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Terrible Calamity.

SINKING OF THE JAMES WATSON.

35 Lives Supposed to be Lost.

By the Memphis Bulletin of Sunday, we learn that the stern-wheel Memphis and Vicksburg packet, James Watson, bound to the last named port, heavily laden with freight, and with a goodly number of passengers, picked up a snag about twelve miles below Napoleon, at 12 o'clock on Thursday night, and sank to the roof almost immediately.

The river rapidly rising and the current strong, she drifted several miles down the stream after sinking, the crew and passengers on the roof, and in this condition was discovered about daylight by the steamer Wm. Butler, a trading boat, lying at anchor.

We were unable to ascertain the number of passengers on the Watson, but suppose it to be about one hundred ladies, soldiers and civilians, from twenty to thirty-five of whom are reported lost, the express agent among them.

Besides the survivors, eight dead bodies were taken from the wreck, and all but one left at the mouth of White river. The body of the express agent, with the survivors, was brought to this city by the steamer Isabella, to which boat they were transferred by the Butler. The Isabella was coming up from New Orleans, and arrived here last night.

The lost, as near as we can learn, were as follows: Twenty soldiers, three ladies, two children, five male passengers, and six of the deck hands. We were unable to learn their names.

Most of the passengers were in bed when the accident occurred, which may account for the large loss of life. The survivors escaped almost in a state of nudity.

The body of the express agent was found under the stove in the ladies cabin.

Mr. Pratt, the bar-keeper, had a narrow escape. He jumped overboard when the texas gave way, was carried some distance down the stream, received severe bruises on the face, but succeeded in swimming back and getting on the wreck.

The Watson was commanded by Capt. Daniel Toles, who was acting in the absence of Capt. Watson at Cincinnati.

The freight of the Watson belonged to the government, and will prove a fatal loss. The wreck might be raised at low water.

The Golden Era broke her donkey engine when attacked by guerrillas, and was towed to President's Island by the Magenta.

The M. E. Forsyth arrived from New Orleans at 12 o'clock last night.