PIERPONT MORGAN'S OPTIMISM.

Gisborne Times, Volume IX, Issue 870, 21 April 1903, Page 2

PIERPONT MORGAN'S OPTIMISM.

(Per Ji.M.S. Ventura, ;i I; Auckland.) ■SAN FRANCISCO, April 3. A despatch from New Yoik date! March 31, says:—J. Pierpont Morgam in an interview to day, declared hnuselr to be a believer in the country aud its future. Mr Morgan said : It seems to mu that ttio general pessimistic talk indulged in not only in foreign, but in local cncles, is in no sense justified by tho facts. It may be true, as some captious critic declared, mat there are in the country ut the present moment many undigested securities, but ought not the character oi tiie.se securities to be taken into consideration in a broad or comprehensive view of the situation ? In my estimation these new securities are essentially sound and stable, aud those who have them are in no way alarmed because of their holdings. Beyond till this they are issued not to buiid competition lines, but largely lor tho purpose of rolling stock and motieo power, and ior tho extension of other facilities for tho necessary movements of the products of the country. You will find that iu duo time this phaso of tho difficulty, growing out of these new securities, will disappear. As for tho general situation you may state emphatically and unequivocally that it is most promising, with country unqualifiedly prosperous, in the iron aud steel trade, for example, the barometer of the country’s growth, stability and business activity there never was so great or so profitabo a volume of business orders on hand to run far ahead, and the outlook is decidedly encouraging. In short, summing the situation up, not only is there prosperity everywhere, but promises are of a continuance of the prosperity for a long time to come.” A despatch of March-31, adds the journal, says : J. P. Morgan’s optimistic voico resounded throughout the lour corners of the financial world. The master of men of money said that tile prosperity was tiie best for many years to come, and the drooping markets of New York, London, Liverpool, Berlin, and J’atis became buoyant. In London Mr Morgan’s statement came as a bracer to the Lxelianges. Tiie great effect, however, was in the vicinity of Morgan’s office. Wall street for the must part accepted the pronouncement of the great financier as an official utterance none could question. Tiie downward movement of prices so evident on Monday was cheeked. Tue material result of Morgan’s statement was a crush of buyers into the stock pits, and transactions of aling.t bOOO shares which advanced from tractions to To.