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FINANCIAL AND COMMERCIAL. THURSDAY, Dec. 13-6 P. M. The better feeling in mercantile circles which was remarked yesterday was prevalent to-day also, though we cannot quote any very marked improvement in paper. First class signatures continue to pass at 12 a 15 a 18 por cent, and the demand for paper is still quite light. Considerable surprise is expressed at the cool manner is which the news of our crisis seems to have been received II England. When the Europa sailed, the English had before them quotations of sterling exchange here at 101 a 102, with no demand at the decline, and quotations of stocks generally lower than any which have been sent over since. Yet in the face of this, the Bank reduces the rate of interest, not ½, but 1 per eent, and American stocks are maintained 5 a 6 per cent above our prices. The favorite theory in Wall street is that the English had not had time to realize the seriousness of our situation: that they were incredulous as to the purpose of the Southern States; and that when they receive the news by the Persia and the steamers which followed her, they will feel less hopeful, the Bank will raise the rate of interest, and cotton and stocks will fall. The stock market opened to-day with a better demand for State stocks, which are beginning to recover from the panic, but with an increased supply of New York Central, mainly in consequence of the unsatisfactory nature of the report. That document, of which we shall pub. Hsb 8 me extracts when our columns are less crowded, shows, DR we stated yesterday, a net profit for the year of only 6½ per cent. It will confirm the belief of those who have all along asserted that the Central was never run for FO small a proportion of the gross earnings as has been stated in the reports. The expenses have for some years been larger than was confessed, and the consequence is that now, with gross earnings largely increased over last year, the directors are forced to confess that their net earnings are less. still, notwithstanding the adverse effect of these dis. closures on the market, the scaroity of stock began to affect prices after the first board, and there was a general rally, which lasted till the close of business, the market being quite firm at the close. The following were the last quotations of the day:-United States 5's 1874, 89% a 90; Indianas, 90: Virginia 6's, 76 a 79; Tennessee 6's, 71% a72; Missouri 6's, 66 a 3/2; Canton, 13 a 14; Cumberland Coal preferred, 8 a 10: Pacific Mail, 79 a ½; New York Central, 73½ a 74; Erie, 28 a ½; Hudson River, 39 a %; Harlem, 1336 a %: Harlem preferred, 31% a 321/21 Reading, 32% a 33; Michigan Central, 47 a M; Michigan Southern and Northern Indiana, 12% a 13; Michigan Southern and Northern Indiana guaranteed, 27% a 28½; Panama, 112 a 116; Illinois Central, 583/4 a ½; Galena and Chicago, 62 & ½; Cleveland and Toledo, 24% a ½; Chicago and Rock Island, 471/2 a 48; Chicago, Burlington and Quincy, 63 a 64; Delaware, Lackawana and Western, 73 a 75; Ilinois Central bonds, 87 a ½. The business of the Sub-Treasury was as follows today $100,045 85 Receipts 36,000.00 -For customs 328,170 93 Payments Balance 2,685,995 72 The exchanges at the Bank Clearing House this morning were $17,673,192 90, and the balances $1,224,978 78. The Boston and Lowell Railroad has declared a semiannual dividend of four per cent, payable January 4. The Philadelphia Ledger of December 13 says:--There is no change in the money market. The only rates at which any paper sells at all are 15 a 18 a 24 per cent, and nothing but first class signatures can be passed at these rates. The discount brokers report absolute dulnees in their business. The applications at bank continue pressing, though the demand is met with more liberality than would be supposed, considering the current rates of paper on the street. Call loans are effected at 7 a 8 per cent. The Buffalo Commercial Advertiser says:The following free banks of Indiana have been thrown out :-Brookville Bank, at Brookville; Bank of Syracuse, at Syracuse: Bank of Indiana, at Michigan City: Indiana Reserve Bank, at Kokomo; Fayette County Bank; Bank of Connersville; Hoosier Bank, at Logansport. They are all winding up, and, it is said, have less than $1,000 each in circulation. The notes are secured by bonds given to the Auditor when the securities were surrendered. The New Orleans Picayune of Saturday last, December 8, says:Under the influence of the New York despatches, foreign exchange gave way 1a1% per cent this morning, and negotiations could only be effected with difficulty Clear sterling was dealt in moderately, at 95 a 98, the latter an extreme figure for the best. Drafts with doeumentary evidence are not offered. Francs are duil and tending downward. Probably the correct quotation would be 5f. 90 & 5f. 80, though an exceptional name might bring a fraction over. Time bills on the North are wholly unsaleable. Sight was transacted at 1½ a 1% per cent discount. Altogether the market closed heavily. The money market continues in statu quo. Outside loans are made in rare instances at extravagant rates, but, as a general rule, there is no settled price for anything. The suspension of several prominent houses has as hat lessened the pressing demand for money, with. out increasing the supply, 80 that practically we are no better off. But in the meanwhile the banks are daily growing stronger, and being already in a position to withstand any assault, they will shortly begin to look around for casual investments. In fact, there is an inclination to entertain proposals for new discounts, though on a limited
