The Caucasian. (Clinton, N.C.) 188?-1913, 1904-03-24
DOWNFALL OF SULLY
Scenes of Unprecedented frsaiy Fol.
Ios lhe Announcement
DEN0NIuN IN TIE C0TI0N PIT
Within a Few Minutes the Staple
Fell sI3 a Eeie-1he Bears Frantic
With Joy Torn In the flad
oueh to t!5tosa.

New York special.-Daniel J. Sully.
the cotton operator, who has for the
ragt fifteen months been tbs biggest
figure in the cotton ma-kets OF the
world. and who has pulled cotton
from cents pound TO over II, an
nounced his inability 10 make good
his engagemoats on the New York
cotton exchange tridav. With few
moments cotton fell ne1ky SIS bale
from tho highest figures os the cay.
Scenes such az followed the an.
nouncement OF the failure IL has been
the privilege of few brokers 10 wit
ness before. Traders In the street
have Witnessed stock panIcs in pre-
vious years; corners have been bro
ken. and many crashes have been re-
corded. but norc has ben accompan-
led by such frenzy ard confusion.
While there has been no premonl-
ton of the impending cash, no morn
Ing of the season had Witnessed
more dc!noralized market. In le3s
than ten minutes after the opening
half a cent had been taken off the
price of cotton. Prices went up and
down, 10, 20 and 30 points. within
two and three minutes. Mas opened
at 1922, and went down 80 14.1b Ia
less than fifteen minutes, while JuiT.
opening at 1922, went down to 1856.
Toward the end of the frst half hour
early sellers started TO cover, and
there was nothing in the news to az
count for The excitement. 1t seemed
merely a renewal Of the operations
, and the catching Of further stop or
ders.
Ghrotly after the neon session, how
ever. there was alnll in the pit, and
at about five minutes before two
O'Clock. the announcement Of the sus.
pensiCn was made by superintendent
King, who read from the rostrum this
notice:
"We regret that We are unable to
meet our engagements, and therefore
will have to suspend
DANIEL J. SULLI & CO.
For a few seconds there was an
| ominous quiet over the floor. as
| though the news had stunned all with
| in hearing Of its announcement. Then
with enc impulse a mighty shout
went I'D from the bears. they who had
| been fighting Sully and the bull clique
| for months. Hats were thrown into
the air 10 fall wherc they would, a
moment later to be trampled upon in
| the stampede for the pit. Coats were
| torn by frantic brokers in their mad
| effort to unload their holdings, and
| chairs and camp-stools were dashed
into the pit to emphasize some enor'
to sell. Messengers we're rushing In
and out Of the building with orders
to buy or sell; telephone booths were
besieged and telegraph offices were
| flooded with dispatches.
! Outside the cotton exchange ap
pearances gave little Indication of the
| pandemonium within until the mes
sengers began to rush between the
exchange and tho brokers Offices
Soon the news reached the stock
produce and coffee exchanges. and
traders on these markets FASTENED te
the scene of the panic. Crowds as
sailed the entrance to the visitors gal
lery, hut a double guard was placed
at the doors and admittance was re
| fused to all but those accompanied
| by members.
t. was estimated that something
like three quarters of million baies
of cotton were traded IN the 20 min
utes of the panic that followed tht
announcement, and that Of this up
wards of half a million bales repre-
sented enforced liquidation, or the
selling out of men whose margini
have been nearly If not quite wipet
! out.
AS the market slumped ESQ points
during this period, the loss falling Oh
this element amounted to somethini
| over a million dollars.