The Montgomery advertiser., 1904-03-19
HIS LOSSES ARE ENORMOUS
Liabilities Placed by Some as
 High as $10,000, 900.
Member of Firm Declares That sus' pension is Temporary, and That the sceptre will Again Be
 Yielded by the Now
 Humbled Monarch.

-
 New York;, March 1s-tspeciaL) )--Daniel J. SulIy, the bull cotton operator. has failed. Announcements of the suspension of his firm, Daniel J. Sully Company were made almost simultaneously this afternoon on the cotIon. etock, and conee exchanges,
 Panic immediately ensued on the Cot ton Exchange. Cotton dropped 300 points. There was a stampede for the doors. Members met in rough and tumble fight. Chairs were broken. cioth- ing was torn, men when they reached the street, were badly battered and bruised. It was a climax to the monster manipulative movements of Sully that have stirred the speculative world.
 During all this psndenonium, and be- fore the crowd of running men could reach him, 6uliy had locked himself in his oflce. After repeated efforts to see the dethroned Cotton King had been frustrated, member of the firm gave out the following:
 Everthing Topsy Turvy
 yWe can make no statement now, but will have one later. Everything is topsy-turvy. Mir. Sully was heavily long in the. market, and this, presume, is the direct cause of his failure. We can not tell what the liabilities are. Mir. SuIiy and his partners, MT. Morse, NIT. Crandall MT. Hadley and MT. Pagan are in consultation now with the firms lawyers, and as speedily as possible the public will know just where the firm stands
 Al member of the Cotton Exchange esti- mated Sullys total holdings at 0o.O00 bales. on which his loss in the past week or ten days probably was in excess of AS GOO GOO Some estimate 1t as high as SS,OO0,0O and $l0.000.00o.
 It was freely stated late this afternoon that the great bull operator was beaten by the bear operations of "Bilf' Brown. Colonel Brown Is in New Orleans. but his friends here have carefully laid their naiiles which te 5ey were exploded under Sully's feet All sorts of rumors. are afioat and 1t would not be surprising if a, number of other firms trailing in the wake of Sully succumb tomorrow morn ing.
 Bull Movement Over.
 That the backbone of a great DuIl movement Is broken is admitted on the 'change. Many of the cotton commits sion houses will work all night on their books and keep in constant touch by tel ephone and wire with out of town cus- toners, many of whom have been badly hit. Many places in New England have, through their banks and brokers. been interested in this market for many weeks, and 1t Is safe to say that 5O0OO margins were wiped out this afternoon in less than ten minutes.
 It was reported that the advance in the stock market had caused Sully's down. fall. he having been short of stocks, and not his speculation in cotton. This, however, was denied. the statement be- ing made that he was not interested to any, great extent in stocks.
 In cotton exchange circles it was said that the failure was certainly due to Sully having overreached himself in his contest with the Brown and other New Orleans. bear interests, that they had paid him back in his own coin. It was said that Sully was interested in May futures alone, to the extent of Oe,0OO bales. decline of $15 a bale on that item would represent loss of A,5OO,OOO.
 Could Not Leave Market.
 Some time ago it was reported that SuIly was out of the market That was after the big high record price had been made, and was going on a vacation. At that time 1t was said and generally be- Heved, that he had cleaned up at least 8, ,00O, 900. Suddenly, after the market had dropped considerably on the announce ment that he was going on a vacation, he said he had changed his mind and
 
 Thereupon the market had several sharp and not inconsiderable changes, finally starting an upward turn, which brought prices within a cent a pound of the high record price.
 It was his attempt to realize early this week that brought the avalanche down upon him from New Orleans. His move was at once detected, 1t was what the old New Orleans bear leaders had been fr,,. vantage of the opportunity with the result that the market went to pieces, leaving Sully in the lurch.
 Some weeks ago, on heavy buying, be- heved to have been more of a manipuIa- tive than of a investment character, the price for future delivery of staple was pushed above the IT cent mark, and the predictions were made by those in charge of bull campaign that the 2O-cent mark would be passed.
 Bears Took the Market.
 These predictions, however, were never realized, and when the bull pool tried to realize some of it's paper profits 1t found that tAe bears had taken the market '' and in one afternoon there was a rapid drop in prices of more than a cent a pound. Day after day a new low level was reached, in spite of the bull buying, and except for occasioDal spasmodic
 
 Sully's profits on his old deal were known to be enormous. and presumably all of these were used to bolster his buying Late this afternoon it was said that Sully's failure was undoubtedly due to the New Orleans operators throwing cotton on the market this week and caus- ing the break in retaliation for his un- doing of high priced cotton on them when 1t rose to 17.55. It was estimated that he had bought 10000 bales of cot ton within the last week from 1850 up to 1880.
 In the late cotton market there was It, tie indication of returning stability. There were doubts as to whether others than Sully might not be involved, and prices kept going lower and lower, until May reached 12.65 and July 12.SO. a de- cline from last night of 25O to 260 points. Just before the close here there was a half-hearted, rally to lS.S7 for May, and 1S.5 for July. on~ the Stock Exchange