EXTRAVAGANT AGE.

Dominion, Volume 4, Issue 1024, 13 January 1911, Page 9

EXTRAVAGANT AGE.

■', FINANCIER'S PROPHECY OP KETIiIBUTIOX. The New York Stock Exchange has been discussing tho pessimistic utterances of Mr. J. J. Hill, the "railway king," who predicts that tho United:. States, aud,.'in-' deed, ihe : ' whole /world, is .about to har-vest-the. fruits':,of undue.oxtrayagdnco.'. .'.-"When 1 told President Tnft-a-.Tew ,days ago," said Mr. Jlill, "that .-there would be many thousands of, men thrown into idleness next year he was incredulous. But I was not making, a guess. It is a fact." ■'■

Jir. Hill reiterated his iiew ; s'' iip : 6n American extravagance both in private and public life. "We have devoted-bur-selves too much," he observed, "io adornraouis. Wo have wasted too much In non-productive, undertakings. Those who have money to invest are not contemplating productive enterprises. Next year, factories and other concerns will have no largo plans of expansion or improvements, and in consequence there, will be shutting down of mines and many.will be thrown out of employment." Mr. Hill- illustrated 1 the impending stag-' nancy by figures showing that the -'Great Northern.:. Railway is-:ordering only 70,000 instead-:of, as last year,'-215,000 tons' of new rails, 3000 -instead ■•■. of ai;ooo.:new freight,.cars, twenty -instead of 300, engines, and no. passenger coaches.