The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-03-18
SULLY Goes Down PLAN OF CONTROL.
Man BuIed Cotton Ordinance to Conduct Water
Market Falls. works Is introduced.
Suspension Is Announced in Provides for the Creation
Cotton Exchange Today. New Department.
LOCKS HIMSELF In. BOARD OF TRUSTEES.
He Refuses to Give Out Any Will Be Composed Three
Statement Named by the Mayor.
Drop Staple Follows the Must
Announcement. Without Pay.
Man Who BuIIed the Cotton
Market Falls.
Suspension Is Announced in
Cotton Exchange Today.
LOCKS HIMSELF In.
He Refuses to Give Out Any
Statement.
Drop in the Staple Follows the
Announcement.

New York, March 18.-The suspension
OF Daniel J. Sully & Co., the senior
member of which is Daniel J. Sully, the
operator whose dealings in and manipu-
lation of the cotton market have been
the sensation of the speculative world
for several years, was announced on the
cotton exchange today.
This announcement came at the close
of a long decline in the price of future
contracts. Some weeks ago on heavy
buying, believed to have. been more of
a manipulative than of an investment
character the price for future delivery
of that staple was rushed above the II
cent mark, and predictions were made
by those in charge of the bull cam
paign that the 20 cent mark would be
reached and passed.
These predictions, however, were new
er realized, and when the bull pool tried
to realize some of its paper profit,
found that the bears had taken the
market" and in one afternoon there
was a rapid drop in prices of more
than cent a pound.
1t was at this time that Sully gave
out a statement that he was going
south for a rest and would retire from
active market trading for a tirae. He
changed his mind, however. when the
trend of prices turned and remained
in New York, presumably in order to
SI0In the tue II ne COQtQ. Lay alter
day, a new low level was reached in
spite of the bull buying and except
for occasional spasmodic rallies the
drop was not interrupted. From time
to time reports were given out that
Su1ly had sold out before the break,
but these found few believers in his
buying; when he bought was attribu-
ted to efforts to support prices and NOT
to the Inauguration of a new campaign
for higher prices.
His profits on his old deal were
known to be enormous and presume bl v
all of these were used to bolster his
present deals.
After the suspension was announc-
ed Sullys locked himself in his Office
and declined to give out any state
ment. Wild guesses were made as to
the liabilities but all agreed that they
must be we'll up in the millions.
Following the announcement of the
suspension the cotton market declined
&c a pound and then rallied 1kc a
pound. AT 2:20 May was quoted at
1925, July at 13.4O and October at 12.70.
SENSATION AT NEW ORLEANS.
New Orleans, La, March 18.-The an
nouncement OF the failure of Broker
Sully created a tremendous sensation
on the floor of the cotton exchange,
sending the whole ring into a panic.
There was instantly tremendous drop
in cotton and at the moment it seemed
impossible to say where the slump
would terminate. Shortly after the
sensational bulletin came in over the
wires the market was reported to be
down about SO a bale.