Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1904-03-23
DANIEL J. SULLYS FAILURE.
"king OF the Bulls" Succumbs and Cotton
FIuctuate 200 Points In Few Minutes.

New York, March sd. j. Sully, the
cotton operator, who has for fifteen
months been the biggest figure in the
cotton markets of the world, and who
has bulled cotton from cents o pound
to over II, announced his inability to
make good his engagements on the New
York Cotton Exchange to-day. Within
few moments cotton fell nearly thr-
teen dollars a bale from the highest
figures of the day.
Scenes such as followed tho announce
ment of the failure it has been the privi-
lege of few brokers to witness before.
Traders in the street have witnessed
stock panics in previous years; corners
have been broken, and many crashes
have been recorded, but none has been
accompanied by such frenzy and con-
fusion
While there had been no premonition
of the impending crash, no morning of
the season had witnessed more de-
moralized market. In less than ten
had been taken off the price of cotton.
Prices went up and down, 10, 20 and 80
points, within two and three minutes
May opened at 1926 and sold down to
14.75 in less than fifteen minutes, while
July, opening at 1922, went down to
14.86. Toward the end of tho first half
hour early sellers started to cover and
~
nothing in the news to account for the
excitement. 1t seemed merely renewal
of bear operations and the catching of
further stop orders.
Shortly after the afternoon session,
however, there was a lull in the pit and
at about five minutes after 2 O'clock the
announcement of the suspension was
made.
For few seconds there was an omi-
nous quiet over the floor as though the
news had stunned all within hearing of
the announcement. Then, with one i'm
pulse, mighty shout went up from the
bears; they who had been fighting Mr..
Sully and the bull clique for months.
Hats were thrown. into the air to fall
where they would, 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 hold
ings, and chairs and camp stools were
dashed into the pit to emphasize some
wild brokers' offer to SELL Messengers
soon were rushing in and out of the
building with orders to sell or buy; tele-
phone booths were besieged and tele-
graph offices were flooded with dis
patches.
Outside the Cotton Exchange appear
ance gave little indication of the pande-
monium within until the messengers be-
| gan to rush between the Exchange and
the brokers' Offices. Soon the news
reached the Stock, Produce and Coffee
Exchanges, and traders on these markets
| hastened to the scene of the panic.
Crowds assailed the entrance to the
, visitors gallery, but double guard was
placed at the doors and admittance was
refused to all but those accompanied by
members.
| 1t is estimated that something like
three. quarters of a million bales of cot
minutes of the panic that followed the
announcement, and that of this upwards
of half million bales represented
| "forccd liquidation" or the selling out
of men whose margins have been nearly
or quito wiped out.
AS the market slumped 250 points dur
! ing this period the loss falling on this
element amounted to something over a
million dollars.
sJrIIy,s COTTON CAREER