New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-23
BANKRUPTCY FOR SULLY.
Continued from h-st page.

Hoadley Mr.. Hardy told King that he would
have 10 serve Mr.. Hoadley in person. and a lit
tie later the assignee appeared ard accepted
service
Then Mr.. Hardy asked for a member Of the
Sully firm. Mr.. Fadley appeared and was
served Hardy then wanted to know II any
other member If the firm present. and Mr..
Morse emerged from the office and accepted
service Mr. sully not served.
OF these bankruptcy proceedings J. Temple
Gwathmey said that they were begun because
they were thought TO he the best way properly
10 conserve all the assets Of the bankrupt firm
for all the creditors. IN no way" h added.
need they be considered a hostile step against
Mr. Sully or his partners. His opportunity to
make proposition 70 settle is just good now
as IL ever was"
Mr.. Sully did view it IN that light. how
ever He left his office about O'Clock a dis
pirited man. his demeanor in marked contrast
to his usual CHEEKY bearing. The receivers were
in charge Of his office He was asked II he
would make any further proposition to his
creditors.
Il can't do anything" replied he in a per
turbed manner. My hands are tied. Every
thing is in charge Of the receivers. Why
his voice brOke-'I couldn't pay you five cents.
don't even own the clothes ! stand in. The re-
ceivers are in charge here" YEARLY. and any
proposals viii have to come from them now"
He turned away and left the building
Il am exceedingly sorry for Mr.. Sully.' de-
clared E NJ. Weld. Il don't think any
the Exchange had a kindlier feeling toward him
than l. BY the step we took to-day we OBJ
tained receivers who are acceptable 10 the mem
bers of the Exchange. If we had not taken this
action have reason to feel sure that some one
else would have. in which case we might not
have got a representative acceptable as Mr..
Miller. There is not member the floor who
does not consider him the man for the place.
to experience and ability"
John H. McFadden. Of the Philadelphia firm
which is interested in attachment proceedings
relating to the SulIy firm, declared. however.
that the bankruptcy proceedings while not OBJ
Jectionable in themselves, came in poor part
They show bad faith on the part Of two mem
bers of the creditors committee" said he j.
Temple Gwathmey and c. A. shearson. who
appear to be the petitioners IN the proceedings
The assignee. through his attorney, met the
committee Of the creditors OF which these two
men were members yesterday afternoon. and
submitted TO them proposition. The COMMITTEES
received It, and told the attorney that they
would give at o'clock this after
noon. Anticipa ting that the proposal would be
accepted. Mr.. Graham. the attorney. went to
Philadelphia last night to complete arrange
iIlelltS ACI TIE lHB OUT py MI Cu4lJ OF me
proposal He returned early to-day. TO find that
Mr. Gwathmey and Mr. shearson. or their firms
had instituted these proceedings in involuntary
bankruptcy. The first the assignee knew of
them when he was served with the order OF
the court"
THE RECEIVERS TAKE CHARGE
The receivers. Immediately after being sworn
IN. went 10 the Sully Office where they took
charge Mr.. Suily and the other partners were
IN a long conference with them. after which Mr..
Sully went home. Later they put in charge
expert accountant, r L Cuthbert who sealed
up all the doors save one Considerable mystery
enveloped this proceeding. Mr.. Taft. however.
explained that It was only because the account
ant would be held responsible for all the firms
books and papers and since he couldn't watch
them all at once. he was taking no chances.
We can make no definite statement yet"
declared Mr.. Taft late I'm the evening because
we have just taken hold and hardly know where
we're at" To this Mr.. Miller gave cordial
sent. Almost all Of our time has been spent
In arranging for insurance to cover the spot
cotton" Mr.. Taft continued, ION which. Of
course. the present insurance lapsed with the
change in title from the Sully firm 10 ourselves
as receivers. We haven't begun 10 get line
on the assets or liabilities. That will be a ire
mendously complicated business"