New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-25
SULLY NAY MAKE OFFER.
THETALK IN THE STREET.
.SiytV Per Cent Cash: Rest IN Notes
-Commiftcc 10 lid Rcccivcrs.

re-orfs were circulated in WAL street and
- ,be cotton Exchange nearly all DAY HesIe'
dsv that Daniel J. sullv. the bankrupt leader "
49, b3u movement On cotton. vas preparing 20
,,sko . nov offer % retirement 90 his creditors
~ ,,.,e reuc-allv believed that the terms or -h'
NV oner would Do 90 pc- cent 81 cash 'ao F'
rer caut in notes 90 rln TWO years
TY-e-e vas q u7eo-ug 81 tho creditors ia tnn
toa-a roonl % she cotton Exchange - ".l'
o'clock. when s. new committee Was named "1l
no orc. OF terms Tor settlement was received
~ the meeting s-or III sUiiy. TIE conini''"s
,,-sists ~ Reirhsrl oeideuburg, j. Tenn %
Gvathrnev. Edward Shearson. o. A. Ch'I''n
and B. s. clark u is practically the same COM
f8itree which was appointed by the creaiioiS
s--r- the susuensiou q T. 81. sUlly & co. ana
WAS dissolved Whom the receivers were appoint
ed IN explanation u the appointment oi me
new committee. Henry ~. Tart and DAVID NIL
Ter The receivers laJa in the afternoon lssltG
tns following statement
II has been stated that commute o. -5e.l' l
the cotton E<c.ang2 mas ' =. - --tT.,r s,-ll-
ale Tne ea.r az THE matter is that th' eol,i.l'
Ust Dissolved uran tic a1pointIno1t OF the Te''[
ers. ard without oisuI'li.t W.. e,isrl C0~
-. -.ssor rrs- r would nave aided ,hem IN me
exercise ~ their discretion ~ oI,'~. ,s he bone
On hand sud contracts t"r cotton 7. pc io5r 81
f- IN mo advice rf ssgl au eAperlon-c. .De-rI
-.s-
-e-ef1.s-s have been informed f1sf lRou .-.S, -
gesf5G1 a ,6r1mlttec was again uetns organized.
Tn. statement did not diF1ei belief IN
Wall street that the committee would act VII"
the receivers in passing on new oher 10y NI.
On. 49, , sa-tla,nert NJ Cutcheon, Mr.
euuvrs counsel. had said earlier IN the Gay 'i'a'
ovs--y rossibie effort was being made 10 OBTAIN
q settlern4-t. b.t that q would rest "l'' ''e
rscet,-ers ro determine tha basis on which
.s-tle,7a-t could be made Late tn the af'eE-
80, II MS repor,ed that Mr. Cutcnson Aad
,,,ose rome definite Offer on behalf OF MI sunny
"a IN. creditors through Mr. Tef,. Nj 'n'a'e'"
cort-adicted that report. ard added.
so-,. facts relative 10 Nr. suys aHg.r- Face
beer requested hy N-. lHil fllh 49,. ,-7r-rrg-
promptly furnished to him. ANY - ,-,-----. lf~
gon that MI. Nh Ne Fe siaNr furnished f3ve-y
sf1-t IS being made looking TO iIe I.e... --..s
5sta for Tie consideration q lloSe 81 r-----.,-
i s5sa. '''y '0''''
NJ Tat after hearing what leI. III. 0
had said, made this statement
v,,, may ~ TO- M. and FOR Mr. Miller tnat We
Rrroe OF 10 basis % ss7tlen'el ma iss ~ -
pared Tat is being prepared Me C o. ,hst :, IS
proposed 10 make " 10 attempt 10 49, minors
Snd irr9V that may be considered rap'r,' s ,,
sh"7ld say son,e-fn g 1901 -. 1xrr0ursasa than
What IS contained IN What have jest sa-a.
There were uaay conferences among Sully S
creditors IN TIE course of the Gay. and X was
said ny some OF them mat they would nol DC
willing 10 settle except for ;he whole amount OF
their claims. as they felt sure that The men n
suIly's pool could be forced by an inquiry IN the
bankruptcy proceedings % come out and pay an
the losses. A. the same tire Il was said that
II tvo-ehirds OF The creditors agreed on settle
inent they could force the remaining one-thlrd
10 gree 10 the terms.
Samuel Cntermver. who has been retained as
counsel Tor some 81 the oreditors sa;d yesterday
,nat he would Try 20 obtain az as early date
as possible a complete statement O. the history
Of Suliy's trnsa cfiors IN cotton and OF thos" ~
his associates. From all he had learned Of Mr..
Suily ne had no reason TO believe that Nj SUlly
would oppose his course. II Mr. Sully had been
betrayed or Imposed on by his associates. who
made vast sums with hin or previous deals, the
creditors felt sure hat he would Offer Them
every opportunity, hy the fullest exposure %
the facts To- learu the true state of things, and
nothing lees 5hal Jhat would satisfy the cred
ito,s.
40 action had been taken yesterday looking
toward the sale Of Mr.. SuIy's seat ,he
Stock Exchauge. Two seats posted for transfer
yesterday were thOse Of stewart Barr, q Stew
art Barr & CO. and Daniel Speyer. % No. -
Broadway, 20 George b.. Halleek and J. Walter
Wood. jr.
II was announced on the floor Of the Cotton
Exchange ct noon sleriay oy Superintendent
King that the rrUl ~ J. n. Garrison d Co.
which suspended business - n result - the
failure. would pay dollar -or dollar and that
the Grm requested ihar cla inns gairst g. be
presented al ONCE. u IS believed the Garrison
suspension did NOT Involve more than $1,000.