Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1904-03-23
COTTON KING IS
Forced TO WALL
SUSPENSION OF FIRM OF SULLY
& co. IS ANNOUNCED AT
NEW YORK.
NEWS OF FAILURE
CAUSES SENSATION
Famous Broker Tries to Stem Falling
Market, But Fails-High Estimate
of Liabilities-News Causes Ex-
element at New Orleans.

OF Llab1l1t1eS-NeWS Causes Ex-
element at New Orleans.
New York, March 19.-The suspen-
Sion of Daniel J. Sully {. Co., the senior
member of which is Daniel J. Sully,
the operator whose dealings in and
manipulation OF the cotton market
have been the sensation of the specu-
lative world for several years, was an
nounced on the cotton exchange Fri
day. This announcement came at the
close of long decline in the price of
future contracts. Some weeks ago, on
heavy buying, believed to have been
more of manipulative than of an
investment character, the price for flu
ture delivery of the staple was pushed
above the 17-cent mark and predic-
tons were made by those in charge
OF the bull campaign that the 2O-cent
mark would be reached and passed.
These predictions, however, were
never realized, and when the bull boo!
tried to realize some of its paper
profits it found that the bears had
taken the market" and in one after
noon there was rapid drop in prices
of more than cent pound.
Tries to Stem Tide.
1t was at this time that Sully gave
out a statement that he was goin;,
south for rest and would retire from
active market trading for a time He
changed his mind, however, when the
trend of prices turAed and remained
in New York, presumably in order to
stem the tide if he could Day after
day new low level was reached, il
spite of the bull buying and, except
for occasional spasmodic rallies, the
drop was not interrupted From time
to time reports were given out tina,
Sully had sold out before the break,
but these found few believers, and his
buying, when he bought, was attrib-
uted to efforts to support prices and
not to the Inauguration of new cam
paign for higher prices. His profits
on his old deals we're known to be
enormous, and presumably all of
those were used to bolster his pres
ent deals
After the suspension was announced
Sully locked himself in his office and
declined to give out any statement.
Wild guesses were made as to the la
bilities, but all agreed that they must
be we'll up in the millions.
Following the announcement of the
suspension the cotton market declined
two cents a pound and then rallied half
a cent pound. At 2:3O May was quoted
at 1926, July at 1910 and October at
1910.
Sully was also a member of the stock
exchange and his failure was announced
there. The announcement caused only
slight Decline After the failure it was
said that Mr.. Sully had bought about
100000 bales of cotton, principally the
May option, during the past week, most
of it between 1880 and $780,
Just before the close Sully's failure
was announced on the coffee exchange,
of which he was member
Announcement Causes Excitement
The announcement of the failure OF
the firm on the cotton exchange was the
signal for a wild scene of excitement, in
which all the brokers on the floor joined.
A wild shout went up and the members
joined in rough and tumble fight,
after which the floor was covered with
broken chairs and fragments of torn
clothing, while the members emerged
In a. much battered and bruised condi-
ton.
The members of the firm of Daniel J.
Sully & Co. are Daniel j. Sully, S. F. B.
Morse, Walter S. Crandell, Edwin Had
ley, Jr., and w. R. Pagan.
News at New Orleans.
New Orleans, March 19.-The an
nouncement of the failure of Broker
Sully created tremendous sensation
on the floor Of the cotton exchange,
sending the whole ring into a panic
There was instantly a tremendous drop
in cotton and at the moment it seemed
impossible to say where the slump
would terminate. Shortly after the
sensational bulletin came in over the
wires the market was reported to be
down about ten dollars bale.
Big Fai!sre at Baltimore.
Baltimore, Nd, March l9.-William
H. Scott, trading as Great Scott
one of the largest retail furniture
dealers in Baltimore, went into the
hands of receivers Friday upon the
application of the Western national
bank, which holds SCOTS notes for
$4,000, Scott consenting to the receiv-
ership. Judge Sharp appointed w.
Burns Trundle and Charles w. Heuis-
Ter receivers and fixed their bond at
$500, 1000, which would indicate assets