New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-20
NEWGSSIGNEE TOMORROW
pRJBCTTON TO HOADLEY.
r,.aisOrs of d. j. Sally s Co. To
%, Permitted TO Pick Successor.

Re PeTWtAbbu ~ e0'' -
--or-oernent that Daniel J. SUlly & Co.
- sss.qrrnent 20 Joseph II. Hoadley,
n.. - close upon the reading OF cheerful
l l0..o -, euIlv. at a time when cotton was
- ,-s the losses OF the bull leader seemed
fo.'s .-,v-,,g less. caused much astonishnent
-. ,-,t-on Exchange soou after the opening
o. -. Tror a tine there was much excite
- trading on the exchange was feveTlsh
u.s. .-.-,,s.,ng. In the last hour OF business
-.,,on market improved in tone. May cot
1u - un 70 70 81 cents ana July cotton up 70
- :, i-nprovernent Of more than S2 bale
= v-sssr afternoons dealings.
- -, assignment was forced by an injunc-
-,,,b s. MUM. Son & Co. cotton brokers.
800 IN tho supreme Court restraining The
- Fachsnge Bank from paying TO sully's
9, certain margin anticipate amounting 70
Ioooo - s,Iie-sd on March IS. 1904. 20 the order
e,,Ilv & Co" Papers FOR The assignment
- h..n prepared IN readiness for possible
--.,-rsncy. and ss soon IS sulys counsel
- ~ f7s Injunction the assignment papers
=, slsd IN the CoJnty Clerks Office before the
,n,rnction could De served
r-.s,tors OF y. J. suIly & CO. were not at
~ -,sssed with the selection CT Joseph Il.
,Io.s,., as assignee. Hoadiey some OF tAeIn
- ms hest known IN Wall Street as the
- 90 -. "a. International Power Company.
~ Richare Croker's Auto-Iruck company "Ia
!, ,,.-,o,,s automobile and electric vehicle con-
,.-,s which had failed 10 earn olVlaenos on
,,cckr and .here was a suspicion that hoao-eg
"a. one OF suIly's hackers IN his bull cotton
,,-,-,.,+ There was meeting OF some OF lAe
,-r.s,.o-s AZ the Cotton Exchange after the close
q, business. and they decided that they Would
s.,7sDs a change CT assignee. Some said theF
,,,gb, seek 70 throw Suly's firm into the hands
~ q receiver BY Involuntary bankruptcy pro-
,assinrs Il another assignee did not take Hoaa-
s,,,, rlsce. suIy net committee OF the credi-
so-s ana agreed 10 change of assignee 70
morrow.
TIE conferences were continued last night.
A. sullys losses are 70 be figured on the basis
- N. average of yesterdays trading on The
Cotton Exchange. and as cotton went up more
char forty points yesterday, there VIII be
material reduction o. the losses from what they
,rouid have been Il Sully had suspended earlier
m Friday No statement q the assets or lia-
bunes OF the firm was obtaiaable yesterday
m, cotton brokers who made calculations SAID
fhst settlement would cost suly and his asso-
r,s,ss somewhere near 100000. sully declared
ts,s IN the afternoon that he expected 10 settle
and resume operations in a few days.
,rrTER TO PRESIDENT 0IcDoUGALL.
sunv RODE down 70 Wall Street yesterday IN
m automobile IN company with Mr.. Morse. one
~ his partners and found Nr. HadIey. an
other rartner. awaiting him IN the Offices or
She nrrn on the twenty-third floor Of No. 40
rxchanTe Place. He sent 10 Robert J.. NcDou-
rar r-esiaent Of the Cotton Exchange, the fol-
lowing letter. which was read soon after the
opening of business:
While am not prepared 10 make n statement ot
my AFFAIRS Zee lnal as q n,.5..a t =. 4. -. >,
cay that the same ytraightforward e,hat n.+n
,vser rs ~ rhe -ast viii c1ara-tertze my method
q dealing with my creditors in this enaergenet-
ny affairs and at the earliest possible moment /
viii report the result. Meantime. eraT" The r@-
this embarrassment vii be only a Temporary ono
snd that ] viii he able Satisfactorily 90 ADJUST -y
Gfars very speedily.
Members of the Cotton Exchange took the let
tsr IN good faith and felt SO well over it shat the
Hnnouncerne~t Of the suspension % J. r. Gar
Tison & Co. a firm of cotton brokers AT 10.
old Sip. made scarcely a ripple. N-. Garrison
wss said 70 be out of town. ana his drIn a small
enc had suspended in hts absence not knowing
the extent of ifs losses
IN his own Office Sully was watching the open
;ne quotations * the cotton market, and seemed
to be pleased at the upwa~l turn ~ the market.
he said:
81 think everything VIII be al right as soon as
can get my bearings. within a cvv days 7
think Ne shall be able 10 resume. There viii he
10 assignment
Shortly afterwarS the announcement that
eully's firm had made an assignment 20 TEoadley
was ma6e on the Cotton Exchange. The fact
that sully's losses would have 70 be determined
ty The ruling prices q cotton yesterday made
tho trading for the haf day on the Exchange
Interesting. sully was known 70 he long or
Nay and July options. and the record Of the
DAY was mace NJ IS follows for those options: