The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-27

In the geld loan market the rates ranged from
116 for carrying to nat for borrowing. The opera
tons Of the Gold Exchange Bank were as follows:-
Gold cleared. .$35, 06S, 900
COLO Dalances.... 200, 800
Currency balances.... 1,402,840
The SubTreasury paid out $500 600 on account Of
interest and 81, 300 on account OF redeemed five
twcnties. The European steamer took out $123, 244
In silver bars.
EXCITEMENT AND DECLINE IN STOCKS
The long monotony Of the Stock Exchange was
broken to-day by an Old-fashioned panic in enc OF
the leading speculative favortes, Pacific Mail, and
general 'break" in the rest Of the active list.
The events referred to came even more suddenly
than was anticipated by the sceptical class Of
operators, who have been looking these several
weeks past for some such development OF the mar
ket in consequence OF the excessive and persistent
stringency in money But during the early part Of
the day and up to the session Of the last board
the re had been
NO NOTE OF WARNING
in the aspect of the market, which, in its general
features, was quiet and firm under the leadership
Of Erie and Union Pacific, the former advancing to
G5h in sympathy with the buoyancy reported as
existing in London, and :he latter to 354 upon
the diminished chance Of any substant al result of
the Congressional agitation in opposition to the
company. The other prominent stocks experienced
business up to one o'clock as if still defiant of the
effects OF
TIGHTER MONEY,
and Harlem was conspicuous for further advance
to 129l4. At length reaction from this condition
Of strength and quiet commenced with Pacific Mail
which meantime had recovered to COS after the
depression occasoned by the original fears OF
withdrawal OF the government subsidy A few
heavy sales caused decline to 65, at which there
was pause and indications OF a rally. But sale
at 647s seemed the signal for avalanche OF sales.
doubtless representing stock disposed Of on "stop'
orders or by reason Of
EXHAUSTED MARGINS.
The descent was now quite rapid, and 5s1s was
reached within the next few minutes, being a iall
for the day Of nearly eleven per cent. At the same
time Panama, the fate OF which financially and
speculatively seems Of late to have been Indis-
solubly connected with that Of Pacific Mall began
declining, and eventually fell twenty-five per cent
VIZ, from 40 to 95. Meantime the alarm spread
TO the general market, the condition OF which had
been already rendered quite sensitive by the fur.
ther stringency in money, and as the board was
comparatively
rHiNLY ATTENDED,
the time being about half.past three O'Clock, when
many OF the brokers and still more of their Gus
toners have gone up town, the pressure to sell
found an almost unresisting element on the ''bulln
side. In the semi-panic which thus took posses.
sion OF the market western Union fell to sshs, Lake
Shore to 90, New York Central to 100 a. Rock Island
to lll, ohos to AK, q. q. and L. c. to ss, Wabash
to AK and Erie to 63X But before the hour OF ad.
journment arrived
SPIRITED RALLY
set In, during which Pacific Mail recovered to o2h
Western Union to 81 and the others to the extent
OF one per cent or so. In explanation Of the fall in
Pacific Mail-the tumble In which was the cause OF
the trouble all around-it is said that the Pacific
Mail pool, whose numbers are variously estimated
at all the way from two to ten persons have re.
fused to make good their guarantee contracts in
the stock given at much higher prices the parties
carrying the stock on these contracts having been
compelled by the scarcity of money TO demanda
LIQUIDATION AND SETTLEMENT.
Be this as 1t may, the principal sellers In the
panic this afternoon have been usually regarded as
the brokers and allies Of the pool that the out
sders are more than deeply mystined at the course
events have taken, especially as the leaaing
brokers among the sellers referred to deny that
they suffer any embarrassment from the alleged
refusal Of the pool to make good these contracts
AZ V the enormous decline " Panapa.a mere