The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-03-22

New York. March 19.-The excitement
in Wall street that was caused by the
announcement OF the supension Of Dan
iel J. Sully & Co., was noticeable to-
day, but gradually subsided during the
market hours and at the close of the
cotton and stock markets il was gen.
orally agreed that the worst of the eff
feet of the failure was over. The stock
market was strong all day. The cotton
market was nervous, and slumped
sharply on bad news in the early morn
ing, but before the close, the cotton
market became bOuyant and moved up
to a point far above the lowest OF yes
terday.
1t was feared that other failures
would follow the Sully crash, but only
one. that of ]. H. Garrison. a minor
concern, was reported.
After a conference between Mr.. Sully
and his lawyers this morning, the firm
made formal assignment to Joseph
ii. Hoadley. who at once took charge
This action was taken because it was
learned that an attachment was about
60 issue and it was thought best to apply
for an assignee for the protection OF
protest against the selection of Mr.
Hoadley was made at a meeting of
creditors. Mr.. Hoadley explained that
he had only accepted the position OF
assignee temporarily, in order to avoid
the placing of attachments, and that
on Monday the creditors would meet
and select permanent assignee, MI
Sully having declared that he would
agree to any man Of their selection.
The following letter was sent by D
j. Sully & Co.. to Robert p. HcDougan
president of the New York Cotton Elk
change
While 1 am not prepared to make a
statement of my affairs. 1 feel that as
a member of this exchange 1 owe &c
you and its members at least to say
that the same straightforward methot
with which my business has alway;
been performed between us in the pas
will characterize my method of dealing
with my creditors in this emergency.
Il am engaged in making a careful
examination of my affairs and at tbs
erliest possible moment l will report tn.
result. Meantime / crave the patien
forbearance of you all. feeling assur-
ed that this embarrassment will be ONLY
a temporary one. and that l viii b.
able to satisfactorily adjust my affair:
very speedily
Shortly after noon. the following
statement was given out at the Office o
ID. ]. Sully & Co.:
ID. y. Sully & Co. have made al
assignment with Joseph II. Hoadle!
as assignee. Mr. Hoadley, upon ad
vice of his counsel, George S. Graham
ex-District Attorney of Philadelphia
has taken charge OF the office and i
examining the firms accounts. A
present he is una aDle to make an
statement regarding the assets or liza
bilities OF the firm, although he nope
-, ,c-yv ~.
or three days. Mr.. Hoadley, the as
Signee. is the organizer of the Amer
can Locomotive Company. He is
lifelong friend OF both Mr.. Sully an
Ar. Morse
When Daniel J. Sully arrived at h
office today he Immediately went int
conference with his counsel Mr.. Cutch
con, of the firm of Hornblower, Mile
& Byrne. Mr.. Sully refused to max
any direct statement, but through
clerk announced that he hoped to re
sumo within four days. Matters Wer
in better shape today than was hope
East night, 1t was said.
An injunction was issued today %
Justice OGorman of the Supreme cou1
restraining the Corn Exchange Ban
from paying certain margin certificate
amounting to $500, 600, delivered o
March Is. to the order of d. J. Sully
Go. The order was obtained by
SOII Co.. anu the uIlIl Ol L.
Eully & Co. were notified Of it's issx
apee.
Superintendent King. of the Cotto
Exchange, called at Mr.. Sully's of1C
soon after the latter's arrival and &c
aim to sign contracts releasing VI
wards of 81 ,000. 900 of margin money du
TO cotton brokers in this city and vs
rious points in the country.
Just before leaving his office toda
AFR. Sully made statements in which /
said his troubles had been precipitate
by unforeseen circumstances and tn;
had he been given another day or tw
in which to arrange his affairs, it Nou
not have been necessary for him
have assigned. AS matters stand.
hopes to liquidate his affairs and e
sumo He was unable to give any e
inmates of his liabilities.
Mr.. Hoadley. the assignee also mae
"a brief statement, the substance
which was that he had accepted d
appointment as assignee, against b
own inclinations, but because Of h
friendship for Mr.. Sully and Mr.. Mors
He intimated that the affairs OF Z
frm would be speedily liquidated, el
he would not have consented TO act