New-York tribune., 1871-12-13
FINANCIAL TROUBLES.

FAILURES ON THE COTTON EXCHANGE.
Business circles were much agitated yesterday
by Of the failure Of the Ocean National
Bank, the rumOred suspension Of tho Union Square
National Bank, and several extensive failures
on the Cotton Exchange. For about year
past the Ocean National Bank, at No. 22s Broad
way, has been regarded with suspicion by the
officers Of the associate banks in tho Clearing House.
Nothing occurred however to give especial direction to
their distrust until within few weeks past when the
Ocean National Bank was proved to be debtor to a
large amount almost every day. This continued so long
that 1t was resolved to investigate the affairs Of the
bank In accordance with the requirements Of the Clear
incOusc Association, and on Monday, when the Ocean
National Bank appeared debtor to the amount OF
$S3OOO Mcssrs. Leverich and Tappcn Of the Bank OF
NewYOrk and the Galatin National Bank respectively,
members Of the Clearing House Committee, proceeded
to the Ocean Bank and made an examination. They
found the affairs Of the bank in very critical condition.
The officers of the informed them that there
legatendcrs cash to the amount OF about 10000, but
when they 10 examine for themselves they found
about $O and memorandum checks Of
william Calender, United States Bank Examiner for the
Southern District Of York. to the amount OF $4,000
These checks astOnishcd the Committee, and
they applied for information with rega-i TO
them. and told that they represented money ad
vanccd Mr. Calender for and operations Of
his own. They continued their Investigations long
enough discover that the bulk Of the assets Of the
bank were notes and mining. canal. and other mis-
cellaneous stocks utterly unknown in this market aud
which, forced sale would not realize anything like
the amount advanced them. As it essential that
the indebtedness Of the bank ut the Clearing House
should be met Messrs Leverch Tappen obtained some
of the securities that were negotiable caused the money
to be paid to the Clearing House, and having reported
tho condition Of the bank to the Committee suspen
sions the bank was suspended from the Association.
Bank Examiner Caender's connection with the bank
having proved so unsatisfactory, Mr.. Hulburd, Con-
troller OF Currency elegraphed to at Washing
tOn and came on al once arriving here early yesterday
In morning, the bank uOfciay Informed Of its
SUSPENSION and at about II o'clock the fact had become
very generally know cansing large M numbers OF inter,
the ruuor Controller IIulbrd aud Examiner Calender
took charge Of the bank and at ts suggestion OF NJ
DAVIS lawyer and friend of the President of the bank,
The ocean National Bank according to its President)
established about 1850 has capital OF 81 $1,000,
foundation Of that institution. 1t stood for many years
at the corner Of Greenwich and Deysts and IN June,
who occupied adjoining basement and broke through
walls into the bank vaults Some time since u was re-
Bsrcayst. which it is said to own. The Directors
G. s. stevenson, II. n Morgan J, F. Hodges =: l.
stevenson has been President io about year. and j. 8
Harts tsllornc cashier william NJ Tweed was director
is attributed some Of the dstrust attaching to it, al
though the President said Tweed had never met Win
Calender state that the bank will ay In full but those
outside Of the bank, who know Its aars say that II will
do nothing Of the kind, 1t Is too badly Impaired III
Saturdays statement its averages reported fol-
lows Loans s. 400 specie, $l0s0O; legal tenders,
f,22OcO; deposits +, ,4G2l0J circuatlOus NSGsD ls
reserve therefore only 1886 per cent when should
have been 25 per cent, according " the National banking
law. ,>, A., -. 49,. -.
Caendcr's checks for SIS OOO his first inmatiOn being
the query TRIBUNE reporter in relation to he mat
ter. Mr. Davis, however, promises statement today
which shall show the true condition OF the bank 1t is
stated that Mr. Calender used the fooo III buidhg
I'm answer to call issued in the morning by the Chair
man of the Clearing House Joint Committee, very
large meeting OF the Clearing House Association was
held in the afternoon at the Merchants National Bank,
No ~ Wail-st, at which DA Vermilyea presided Mr.
Leveric Chairman Of the Joint Committee stated that
from the ASSOCIATION The action Of the Committee was
promptly indorsed by the Association, ana demana
As the Union SQUARE National Bank redeemed through
the Ocean National Bank irwas belived that IL haa as9
suspended but the President OF the former nauk %
through the National Shoe and Leather BANK
COTTON FAILURES.
Three failures have been officially announced at the
Cotton Exchange, namely William p. Wright Co.. Nos.
9b and OF Pearlst: Adophus c. schaefer IL Co., No Ill
Water st. and ]. Lesycraft, No. 90 Wallst These fall
ures resulted from the inability Of the dealers to fun
their contracts consequence OF the sudden advance IN
tho market because Of short receipts and fears Of
Wright Co. place their Indebtedness at go oo and
arc ready compound ct 10 cents on the 9oIaI lucy
x meet t0 settle their affairs and continue busness III
schaefer Co. and Mr. Leay have failed for con-
dence in their ability to settle with their creditors aud
MANY have been anoat affecting the solvency
NJ other rIns but other failures have been omciay
announced Some OF the dealers Chen % ~ nns
TONED TONED Ss Ss sS. sSs To ~s OVER the trouble