Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1904-03-22
DETHRONEMENT OF
THE COTTON KING

I'LL UUJ JUN MUU
DANIEL ]. sULLY, FAMOUS oP-
orator, sUsPENDs.
FAILURE CAUSES A PANIC
Prices Take an Enormous Drop-Mar-
ket, However, Rallies-state-
1nent of Sully's Liabilities
Not Yet Made.
New York, March 19.-Daniel j.
eully. the cotton operator who has for
Is months been the biggest figure in
the cotton markets Of the world, and
who has '.bulled" cotton from seven
cents a pound to over II, announced
his inability to make good his engage
ments on the New York cotton ex
change Friday. Within few moments
cotton fell nearly $13 bale from the
highest figures of the day.
While there had been no Fremont
ton Of the impending crash no morn
Ing Of the season had witnessed more
demoralized market. In less than ten
minutes after the opening half cent
had been taken off the price of cotton.
Prices went up and down, ten, 20 and
80 points within two or three minutes.
May opened at 1925 and sold down to
1475 In less than Is minutes; while
July. opening at 1922, went down to
1886. Toward the end of the first half
hour early sellers started to cover and
there was rapid advance. There was
nothing in the news to account for the
excitement. 1t seemed merely a re-
newal OF bear operations and the
catching of further stop orders.
Wild Scenes.
Scenes such as followed the an
nouncement Of the failure it has been
the privilege of few brokers to witness
before. Traders in the street have wit
messed stock panics in previous years.
Corners have been broken, and many
crashes have been recorded, but none
has been accompanied by such frenzy.
and confusion. For few seconds
after the failure was announced there
was an ominous quiet over the floor,
as though the news had stunned all
within hearing of the announcement
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 and fell where they would. A
moment later to be trampled upon by
the stampede for the pit. Goats were
torn by frantic brokers in their mad
efforts to unload their holdings and
chairs and camp stools were dashed
into the pit, to emphasize some wild
brokers' offer to sell. Messengers were
soon rushing in and out of the building
with orders to sell or buy, telephone
booths were besieged and telegraph
Offices were flooded with dispatches.
Outside the cotton exchange ap-
pearances gave little indication of the
pandemonium within until the mes
sengers began to rush between the ex-
change and the brokers' offices. Soon
the news reached the stock, produce
and coffee exchanges, and traders on
these markets fastened to the scene
OF the panic. Crowds assailed the en-
trance to the visitors gallery but a
double guard was placed at the doors
and admittance was refused to all bnt
those accompanied by members.
Enormous Trading.
1t was estimated that something like
100000 bales of cotton were traded
IN during the 20 minutes OF the panic
that followed the announcement and
that Of this upwards of 500 900 bales
represented forced liquidation" or
the selling out of man whose mar.
gins have been nearly wiped out. As
the market slumped $50 points during
this period the loss falling on this ele-
nent amounted to something over a |
million dollars. The market steadied
aiter about 20 minutes and then there
was q sudden upward shoot of abont
IN even hundred points. This sbarn
upward rise was brought about bv the
buying Of brokers and speculators WIZ
Jaw mat the market had slumped too
Tar and would react, just as it did A
part OF the excitement on the floor .,
me excnange was caused by the scram-
PIE OF brokers who wanted inst snch
bargains and had to fight to get IN tba
ring to get them. The buyinp rnsh
was almost as exciting and inst 40
no'sy' II not more so. as the panic
VIII Make No Statement
upon the announcement of the fail.
gre, the representatives Of the news
papers hurried to see Mr. sully, for the
purpose OF getting some statement Mr.
suily, however. shut himself in his nri.
vate once and would not be seen. Short
y after three o'clock Sully went into
conference with counsel and later ma
win Hadley, Jr., of Providence 2
one Of the members of the firm. sent ont
Q MESSAGE by his secretary, which read:
NO statement OF any kind or descrip, |
ton. Mr. Sully directs me to saw. will hs
given out from this office to-day. Poe
sibly statement will be ready ear1v
Saturday morning"
Mr.. Hadley later was. quoted nc saw.
ing that the firm would pay it's debts in
full, and the suspension was due to the
ampossibility of meeting demands for
large sums of money due the Sully firm
from European. sources, sums, that the
quick slump in the market made paw
able too quickly for them TO- be able toll
meet
Various Explanations.
All sorts OF explanations were made