The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1904-03-23

.aE SS6mSQ m6I64ys6 4S0oWo4 VA NSeAA:
operations and the catching OF further
ssop orders.
Shortly after the afternoon session,
however, there vas tual in the pit
and at about Eve minutes after 3
o'clock the announcement of the sns-
persion was made by Superintendent
King who read from the rostrum this
netice:
6 We regret that we are unable to
meet our engagements and therefore
will have TO suspend.
- EaanIiiell J. SSully q Coz
QUIET WAS OMINoUs.
Fo1asew sssgends zttiseFe was an
.nnirous quiet over the floor as theagh
the news had stunned all Within heaS-;
inv of The aAnoUneenient. Then vita
one impulse mighty shout went up
from the bears, they who had been
fighting Snlty and the bull clique for
months ,sHahS we're sthroWa into athe
ais so faiii where they would, amoment
later 60 be Srampled upon by the
ssa1npede for the pit. Coats were torn
by frantic brokers in their mad efforts
TO unload their holdings, and chairs
and camp stools we're dashed into the
nit to emphasize some wild brokers'
a9er TO sell. Messengers soon we're
rushing ia and ont OF the building
with orders to sell or buy telephone
booths we're besieged and telegraph Off
ces were flooded with dispatches.
Outside the cotton exchange appear
ances gave little Indication Of the pan
deuonium within until the messengers
began to- rush between the exchange
md the brokers' Offices. Soon the
news reached the stock, produce and
scoRee exchanges, and traders on these
markets FASTENED to the scene Of the
nanic. Crowds assailed the entrance
20 the visitors gallery, but g double
guard was placed at the doors and
admittance was refused to all but
these accompanied By members.
Iii was estimated that scr:sthing like
three-auarters of million bales OF
cotton we're traded in during the 20
minutes Of the panic that followed the
announcement, and that OF this up
wards Of half million bales represent
ed forced liquidation. > or the selling
out of mea whose margins have been
nearly or cutie wiped out.
As the market slumped ESQ points
during this period the loss falling on
this element amounted to something
over 81, coo, 600.
THE MARKET STEADIER-
The market steadied after about 20
miaptes and then there was sudden
upvard shoot of about an even hundred
uScnts. This sharp rise brought about
hy Che buying of brokers and specula-
tors who saw that she market mao
stamped too far and would react just
as it did. Part of the excitement on
s6e floor OF the exchange vas caused
by the scramble Of brokers who want
sa Just such bargains and had to hight
SO get in the ring to get them. The
trging rush vas almost as exciting
and Just Is noisy, if not more SO, as
the panic.
The announcement Of Sully's snspen-
sion was put ON the tickers everywhere
within q few moments after it was
made and there was somewhat or a
arry on the Hoor of the New York
ssscx exchange after the news reached
-shsre. Mr.. Sully Is mem ber OF that
exchange, having purchased seat two
% three months ago. Stocks went on
ssusn bali point to point and one
half on the fear that the failure might
brIag o rash Of stock selling there.
ESe weakness vas only momentary.
however, for the word was passed
aeoucd that Sully had not been trad
.jng in stocks and, in fact, thas the
.ssearing house sheets had never shown
n single transaction by bill. The
ansSket IVES treasured and stocks went
mp again. ~,
Sypon the announcement Of the fail
.uze the representatives OF the news
papefs hurried TO see Mr. Sully for the
parpose Of getting some statement.
YEg. Sully, however. shut himself IN
his private Office and would not be
seen. Shortly after 3 O'Clock Sally
went inSo conference With counsel and
later Edwin Hadley, Js.. OF Proyi.
Tence, E. T., one Of the members of
sae irm sent ont message by the
secretary which read:
<sNo statement Of any kind OF de-
csipsion. Mr.. Sully directs me to say,
MIN be given out from this Office to-
Day. Possibly statement will be
rasdy early Saturday morning.
ar. Hadisy lstes was quoted ss stat
-Sue thas tbs firm wauld pay it's debts
in fnll and the suspension was due to
sae impossibili.y Of meeting demands
8er sasge sums Of money due the Sully
Eem from European sources sums that
90 ouick slump in the market made
paybale too quickly Tor them 70 be able
90 unees.
Gr. Suily left his Office at 4 O'Clock.
VARIOUS EXPLANATIONS.
All sorts Of explanations were made
aos che suspension. One OF the reasons
e;ra., was that the New Orleans bull
snrty hsd sid cotton while Sally was
miisn0 IS il the con6dence that shey