Rosebud County news. [volume] (Forsyth, Mont.) 1901-1906, 1904-03-24
NEVER BEFORE HAVE SUCH
SCENES OF CONFUSION
BEEN SEEN.
LOSS IN EXCESS OF $5,ooo,ooo
UNABLE TO MAKE GOOD HIS EN-
GAGEMENTS ON NEW YORK
EXCHANGE.

NOW 1Olh, INdICA 6V' A~AAANA -
Sully the cotton operator who for fiji
teen months has been the biggest
figure in the cotton markets of the
world, and who has pulled cotton
from 7 cents a pound to over II, an
nounced his inability to make good
his engagements on the New York
cotton exchange yesterday. Within
few moments cotton fell nearly $13 a
bale from the highest figures of the
day.
Scenes such as followed the an
nouncement of the failure it has been
the privilege of few brokers to wit
ness before. Traders in the street
have witnessed stock panics in previ-
Gus years; corners have been broken
and many crashes have been record
ed, but none has been accompanied
by such frenzy and confusion.
Loss Exceeds $5,000,000.
A member of the cotton exchange
estimated Mr.. Sully's holdings at 300,-
900 bales, on which his loss in the past
week or ten days probably was in ex-
cess of 100000.
While there had been no Fremont
ton of the impending crash no morn
ing of the season had witnessed a
more demoralizing market. In less
than ten minutes after the opening
half a cent had been taken off the
price of cotton. Prices went up and
down, 10, 20 and 80 points, within two
and three minutes. There was moth
ing in the news to account for the ex-
element. 1t seemed merely renew
al of bear operations and the catching
of further stop orders.
Shortly after the afternoon session,
however, there was lull in the pit,
and at about five minutes after 2
o'clock the announcement of the sus-
pension was made. For few seconds
there was an ominous quiet over the
floor as though the news had stunned
all within hearing of the announce
ment. Then with one impulse a
mighty shout went up from the bears
they who
Had Been Fighting SuIIy
and the bull clique for months. Hats
were thrown into the air to fall where
they would, and be trampled upon by
the stampede for the pit that came a
moment later. Coats were torn by
frantic brokers in their mad efforts to
unload their holdings, and chairs and
cuspidores were dashed into the pit to
emphasize some wild brokers' offer
to sell.
The market started after about
twenty minutes; and then there was a
sudden upward shoot of about an
even hundred points. This sharp up
ward rise was brought about by the
buying of brokers and spectators who
saw that the market had slumped too
far and would react just as it did. A
part of the excitement on the floor of
the exchange was caused by the
scramble of brokers who wanted just
such bargains and had to fight to get
into the ring to get them. The buying
rush was almost as exciting and just
as exciting and just as noisy as the
panic.
Panic in New Orleans.
New Orleans, March 20. - The an.
nouncement of the failure of Sully,
the Cotton King of New York." yes.
terday, created the greatest panic
ever seen on the New Orleans cotton
exchange. Prices melted away until
they were 50 and $40 bale lower
than the previous days close, and
every moment the fear was that local
firms would go to the wall. When the
panic was over and the commercial
integrity of the local cotton trade was
found intact, great sigh of relief
went up from the room, although
scores of small operators were wiped