The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-19
ASSIGNMENT MADE
BY COTTON KING
Daniel J. sully and Partners Try
to Protect Their Cred
itors.
Spectator Declares His Embar-
rassment Will Be Only
Temporary.
Sensational Developments Pre-.
dicted for To-day Fail to
Take Form.

New York, March 19.-FolloWing
the failure Of the cotton firm Of Dan
iel ]. Sully & Co., announced on the
cotton exchange yesterday, there was
little to indicate at the opening of
the morning session to-day any Of the
sensational developments expected
last night.
5 points lower to "a points higher.
The workers about the pit were some-
what apprehensive, but were reas-
sured by cable from Liverpool, and
the announcement that the Sully firm
expected to resume in four days.
Other failures were expected to fol-
low the crash Of the Sully house, but
only one, that of j. H. Garrison, was
announced before noon. This, while
a small firm, affected slightly the mar.
ket and attracted a volume of selling
in May by room brokers.
Better Feeling Apparent.
Shortly after the call, better feels
ing became apparent and it was evil
dent that important trade interests
were doing their utmost to encourage
the trade and uphold prices. Upon
his arrival at his office, Mr.. Sully con-
ferred with his attorney and received
| notice of an Injunction issued to-day
Ny - uoIASC ~ oO1 AId1l u tllc SupIGlld
court restraining the Corn Exchange
bank from paying certain margin cer-
tif1cates amounting to $4,000, de-
| livered on March Is to the order OF
D. J. Sully & Co. The order was OBJ
tanned by S. Mum, Son & Co.
Superintendent King Of Cotton Ex-
change called at Mr.. Sully's office
soon after the latter's arrival and got
him to sign contracts releasing up
| lrs 81 n
due to cotton brokers in this city
and various points in the country.
A little later, the formal assignment
was made naming Joseph H. Headley
as assignee. Mr.. Headley Immediately
took charge of the Sully firm. No di-
rect statement was obtainable from
Mr.. Sully or any member of the firm
but the following letter was sent by D.
+. Sully & Go. to Robert P. McDougall.
president of the New York cotton exc
change.
Statement to Exchange.
fW1liIe I am not prepared to make
a statement of my affairs, I feel that
as a member of this exchange, Lowe
to you and Its members at least say
| that the same straightforward method
| with which my business has always
been performed between us In the past
! will characterize my method Of deal
ing with my creditors in this emer-
gency.
| IT am engaged in making a careful
examination of my affairs, and at the
earliest possible moment [ will report
| the result. Meanwhile I crave the pa
tient forbearance of you all, feeling
assured that this embarrassment will
be only a temporary one, and that I
my affairs very speedily
Shortly after noon, the following
statement was given out at the office
| of D. j. rSully & Co.
| ID. J. Sully & Co. have made an as
signment with Joseph H. Headley as
of his counsel, George S. Graham, has
| taken charge of the office and is ex-
aiming the firms accounts At press
ent, he is unable to make any state
ment regarding the assets or liabilities
| Of the firm altho he hopes to give out
| this information within two or three
days.
Mr.. Headley, the assignee, is the or
ganizer of the American LOCOMOTIVES
company. He is lifelong friend Of
both MI. Sully and Mr.. Morse.
| Feeling of Confidence.
Towards the close of the cotton
market, there was evidently feeling
Of greater confidence and it seemed as
tho a concerted effort was being made
! to bid the market up to make the set
thing figures as favorable to the SullY
! people as possible.
May sold at 1887 and, July at 1906.
with the market closing very steady at
a net advance of from 10 to 70 points
on the more active months, while the
new crop was to 15 points net high
err; sales were estimated at 100000
| bales.
! eLading Philadelphia spot interests
were heavy buyers on the advance and
i private advices from the south stated
that spot offerings were being with-
drawn.
NEW ORLEANS SITUATION
Prices Advance at Opening in Pit but
1 Afterwards Decline.
| New Orleans, March 19.-UnusuaI