The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-04-08

witness told Sully he would furnish
enough money to protect his, Hawleys,
account. Prior TO March II nothing
bout margins was done, because it
had not been necessary. The market
always advanced after he had pur-
chased, the witness said.
please tell me what took place on
March q"
Mr.. SuIy came to my Office TO walk
home with me. but returned to his Of
flee He was to meet me later at the
Waldorf. He said at the waldorf he
might need money. I told him 1 would
protect my account.
Did Mr.. Sully Indicate that he need
ed money aside from your account?
Yes"
DO you know what he needed the
money for?'
No
Grew Wary of sulIy.
Mr.. HawIey said that when he
learned Of the condition of SuIIy's firm
he decided to close his account be-
cause he did not like to do business
with a house that did business as
SuIly did, and also because he did not
like the looks Of the market.
The witness, Sully and Ray met on
the morning Of the failure and Sully
was told the cotton he held for them,
ferred to another house. I'VE decided
to give him up" said Mr.. Hawley.
Sully took the POOLS cotton at the
prevailing prices of the night before
rather than transfer the account to
another house The witness said he
considered the vouchers for money re-
ceived from SulIy & Co. as receipts
for partnership profits in certain spec
flied deals. Others might call them
pools or anything else. The arrange
n.ent and understanding with Sully
vas that any party to the deal could
sell as he chose.
What do you want to have go on
the record as to your understanding
of the words joint account as they
appear in the vouchers you signed?"
asked Mr.. Root.
no underSt andtng about 1t; that II
might be variously interpreted.
"And you a member Of the Stock
Exchange for ten years?" calculated
Mr.. Root.
Joint contracts are yariously inter
preted." said the witness
Julian T. Davis, the witness lawyer.
objected to his client answering the
question directly, contehding that how
ever the question might be answered,
II might be detrimental to Mr.. Haw-
ley's interest.
What's n Joint Contract
The commissioner directed that the
question be answered.
'"I don't want to put any construc-
ton on it," Mr.. Hawley said.
rs that the way you want to go on
the record2'R Mr.. Root asked.
well. joint accounts differ. My un-
Outstanding with Mr.. Ray and Mr..
Sully was that 1 was not in a JOINT
account at all. My interest was sepa-
rate and distinct"
Mr.. Root read to Mr.. Hawley ex-
cerpts from a letter written by the
witness, in which he referred over his
signature to the Joint three account"
statements. The witness said he used
the term because he probably had seen
it on one of the statements given him
by Sully & Co.
Il show you" said Mr.. Root, "a
Joint three statement concerning Co.
600 bales. Now if your interest was
distinct and separate It would be for
only 10000 bales, would II not?"
81 don't know anything about It,"
Mr.. Hawley replied.
Mr.. Hawley said Sully never told
him that some one would have to fail,
and ne (Sully) might as well pc the
one. Neither did he hear Su,ly say he
needed a million and quarter.
Al this punt y H. ODS dSSpSs SUI
ly'S personal counsel, and other attor-
neys announced that they might re-
quest privilege to examine Mr.. Haw-
ley. The commissioner replied that
such participation accorded them
would be as a matter of privilege and
not Of right.
Adjournment to April Is was an
nounced.
Best SuIIy Can Do.
Daniel J. Sully gave out for publ
cation to-day a. letter Of this date,
written to the special committee of his
creditors, in which he asserts that the
offers for settlement he has already
made are the very best his assets viii
permit him to make. 1t is under
stood this letter will be considered by
his creditors at a meeting TO be held
tomorrow.
Scrubs TO Tackle Regulars.
An interesting bowling match will
be played on the alleys OF the Georgia