New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-13
NEW YORK.

Ocean National Bank FaiIed-Cotton
Houses Failed-Excaement in the Cot
ton oIarket-Ns Proeession Of lnterpa-
tionals-Seven Years. Sentence Of an
Abortionist.
New YORK. December l2.-The Ocean
National Bank was thrown out by the clear
| ing house to-day. William NJ. Tweed was
| director. 1t it stated that the failure was
occasioned by the stringency of the money
market. 1t is thought about seventy-tive
per cent OF the deposits will be paid. A re-
| ceiver has been appointed.
The tailule of the cotton firms of William
P. Wright & Co. and John Leaycraft is an
nOunced.
An unauthenticated rumor prevails that
the Union Square National Bank has sus-
pended.
Evening-M closed very light; per
cent gold offered: Is lse commission
asked. Gold lO9A lO9as. Governments
rather heavy; fve-twenties Of 1862, llOl.
Tennessees 651a. new 651e; Virginias 81.
new %; Louisiana skies 81, new 80; Levee
skies 64, eights IS; Alabama eights 100,
CarOlinas 4S, new Bis. Sterling weak at
949ls.
Arrived out: st. Patrick
Arrived: Magnolia, Benefactor Hunts
vile. Champion, Perel and Georgia.
Much excitement prevails in the cotton
market this afternoon, III consequence of the
failure of several houses and the rumOred
insolvency of many others. The small re-
celpts OF cotton last week. as compared with
the corresponding time last year, and the
fears ofa short crop, thereby engendered. TO-
gether with the rise of cotton in Liverpool.
where the supply is very scanty, has caused
alarm for several days past among the short
interest in market. This resulted on q
sudden and the market advanced in price,
which seriously embarrassed those dealers
who are hampered by contracts, and rem
dered some unable to fulfill them
Three failures are officially announced.
namely: William p. Wright & Co., AdoI-
phus L. Schaeter Il Co., and j. Leaycraft
These failures resulted from the inability
of the parties to fulfill contracts in conse-
quence Of the sudden fuctuation of the
market.
Wright 4 Co place their indebtedness a.
$39. 900 and are ready to compromise at
fifty, cents on the dollar. They expect to
settle affairs, and continue business in a
few days.
Schaefer & Co., and Leaycraf., have
failed for considerable amounts, but de
clare themselves unable to state sums
They have confidence in their ability to
settle with their creditors, and will proba-
bly, continue business.
Many rumors have been ahOat this even
ing concerning the solvency Of other firms
but no other failures have been officially
announced.
Some Of the dealers reported to be in "a
difficulty confessed to serious embarrass-
ment when questioned on the subject, but
expressed the belief that they would be
able to tide over the trouble.
The associated bank meeting sustained
the committee in expelling the Ocean Bank.
The meeting was private, but it has trans
pred that some ugly facts were produced
which discredit the assertion that the Ocean
Bank will pay in full
The rumored suspension of the Union
Square Bank is unfOunded
1t is stated that the police commissioners
adhere to the determination to prevent the
International parade Sunday, and Governor
Hoffman refuses to interfere.
Madam Burns, the abOrtiOnist, has been
sentenced to seven years imprisonment.
There have been thirty two new smallpox
cases since last report, and seven deaths.
Skies of 1881, ll7A; fve-twentles of 1862.
!lo-e; 1864, llOla; 1865, llOas new, ll3A;
1867, 1!5l.; 1868, II SIS ten-forties. lOo1..