The Scranton chronicle. (Scranton, Miss.) 1897-19??, 1904-03-26
FAILURE OF SULLY,
THE COTTON KING
Man Who Long Ruled the Market
Has Failed.
HE ROSE LIKE A METEOR
wc1I-i<nown specuiator Who Has
Made and Lost Millions on the
Cotton Exchange, Fails
In New York.


In New York.
New York. March l9--Danlel ]. Sui
ly who has for Is months been the
largest figure in the cotton markets
of the world and who has "bnlled'
cotton from cents n pound to more
than II cents, Friday announced his
inability TO make good his engage
ments on the New York Cotton ex-
change. Within few moments cotton
fell nearly cents bale from tho
highest figures of the day. Many
crashes have been reported, but prob
ably none has been accompanied by
such frenzy and confusion. While
there had been no premonltion of the
impending crash, morning of the ses-
son had witnessed n more demoralized
market In less than ten minutes af-
ter the opening. half cent had been
taken OFF the price of cotton. Prices
went up and down 10, 20 and 30 points
within two and three minutes. May
opened at 1926 and sold down to
14.75 in less than fifteen minutes,
while July, opening at 1922, went
down to 1886. Toward the end of tho
first half hour early sellers started TO
cover, and there was n rapid advance.
There was nothing in the news to ac-
count for the excitement. Ii seemed
to be merely renewal of the bear
operations and the catching OF further
stop orders. Shortly after the af-
ternoon session there was lull In tho
pit, and at about five minutes after
two o'clock the announcement OF tho
suspension was made by Snperinten-
dent King, who read from the rostrum
this notice:
I'VE regret that we arc unable to
meet our engagements. and will there
fore have TO suspend.
DANIEL j. SULBY & co"
For n few seconds there was quiet
over the floor. Then with one impulse
mighty shout went up from the
bears, they who had been fighting
Sully and the bull clique for months.
Hats were thrown into the air to be
trampled upon In the stampede of the
pit. Coats were torn by frantic brok-
ers, and chairs and camp stools were
dashed into the pit Messengers soon
we're rushing in an out OF the build
Ing with orders 10 sell or to buy. Tele-
phone booths were besieged, and tele-
graph Offices we're flooded with dis
patches.
refuses 10 Make Statement.
mo statement OF any kind or de.
serlption, Mr.. Sully directs me to say,
will be given out from this Office to-
day. Possibly statement will be
ready early Saturday morning"
Mr. Hadley was quoted as saying
that the firm would pay its debts In
full, and the suspension was due To
the impossibility OF meeting demands
for large sums OF money due the Snlly
firm from European sources, sums
that the quick slump in the market
made payable too quick for them TO
be able to meet
Daniel j. Sully became factor in
the cotton market in January, 1909.
when he took up the bull movement
that Theodore II. Price had dropped.
He was thought TO have done great
thing when he bulled May cotton of
1903 to ten cents.
Sully had been a cotton buyer for
New England firms He made study
OF crop conditions, and foresaw the
short crop of that year as well as the
short crop of this season. IL was said
that clique of New England mill
owners backed him in his first yen-
ture. His May campaign was sue
cess, and 1t was estimated that he
] ..1I al t.o. q :
000
He established cotton house of his
own last year, under the name of DAN
lei J. Sully e. Co., but when his APP
erations in cotton became so success
full, the cotton market having been
pushed up above II cents pound
early this year, he widened the scope
of his firms business; bought seat
on the New York stock exchange,
went into the Coffee exchange, got a
membership on the Chicago board Oh
trade, and, II is said. made connections
with other prominent exchanges
throughout the country.
Tn an announcement made February
/ Daniel J. Sully & Co. stated that its
purpose was TO conduct general
banking business, dealing in securities
on the New York Stock exchange and
purchasing and selling contracts on
commission on the New York, New
| Orleans and Liverpool cotton ex-
changes and the New York Coffee ex-
changes.
The members OF the firm were Dan
lei ]. Sully, Col. s. F. b. Morse, OF
Houston, Tex; Walter s. Crandell
and Edwin Hadley, Jr. Recently Will
lam r. Pagan. manager of the firms
New Orleans Office. was taken into the
firm.
Army of the Potomac Reunion.
Nam Ynrk March 10 -Tha thirt1.-