The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-04-13
Down to Honest Levels.

| of general prosperity dlametrlcally
opposite to that voiced some weeks
since by J. j. Hill, the northwestern
magnate In his recent New York
Times interview Mr.. Morgan speaks
not only hopefully, but with as much
enthusiasm as he is capable Of, con-
corning the continuance OF our good
times in the United States. Among
other things the great New York
| financier said:
As for the general situa ton you may
state cmpha ticaliN and unequiVOcallN that
it is most promising. with the country
unqualfiedly prosperous, In the iron
and steel trade. for eXample-the baron
| eter of the countrY'S growth. SlaDl!llN
and business activity-there never was
so great or so profitable business. Or
ders on hand run far ahead and the OUT
look is decidedly encouraging.
In short summing the situation up
not only is there prosperity everywhere.
! but the PROMISES are of a continuation OF
that prosperity for a long time to come
Mr.. Morgans testimony as to the
/ healthful tone of the stock market
NAV be ex parte as he is heavily in
terested in the sale of securities, but
! it is none the less true that the great
! interests of the sort represented by
! MIN are SHOW ING tilNll luith ~ NHi"' .
! ing their plants and improving their
/ facilities al a rate we'll nigh unprec-
/ edented Much Of the interview IN
I question was devoted to securities the
/ real worth of which has been serious
/ " estioned-securities representing
! d large percentage of water, as must
be inevitable in this era of trust pro-
motion and financial imitation On
/ this head Mr Morgan is equally opti-
mistic saying
! 1t seems to me that the general pes
simstic talk INDUCED in not alone in for
eien but in local circles. is in no sense
justified by the facts. It may be true, as
some of the eaptious critics declare. that
at the present moment there are in the
market many undigcStcd securities, but
ought not the character IF these SecurI-
ties to be taken into consideration in
broad or comprehensive view of the sit
uqtion? Are these securities sound or are
they unsourd: do they represent value or
do they not; for what purposes have they
been issued-those are the questions.
To my minC and in my Judgment these
new Sc ruritics are essentially sound AMI
ablr and those who have them are IN
nowisc alarmed because Of their hold
ines Beyond Ill this they are issued
not to build competing lines, but largely
for the purchase Of rolling stock ANA mo-
tive power and for the extension Of other
facilities necessitatcd by the necessary
movement Of the products Of the eoun-
try.
nhaee of the Notwithstanding out OF
these new securitios- win disappear.
Still. under the circumstances, the
cautious investor may we'll be wary
of the class of securities called III
question; and even considerable sums
spent in development and improve
ment are no infallible sign of worth
and stability. although they beat mere
/ paper expansion all hollow. To such
securities much of the distrust and
insecurity of the money market is at
tributed by conservative financiers.
and until they are eliminated breakers
ahead are predicted on Wall street.
However. it is not charged that these
securities are without value, or on a
par with the stocks of sailed mines.
/ Not at all. Many of them have sub
stantial value 7 he trouble is their
value has been more or less overes-
timated and too much eXaggeration
INDUCED in by promoters. 1t is
sought in conservative quarters to fix
their values at a normal, rational
level in order that a. safe financial re-
adjustment may take place.
Says The New York Evening Post,
commenting on the financial situa-
ton;
For our part. we should say that the
,,srl,a+ bas faGY far some weeks seeking
no most 1,ractical relief II has been
uniting IFS stocks 1T a lower level. gror-
I ing so 10 speak. after that Investment
basis at which the general public. home
ana foreign. can be induced to buy In
the course cf this undertaking. it has
! been throwing off from its shoulders, one
by one, the burdens heaped up ny Teck-
iess adventures - sI9 go ~ IA
Ailef nidhiHs uue az ~, " "lI0V9 Ioi
me eEiI colii?I"i 5i u ie ,lil''( H.
PIMA htcoIu - ot?l'osgu ~ T ,,,[
'lJ' Se'i, ,
h"'S "F'
"a, "A $50 P"l VI doc no rn,,1est i,n
/ ranitalization of profits obtained at a
season OF e%cgP llo'i"l pIoSl'[' y, ol pro-
have Involved the purchasers in loss. and
others viii do SO. sooner or later. But
after due feco2llll;oh 81 lHi5 VIZ %. ON
ID several concerns. the fact remains that
/ ~, ,,,,-,,a,it,- is raal aud cho,-e W.. Stone
- 'I,o..i-,io,il,' views ~ Inn. 81.
80 = va sf ,,,,.. ,, ~, i,,.,tie 4
'oi' ia -, - -, l' ,,,,,,,,,,,,,e ~
p j ilt tiit 'i''tF7 ~ mus 't''' t'''