New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-09
SULLY OFFER REJECTED.
FRIENDS LEAVE MEETING.
No Settlement IA Big Cotton Failure
an Sight.

The cotton market creditors Of Daniel J. Sully
& Co. at a largely attended meeting held IN
the MANAGERS room at the Cotton Exchange,
discussed for more than an hour and haif
yesterday afternoon the final offer Of the hrm'
contained in letter sent TO the creditors com
,usttee on Thursday, 10 settle its obligations by
the payment Of - per cent in cash and the re
manning co Per cent in non-iuterest bearing
notes. wiki the claims against Edwin HaWley
and Frank H. Ray as collateral. Mr. SuIy
friends were defeated in an attempt to force a
cettement at once, and retired from the meet
ing. Those remaining, consisting Of the open
opponents Of Suny's reinstatement TO the eN-
change. and those who were on neither one
side nor the other. adopted resolution continu-
ing the creditors committee in power. and in
structing them to &C on with their work OF in
curing into the affairs Of the Suly firm
The meeting. which started al 4:3O O'clock
was attended by more than one hundred men,
representatives OF all the creditors. Mr. Sully
was not present and a representative Of his in
ferests was asked to leave the room. the meet
ing being behind closed doors. The chairman
Of the creditors committee read report which
had been prepared by that body. At the close
Of the reading some of Mr.. Sullys friends in
froduced a resolution. which was said 20 be a
virtual instruction TO the committee to report
in favor Of a settlement on Mr.. Sully's terms.
stated above. The resolution was considered by
some q reflection on the committee, and there
was q hot debate upon it. in the midst Of this
discussion man with German accent got up
and said:
Gentlemen. 81 We don't settle this thing now,
q may be wears before get our money ihere
many present who are willing 10 accept me
cash offer. am IN favor Of accepting Il now.
There vote, and after IL twelve men, sald
TO be friends OF Mir. Sully. withdrew. Among mem
the MessIs. HcItz and representative or the
McfadGens. After the departure OF lheSe men
another resolution was offered which was 2dopted,
expressing confidence in tEe committee anC contl-
UiIg Il. The proposition Of Suy pay % per cent
IN cash ana tho remaining 90 per cent IN noies il
was stated after the meeting. was rejected py d
large vote.
II was said IN the meeting that Mr.. Sullv had
withdrawn his ultimatum Of Thursday At the
close OF the meeting John r. Dos Passos, coGnse4
Tor Mr.. Su1y. said that this letter had not heen
withdrawn but stood the last statement Ny.
Sully had 10 make TO his creditors.
At the close OF the meeting there was a CONFER
enCe OF the creditors committee. The chairman
said that there was statement 10 make
Nothing done he declared.
Then your meeting had no result:
viii another meeting be called?'
There VIII undoubtedly be more meetings
One Of the other members OF the committee
volunteered the information that there would not
and then they an got into the elevator together,
leaving the reporters.
Receiver Miller said yesterday afternoon that
the Corn Exchange Bank had turned over TO the
the bank had satisfied its claim against Daniel j.
Suly a. CO.. out OF the 5000 bales held by IL
collateral for loans to the firm. The 1.1S bales,
9dr. Miller added, were now for sale.