, He Saus.

James J. Hill chairman Of the beard Of the Great
Northern Railway, said yesterday when asked for
his views on the business outlook: There e
plenty of business. The transportation con,ran,ce
are having all they can swing. II requires no
great insight, however. TO see that a slovI,p nm
has set IN.
You say the steel trade is not showing any
Signs o. reaction Very true. But the steel busi-
ness is different from other kinds Of business Ind
even different from tie steel business az q few
years ago New for the finished steel rra5uc,
are coming 10 the front every day. The town nser-
chant who used 10 be satisfied with two or three
story wooden structure now insists upon having at
least five story building Of steel some nan in
nearly every town IN the country who has r,ada a
Ettle fortune wants TO put up a steel building ana
carve his name on IL. They build ships OF steel
now rather than wood. and railroad men who used
70 build wooden cars building steel cars now.
hundreds Of instances might be given 10 show The
multiplicity of uses which the steel product Is
now put all Of which proves Il Is on a sounder
footing than ever before. Once a luxury steel has
now become necessity.
But take some Of the luxuries which are bought
only in flush times. Here is where the reaction
first sets in. In this department there Is now n
general slowing w. Go a step further Six months
ago railroad men could not talk with car builders
The latter were too busy TO talk and. when they
could talk they could not promise deliveries Now
am told the car builders seeking the railroad
men. The latter. however, are shy.
II Is the same In many OF the big manufact-
uring lines Excess orders piled up months ago Will
keep the plants going fun swing well into the fall
But now there is falling OF in orders Unless
there is change this means the big plants that
have been running fun blast will have 20 let men
so. n that case II would not be surprising II we
heard the rattle Of few empty dinner pals. There
VIII be two Jobs Tor three men instead OF three
Jobs for Two men, Your skilled laborer who has
been intoxicated with the flush OF prosperity for
50 long won't like the new order OF things He
vill get t2sa looking for another Job and go back
70 mother earth again ana seek the steady living
which cultivation OF the soil afTOrdsL Your day
:sooTsr who has been insisting on getting 81 80 or
less Your banker. who has been sitting back shak-
that Il has become g drug the market A PresI-
Genital campaign will be az hand.
Now. 1 would call this healthy relaxation. II
is far more healthy than the disastrous panic Of
osded the last presidential election nov It YOU'D Pi
probably be more or less a controlled reaction
teeth and ran pell neil into panios The country
IS growing and viii continue 20 grow. Relaxation
Asked what he thought about the various cor
receive measures which are being proposed and the
roads have not injured the country. Everything
today It IS true they hsd to take some land but
they freQaeaty paid two or three times what II
nent on a railroad train than 10 ride across on a
% 20 ii,The- .a y. t =; y TvsSb,nston oT reron
because the product could not be transported 20
ar nor the water
Five men can incorporate four. different con
cerns-a railroad. a bank. q manufacturing esIab-
lshment, a mercantile house The capital they put
IN the bank can be made 10 pay or not IL the
profits 80 per cent, well and good. II the
manufacturing plant is found not 20 pay they can
close II The capital here has pretty free rein.
II they want 10 charge certain price in the mer-
camille house they do H. They profit al
they VIII In the railroad II Is different. IT Is all
the same kind OF capital, hIwever. Unlike the
other investments the return in the railroad field
is limited. Rates are fixed
n on The given rate railroad makes big profits
u Is condemned A premium Is put On eUtraVR-
gance. II the railroad does not pay, unlike the
mercantile establishment. II cannot stop. II must
Tun on. The risk in railroad venture Is infinitely
greater, Yet in enterprise does capital meet such
encouragement But the railroads have much to
40 with The prosperity OF the country, and railroad
Investments should be encouraged not discouraged
because the prosperity OF the country Is dependent
upon that OF the railroads no less than the pros
prty Of the latter Is dependent upon the prosperity
Of the former They are partners