OCR Text |
Show "LIGHTS ARE RED, THAT MEANS DOWN BRAKES," SAYS HILL NEW YORK,' March 23. James J. Hill, president of the Great Northern Railway company, returned to the city yesterday from the. West.. When asked for his views on industrial and railway conditions, he replied: "Remember that there is a decided difference between hard t times and business recession. There is nothing in present conditions to make anybody apprehensive. ''Several months sgo," he con-tinned, con-tinned, "according to railroad parlance, par-lance, the lights showed red to me, and it looked like a recession in business. Wall street maintained the opinion that the lights showed green, and thst meant that everything ahead was clear. "The red lights are still ahead, and that means that we ought to go slow. The recession that has set in is not formidable, but business has been affected. af-fected. About 95 pr cent of the country's business is done on credit. This credit is impaired, and that is the chief trouble. "As I said months ago, the depression depres-sion will affect the luxuries of life, such as automobiles and diamonds. Fewer of them will be sold, but the great necessaries of life wheat, coal, iron and lumber will continue to be used." |