THE WALL STREET PANIC.

Rangitikei Advocate and Manawatu Argus, Volume XXXI, Issue 8765, 16 March 1907, Page 2

THE WALL STREET PANIC.

A Serious Situation. Press Association—Copyright. New Yobk, March 15, The panic in Wall-street Exchange continues, there being violent declines in value. Two and a half million shares were sold. There are similar experiences at Boston, Philadelphia, and other ExchangesLondon, March 15. The Daily Telegraph’s New York cor respondent says it is impossible to exaggerate the seriousness of the financial situation. The outcome looks dangerous when shares declined oyer a hundred million pounds in one day. Unless relief comes half a dozen brokerage houses or banks must succumb. Financiers of international reputation and railway kings are both forced to seek accommodations, and call money touched 25 per cent. - The Daily Mail’s New York correspondent says that it is almost entirely a rich man’s crisis. Bailway magnates accuse President Roosevelt of encouraging State Legislatures to pass measures amounting to confiscation.

London, March 15. Eeuter’s Washington correspondent asserts that Mr Cortelyon in order to allay the panic has directed collectors to deposit customs receipts with the National Banks. He also offers to redeem twentyfive million dollars worth b£ Government bonds. Altogether Mr Cortelyon has placed seventy-one million dollars at the disposal of New York Banks. |gA bettor tone pervades the London Stock Exchange.