EXTRAVAGANT AGE.

Taranaki Daily News, Volume LIII, Issue 224, 16 January 1911, Page 8

EXTRAVAGANT AGE.

FINANOLERIS PROPHECY OP RETRIBUTION. The New York Stock Exchange has been discussing the pessimistic utterances of Mr. J. J. Hill, tho "railway king," iviho predicts that the United States, and, indeed, the whole world, is about to harvest the fruitß of undue extravagance./ "When I told President Tuft a few days ago," said Mr. Hill, "that there would be many thousands of men thrown into idleness next year he was incredulous. But I was not making a gutss. It is a fact." Mr. Hill reiterated 'his views upon American extravagance both in private and, public life, "We have devoted'ourselves too much," he observed, "to adornments. Wo 'have wasted too much in non-productive undertakings. Those who have money to invest aro not contcmpOating productive enterprises. Next year factories and other concerns will have no large 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 the impending stagnancy by figures showing that the Grtat Northern Railway is ordering only 70,000 instead of, as last year, 245,000 tons of new rails, 3000 instead of .H.,000 new freight cars, twenty instead of 300 engines, and no passenger coaches.