SERIOUS SITUATION.

Auckland Star, Volume XXXVIII, Issue 65, 16 March 1907, Page 5

SERIOUS SITUATION.

EXAGGERATION IMPOSSIBLE

VIOLENT FALL IN STOCKS.

FAMOUS FINANCIERS IN DANGER.

(9y Cable.—Press Association.—Copyright.)

LONDON, March 15. The "Daily Telegraph's" New York correspondent says it is impossible to exaggerate the seriousness of the financial situation, and the outlook is dangerous. Shares declined more than £100,000,000 in one day, and unless relief comes, half-a-dozen brokerage houses and banks must succumb. A financier of international reputation and a railway king will both be forced to seek accommodation. Call money touched 25 per cent yesterday. NEW YORK, March 15. The panic in Wall-street continued yesterday, and prices again fell violently. Two and a-half million shares were sold. The same state of affairs existed on the Exchanges at Philadelphia, Boston, and elsewhere. LONDON, March 15. . The "Daily Mail's" New York correspondent says it is almost entirely a rich man's crisis. The railway magnates accuse President Roosevelt of encouraging the State Legislatures to pass measures against the companies amounting to confiscation.