Evening star., 1904-03-19
SULLY & CO.'S FAILURE
SAYS HE HOPES EMBARRASSMENT
Is ONLY TEMPORARY.
suspension of Another Firm-Effect on
the New Orleans Market-Assign-
ment Filed Today.

NEW YORK. March 19.-Following the
failure of the cotton firm of Daniel J. Sully
q Co., announced on the cotton exchange
yesterday, there was little to indicate at
the opening of the morning session today
any sensational developments, anticipated
last night. The market opened irregular
from five points lower to twenty-four points
higher. The brokers about the pit were
somewhat apprehensive, but were reassured
by cable from Liverpool and the announce
ment that the Su1ly firm expected to re-
sumo in four days
Other failures were expected to follow the
crash of the Sully house. but only one, that
OF j. II. Garrison, was announced before
noon. This, while small firm, affected
slightly the market, and attracted a volume
of selling in May by room brokers.
Shortly after the call a better feeling be-
came apparent, and it was evident that
important trade interests were doing their
utmost to encourage the trade and uphold
prices.
/ An Injunction was issued today by Justice
o German of the Supreme Court restrain
ing the Corn Exchange Bank from paying
certain margin certificates amounting to
900. delivered on March IS. to the order
of d. ]. Sully & Co. The order was OBJ
tanned by s. Mum Son & Co. and the firm
of d. J. sully & Co. were notified Of its
issuance.
A little later the formal assignment was
made, naming Joseph H. HoadIey as as
signee. Mr.. Hoadley Immediately took
charge of the affairs of the Sully firm
The following letter was sent by D. j.
Sully & Co.. to Robert P. .McDougall. presi-
dent Of the New York Stock Exchange:
Statement by Letter.
while I am not prepared to make a
statement of my affairs, feel that as a
member of this exchange owe to you and
its members at least to say that the same
Straightforward method with which my
business has always been performed be-
tween US in the past will characterize my
method of dealing with my creditors in this
emergency.
81 am engaged in making careful ex-
animation of my affairs and at the earliest
possible moment I will report the result
Meantime, / crave the patient forbearance
of you all, feeling assured that this EN-
barrassment will be only a temporary one
and that l will be able satisfactorily to
adjust my affairs very speedily
About S1,000.000 of margin money due to
cotton brokers was released by Mr. Sully
signing contracts.
Statement From Sully & Co.
Shortly after noon the following state
ment was given out at the Office of D. J..
Sully Co.:
I'D. ]. Sully & Co. have made an as
signment with Joseph H. Hoadley as as
signee. Mr.. Hoadiey, upon advice of his
counsel, George s. Graham. ex-district at
torney of Philadelphia has taken charge
OF the Office and Is examining the firms
accounts.
cat present he is unable to make any
statement regarding the assets or liabili-
ties of the Arm, although he hopes to
give out this information within two OF
three days. Mr.. Hoadley, the assignee.
ia the organizer of the American Loco
rnotive Company. He is life-long friend
OF both Mr.. Su1ly and Mr. Morse
there was evidently feeling OF greater
confidence. and 1t seemed as though q
concerted effort was being made to bid
the market up to make the settling ngures
as favorable to the 6ully people an pos
sible. May sold at 1887 and July at 14.0e.