The Savannah morning news., 1904-03-20
BUT ONE OTHER
FELL WITH SULLY
FAILURES WERE FEARED,
BUT OTHER FIRMS WERE NOT fla
TALLY INVOLVED.


suits Otherwise Were More Salts.
factory Than Had Been Looked
For Markets Comparatively
strong.
New York, March 19.-The excite
ment in Wall street that was caused
by the announcement yesterday of the
suspension of Daniel ]. Sully & Co
was noticeable to-day, but gradually
subsidized during the market hours, and
at the close of the cotton and stock
markets it was generally agreed that
the worst of the effect of the failure
was over.
The stock market was strong all
day. The cotton market was nervous
and slumped sharply on bad news in
the early morning, but before the
close even the cotton market became
buoyant and moved up to point far
above the lowest of yesterday.
1t was feared that other failures
would follow the Sully crash. but only
one, that of ]. H. Garrison, minor
concern, was reported.
After a conference between Mr..
Sully and his lawyers this morning the
firm made a formal assignment to Jo-
seph H. Hoadley, who at once took
charge. This action was taken be-
cause it was learned that an attach
ment was about to issue, and it was
thought best to apply for an assignee
for the protection of all creditors alike.
Later in the day a protest against the
selection of Mr.. Hoadley was made at
a meeting of creditors. Mr.. Hoadley
explained that he had only accepted
the position of assignee temporarily, in
order to avoid the placing of attach
ments, and that on Monday the cred
itors would meet and select a perma-
nent assignee, Mr.. Sully having de-
clared that he would agree to any man
of their selection.
SuIIy Asks FOrbearance.
The following letter was sent by d.
]. Sully & Co. to Robert p. McDougall,
president of the New York Cotton Elk
change:
while l am not prepared to make
a statement of my affairs, l feel that
as a emember of this exchange l owe
TO you and it's members at least to
say that the same straightforward
method with which my business has
always been performed between us Ia
the past will characterize my method
of dealing with my creditors in this
emergency.
Il am engaged in making a care
full examination of my affairs. At the
earliest possible moment l will report
the result. Meanwhile 1 crave the
patient forbearance of you all, feel
ing assured that this embarrassment
will be only a temporary one and that
/ will be able satisfactorily to adjust
my affairs very speedily"
Shortly after noon the following
statement was given out at the office
of D. ]. Sully & Co.:
I'd. j. Sully & Co. have made an
assignment, with Joseph H. Hoadley
as assignee Mr.. Hoadley, upon ad-
vice of his counsel, George S. era
ham, ex-district attorney of Philadel-
phia, has taken charge of the office
and is examining the firms accounts
At present he is unable to make any
statement regarding the assets or liza
bilities of the firm, although he hopes
to give out this information within
two or three days. Mr.. Hoadley, the
assignee, is the organizer of the Amer
lean Locomotive Company. He IS "a
lifelong friend of both Mr. Sully and
Mr.. Morse"
When Daniel ]. Sully arrived at his
Office to-day he Immediately went into
conference with his counsel, Mr. Clutch
con of the firm of Hornblower, Mil
Ter & Byrne. Mr.. Sully refused to
make any direct statement, but
through a clerk announced that he
hoped to resume within four days
Matters were in better shape to-day
than was hoped for last night, it was
said.
Corn Bank Restrained.
An injunction was issued to-day by
Justice O'Gorman of the Supreme
Court restraining the Corn Exchange.
Bank from paying certain margin GER
tificates, amounting to $50, 600, deliv-
cred on March is, to the order of d. ].
Sully & Co. The order was obtained
by S. Mum, Son & Co., and the firm
of d. j.. Sully & Co. were notified of
its issuance.
Supt. King of the Cotton Exchange
called at Mr. Sully's office soon after
the latter's arrival, and got him to
sign contracts releasing upwards of
$1,000,000 of margin money due to cot
ton brokers in this city and various
points in the country.
Just before leaving his Office to-day
Mr. Sully made statements, in which
IC Sdlu MS LIOuDleS ndQ DS6H DT6GlDl-
tated by unforeseen circumstances, and
that had he been given another day
or two in which to arrange his affairs,
1t would not have been necessary for
him to have assigned. AS matters
stand he hopes to liquidate his affairs
and resume He was unable to give
any estimates of his liabilities.
Mr.. Hoadley, the assignee, also made
a brief statement, the substance of
which was that he had accepted the
appointment as assignee against his
own inclinations, but because of his
friendship for Mr.. Sully and Mr.. Morse
He intimated that the affairs of the
firm would be speedily liquidated, else
he would not have consented to act
as assignee, chiefly because of the con-
dition of his health.
Supt. William A. King announced
this afternoon the following average
prices in to-day's dealings, being the
prices at which settlements with the
suspended firm of d. ]. Sully & Co
will be made: March. 1926 cents
April, 1886 cents; May. 1888 cents
June, 1866 cents; July, 1874 cents; Au.
gust, 1890 cents: September. 1928 cents
October, 11.62 cents; November 11.6;
cents, and December, LIZA cents.
]. II. Garrison. whose suspension
was announced on the Cotton Ex-
change. is in Florida, and no state.
ment of his affairs will be given Out
pending his return.
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