The Montgomery advertiser., 1904-03-19
WILD SCENES WITNESSED.
Failure Followed by Panic on Cot
 ton Exchanre.

 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 seven cents to over seventeen, announced his inability to make good his engagements on the New York Exchange to-day. Within a.. few moments cotton fell nearly SIS bale from the highest figure of the day. Scenes such as followed the announcement of the failure has been the privilege of few brokers to witness be- fore.
 Traders have witnessed stock panics in previous years; corners have been broken and many crashes have been re- corded, but none has been accompanied by such frenzy and confusion. While | there had been no premonition of the impending crash, no morning had witt messed on a more demorahzed market. Tn less than ten minutes of the opening, half a cent had been taken of the price of cotton.
 Prices went up and down TO- 20 and 30 points within 2 and 3 minutes. May op- cned at IS. g and sold down to l4.75 in less than fifteen minutes. while July op- ened at 15.22 and went down to 14S6. To- ward the end of the first half hour the sellers. started to cover and there was rapid advance. fss1. 6 NC. &S0DoH E04 1A6VaI1E0. There was nothing in the news to ac- count for the advance. It seemed merely a renewal of bull operations, and the catching of further stop orders. Shortly after the afternoon session, however, there was lull in the pit and about five minutes after o'clock the announce ment of the suspension was made by Su- perintendent King, who read from the rostrum this notioe:
 We regret that we are unable to meet our engagements and will therefore have to suspend.
 O. ID. J. Sully & Co.," For few seconds there was an omIn- ious quiet over the floor as though the announcement had stunned all within the house. Then on an impulse. a mighty shout went up from the bears, those who had been fighting the Sully bull clique for months. Hats were thrown into the afr to fall where they would, a moment later to be trampled upon by the stam- pede for the pit.
 Brokers Go Wild
 Coats were torn by frantic brokers in their mad efforts to unload their hold ings and chairs and campstools were dashed into the pit to emphasize some wild brokers offer to sell Messengers soon were rushing in and out of the buildings to sell or buy, telephone booths were besieged and the telegraph offices were flooded with dispatches.
 Outside of the Cotton Exchange appear ance gave little idea of the pandemo- nium within until messengers began to rush between the Exchange and brokers offices. Soon the news reached the stock. produce and coffee exchanges, and trad CTS on these markets hastened to the scene of the panic. Crowds assailed the entrance to the visitors gallery, but q double guard was placed at the doors and adn1ittance was refused to all but those accompanied by members
 It is estimated that something like three-quarters of million bales of cot ton was traded in during the twenty minutes of the panic that followed the announcement and that of this upward of half a million bales represented forced liquidation" or the selling out of men whose margins have been en- tirely or nearly wiped out. As the mar ket slumped 25o points during this pe- riod the loss falling on this element amounted to something over million dollars.
 Sudden Upward Shoot.
 The market steadied after about twen- ty minutes, and then there was a sud- den upward shoot of about an even hun dred points This sharp upward rise was brought about Dy the DuylnB or DrokerS and specuIators who saw that the market had slumped too far and would react just as 1t did.
 A mart of the excitement of the floor was caused by the scramble of brokers who wanted just such bargains and had failed to get in the ring to get them. The buying rush was almost as exciting and just as noisy, if not more so. than the panic.
 The announcement of Sully's suspen- sion was put on the tickers everywhere within a few moments and there was somewhat of a furry on the floor of the New York Stock Exchange after the news reached there.
 MT. Sully Is a member of that EX- change. having purchased a seat two or three months ago. Stocks went on from hah a point to a point and one-half on the fear that the failure might bring rush of stock selling there. The weak ness was only momentary, however. TOT the word was passed around that Suily mad not been trading in stocks, and, in tact. that the clearing house sheets had never shown a single transaction by him. The market was treasured and stocks went up again
 Sully Not to Be Seen.
 Upon the announcement of the failure, the representatives of the newspapers hurried to see Mir. Sully, for the purpose or getting some statement. MT. Sully. however. shut himself in his private of- fec and would not be seen. Shortly after 3 o'clock, sully went into conference with hls counsel and later, Edwin Haiav. IT,.