New-York tribune., 1910-11-28
/ !. HILL PREDICTS
WORLD DEPRESSION
Railroad Man Says Next Year
Will See Universal Hard
Times in Trade.
NO WORK FOR THOUSANDS
Thinks Americans Too Extrava-
CANT and That Too Much Of
Their Capital Goes Into Non
Productive Enterprises.
rs,- T,lc-rspf 10 The tribune. J

NV telegraph 20 The Tribune
e. PAM Nov. 27-That the United States
and the world. in fact, are about 10 mar
vest the fruits grown OF extravaganza
] J Hill is absolutely positive 1t Is TOO
late 10 warn: the hour is now near. ne says
-eVbx when I told President Taft a few
oays ago" said Mr.. Hill. that there would
he many thousands of men thrown out OF
.n,nlo,-ynent. he was almost incredulous of
my sincerity. But / am not making a
guess i VIII be a fact
Mr.. Hill said that the President is a
good fellow: he means We'll, but he has
made lots Of mistakes.
The trouble with Mr.. Taft, he contn-
ued. is that he lives in political at
raosphere He can't get away from IT III
rervades Washington. and the President S
x.iews of conditions are limited in q large
measure by those who surround him
-.1yhv not get business men 10 accept
Officer repeated Mr. Hill, in answer 10
question
THAT would be altogether Impossible A
business man could not remain in the Pc
stion His election could come about only
through the efforts OF those supporting hlil.
which ,vo,IId mean a besieginS horde OF
Office seekers"
Mr. Hill declared that the American peo-
ale were tco complacent. They spend TOO
freely and are greatly inclined 10 take a
rosy view Of things entirely unwarrarteo
by circumstances.
Americans Too Extravagant.
--Extravagance is their great fault salo
he We have been wasting entirely 100
much in non-productive undertakings AS
q rule we have been given too much TO
h-v OhSeSSeQ
with the city beautiful in municipal af-
fairs. We have followed like policies IN the
state and national governments
.'Battleslips not only in this country, but
also abroad. are illustrations Of the ex-
rravacance in w.lich the world has been
plunged in the last two decades The
money for the construction Of these has
been withdrawn from commercial circles
and almost as good as squandered. so far
as there can be any tangible returns oe-
served.
We have gone TO considerable expense
10 dig the Panama Canal 7 presume now
we Will have to fortify it. It's all very well
10 make appropriations for such purposes
it's easy 10 contract debts-but the real
difficulty arises when We come TO get the
money with which TO make the payments
In four years, from 1892 10 1896, our fed
similar period. from 1904 20 1908. spent
about IS. ,o,ooeo. Yet We pay our taxes
and harp upon the high cost of living. and
even in doing this We linger upon the brill
iant prospects which we think the future
holds in store for Us. II a man buys a
farm and cultivates it he contributes to the
material wealth Of society. II he permits
the land TO lie idle he has subtracteo
from the general wealth by withdrawing
his money from commerce and investing
II in non-profltable enterprise That
serves best 10 illustrate trend in all de-
partments Of our government"
Few New Enterprises.
lpisc'a inning any intention of posing as q
calamity prophet Nj Hill insisted. how
ever that il was not guess, but an abso-
lutte certainty as TO what awaits the coun-
trv next year when business becomes dor
Inant He pointed out that al present few
new enterprises are being planned This,
h. said. means Suspension Of activities
DO you hear Of any generally systematic
plans for improvements during the next
year?" he asked. There are none. Fac
tories. and other such enterprises. which
ere productive in their nature and which
coutribate To wealth arc not contemplated
Iv those who have the money TO invest.
''TIis means that those who have moth
iaS go sell bu. their tire viii be without
orTlorrnelI.. There viii have to be a shut
;ing down of the mines because iron and
coa' and otncr minerals that go into the
production OF commercial articles viii not
&c FL demand. The same might be said
.hoEt tie lumber business and other forms
ot activity. As a result Of all this there
NiIi he many thousands Of people without
enlp,o; nlent.
Railroad Cu-tailrnent
IN preparing our Great Northern orders
for next year We find that we are going
TO need very few supplies. This is because
We are making no extensions. Last year
Ne ordered 245,0o0 tons of rails and had no
surplus For the next year We viii need
onIy about 70909 tons.
Il might repeat such illustrations in our
business. Last year We had to have 1000
new freight ears. This year We shall need
only 3.0. Last year We were compelled 10
equip a large number Of passenger coaches;
this year We shall need none. We ordered
more than three hundred engines last year.
Twenty new ones viii be an abundance for
next season.
other business interests Of which I
happen TO know. are making no further
provisions looking toward improvements or
extensions than We are. II is not because
they haven't the money. but because there
no inducements. considering public sem
tinnent and The business outlook, Cor them
10 invest in
What ~-ilI happen, / say. therefore IS
matter Of certainty Enterprise in all
lines Viii come 10 d standstin There will
be no progress Many persons =ill have TO
change Ineir occupations and habits Of
living"
PARKS SACRED cow WEEPS