Mrs. Grundy. (Tracy City, Tenn.) 1903-1930, 1904-03-24
FAILURE OF SULLY,
THE COTTON KING"
Man Who Long Ruled the Market
Has Failed.
HE ROSE LIKE A METEOR
WeH-Nnown Spectator who Has
Made and Lost millions ON the
Cotton Exchange, Fails
I'm New York.
HE ROSE LIKE A METEOR

New York, March l9.--Daniel ]. Sui.
ly, who has for Is months been the
largest figure in the cotton markets
of the world and who has "bulled'
cotton from cents 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 the
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 premonition of the
impending crash, morning of the SEES
son had witnessed 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 TO- 20 and 30 points
within two and three minutes. May
opened at 1926 and sold down to
1i.75 in less than fifteen minutes.
while July, opening at 1922, went
down to 1856. 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 ac-
count for the excitement. 1t seemed
to be mercy renewal of the bear
operations and the catching of further
stop orders, Shortly after the af-
ternoon session there was lull In the
pit and at about five minutes after
two O'Clock the announcement of the
suspension was made by Superinten-
dent King, who read from the rostrum
this notice:
I'VE regret that we are unable to
meet our engagements, and will there
fore have to suspend.
DANIEL j. SULLY & CO."
For a 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
were rushing in an out of the build.
ing with orders to sell or to buy. Tele
phone booths were besieged, and tele
graph offices were flooded with dis
patches.
Refuses to Make n Statement.
"No statement of any kind or de
scrlption, Mr.. Sully directs me to say
will be given out from this Office to
day. Possibly statement will b,
ready early Saturday morning"
Mr.. Hadley was quoted as saying
that the firm would pay its debts II
full and the suspension was due t,
the impossibility of meeting demands
for large sums of money due the Sull.
firm from European sources, sums
that the quick slump In the marke
made payable too quick for them t
be able to meet.
Daniel ]. Sully became factor In
| the cotton market in January, 1908
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 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. 1t was said
| that clique of New England mill
owners backed him in his first ven
ture. His May campaign was a sue.
cess, and 1t was estimated that he
personally cleared more than $1,000
600.
He established cotton house of his
own last year, under the name of Dan
lei J. SUlly & Co., but when his APP
eratiOns in cotton became SO success
full, the cotton market having been
pushed up above II cents a pound
early this year, he widened the scope
of his firms business; bought a seat
went into the Coffee exchange got a
membership on the Chicago board OF
trade, and, 1t is said, made connections
with other prominent exchanges
throughout the country.
In 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 J. Sully Col. S. F. B. Morse, OF
Houston, Tex; Walter s. Crandell
and Edwin Hadley. Jr. Recently Will
lam r. Pagan, manager of the firm S
New Orleans Office, was taken into the
firm.
Army of the Potomac Reunion.
New York, March 19.-The thirty