New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-24
AT WORK ON SUI.LY BOOKS
RUMOR OF SETTLEMENT.
e. II. Hartman Emphdtically De
mics He Backed SulIY.

For the first time since the suspension of Dan
ieI j. SuIly & Co. the offices OF the firm on the
tventy-third floor OF the building at No. 43
Exchange Place wore quiet aspect yesterday.
The receivers Of the firm. Henry W. Taft and
David Miller. were nominally In charge of the
offices. but they did not spend much time there.
They had accountants at work the books. and
the work was going on quietly in rooms TO which
only the accountants and the receivers were ad-
mitted.
II was reported late last night that AIR. suIly
to-day would be asked by the creditors Of the
firm Of Daniel j. Sully & Co. to rake another
proposition for settlement: that the acceptance
OF this proposition. II satisfactory. would bs
likely. and that the immediate reinstatement Of
Mr.. Sully on the Cotton Exchange would follow.
This action was brought about. IL was said
by the fear that bankruptcy proceedings would
be long drawn out. with possibly serious effects
for certain persons. Mr.. Taft said last night
he had not heard of any such movement Samuel
Untermyer. it was reported. has been engaged
by several creditors 20 make an investigation.
There was apparent diversity OF opinion
among lawyers interested in the sully bank
ruptcy proceedings as to the power Of the re-
ceivers to take action against the alleged part
ners OF Mr.. Sully in the pool for booming cotton.
Some said the receivers could bring proceedings
against the pool members and others said that
only the trustee to be appointed later could
bring proceedings. Henry wollman said he
knew Of no step In contemplation 70 proceed
against pool members but he said the court
could authorize an Immediate Investigation il
there was reason to believe that any assets OF
pool members were being hidden. There had
been such Investigations in other cases. he said
"Can the receivers sue the alleged hackers Of
sully for their connection with the cotton pool?'
Mr.. Taf. was asked
That IS a matter of law 1t all depends on
the facts" ne said. I'VE haven't the facts as
yet. and it depends entirely whether we find
that these alleged hackers are themselves liable
for thir losses
In the afternoon, after Mr.. Taft and Mr. Miller
had been in conference with the accountants in
the Suuy offices. Mr.. Taft said the receivers had
not found anything that identified any OF the
alleged hackers of Sully with his operations He
said he would proceed at law against any per-
who is shown by the FIRMS books to have
been illegally involved 1t would require at
termine even approximately what the assets and
liabilities are. 1t was announced late in the
afternoon that the receivers would make
further statement before to-day.
E II. Hartman, who had been mentioned in
a report in circulation among the creditors OF
d. J. Sully & Co as one Of Sullys hackers, yes
terday cOntradicted the report emphatiCally.
Tine story is absolutely untrue and absurd"
Mr.. Hartman said Il never had any cOnnec-
tion with the cotton pool l don't even know
Mr.. Sully by sight. would like to know the
source OF that report"
REGARDING the talk that suits might be
brought against Sully's hackers. Mr.. Hartman
said: Il wish somebody would sue me for any
of Mr. Sully's losses. / would show them how
much basis there was for that rumor about me-"
Edwin Hawley declined to see newspaper men
at his office yesterday afternoon when an effort
was made to inquire what connection. IL any. he
had with the cotton pool. Mr.. Sully. when seen
in the Street in the afternoon. said he had heard
of Mr. Harrfrnan's emphatic statement and
added: so far as / know, Mr. Hartman has
not been interested In any Of my cotton deals"
Has Mr. Hawley had any INTEREST,"" was
asked
Il am not talking about Mr.. Hawiey.' Mr..
Sully said throwing up his hands
The telephones were taken out Of the offices Of
d J. Sully & Co. yesterday. No reason
given, but II was supposed that the telephones
were removed to reduce expenses
There was a report at the Cotton Exchange
Yesterday that at least one large firm was in
difficulties partly account of the failure OF
Sully's firm, and there was a decline in The price
of cotton at the opening of the market In the
afternoon the market became steadier and at
the close prices were slightly above those at the
close of Tuesdays business
r. Il. McDougall president OF the Cotton Ex-
change. made the following statement:
The losses consequent on the failure OF Daniel
J. Sully * Co fall on some OF the most cOnserva-
tive houses in the tire ie-hrms that are well able
to stand them without Inconvenience. There Is
no warrant for any further apprehension. es-
peciaIly as consumers are making inquiries for
spot cotton which introduces an element OF
safety end stability that has been lacking Of
late"
sPRING-ATLANTIC CITY'S CHOICEST