The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-03-19
MANY Explanations.

All sorts Of xpanations were made for
the suspension. One OF the reasons given
wa 4 thatathe New Orleans bull party&ha
sold cot ton willie Sully was bullng IT In
the confidancesthst they were supporting
him Another was that sullys follo wing
III tho market had sold their long cot
ton without advising with him. } From ts,rt'
two we'll Informed sources came a. renal
that there was any treachery from New
orleans. "a cotton operator With New
Orleans connections said that the bull
party there was still bullish on cotton ~
Another ccount that came from one
OF the six sor seven best known cotton
operators II, this country. was that the
bear party had mado a deliberate and
we'll planned attack to overWhelm sully
and had succeeded 55S
q Tho bears, !; according to this authority,
had figured out the weakness OF Sul!y's3
position duesto immense holdings Of spot
ana contract cotton, and to his operations
On the Liverpool mark It. and planned an
attack on ths market, that would carry
Ri down lust far enough to make It im-5
possible for suly to meet his margin
calls. knowing that his failure would
send the market SO much lower that
| they could cover at tigures! to Y recoup
them. ~ &Ss8s t3i5sj 3ii$
No definite idea OF sully's commitments
| in the cotton market could be got from
| the other houses IN the cotton market.
one estimate was that he was i'":lonG"
| of 100000 bales OF May cotton alone. q
good authority stated that he did not be-
llleve that sully was "long OF more than
that In the whole market, and conscr-
yative estimate made In another source
| was 100000 bales.
The Resultant Losses.
The losses by sully's failure in case he
cannot settle It was stated to-day was
divided up among nearly, all the brokers
on the Exchanges One; estimat e was : hal
Sully's owings after "a settlement under
| the rule Of the TN change would not ex-
coed half million dollars. What Sully.
has personally lost. or what his backers
have lost III market operations is not
1 Included in this figure. @32i 81. 81
What Sully will owe will be found BY
deducting the average qrotationsSo 81 cot
tton to-day from the. figure to- which ~ MS
accounts were margined down TO- tbs "a 81
call. This Will be determined Tomorrow.
ofSGourse. 38f 8s III ,9 III ii 8
There were no other announcements OF
failures and leading man In the cotton
market declared that there need be no
fear of trouble. 1S ~ III. 81 y5
III Stock Exchange circles the filure Of
sully was at first; to ken as q sure sign
OF the collapse OF the cotton boom. Later
there was some apprehension lest the
failure might bring down q stl4n 70 a q
banking Institutions in the South,
Mr.. Sullys suspension was announced &C q
on the Stock Exchange but not until
shortly before the close Of the market
| IT was announced on the Coffee Exchange
also. The cotton bulls went into hat
market and caused an activity there that
correspondent to the activity In cotton.
The coffee market slumped and rose wi h
the cotton market last month, but 1t was
significant that the announcement Of
sully's suspension caused only slight
break In coffee. III i.
Daniel J. sully became a factor in the
cotton market In January Of 1903, when
he took up the bull movement. Tie estap-
lished cotton house Of his own last
year, under the name Of, Daniel v.
sully & Co. but when his operations N
| cotton became so successful, the cotton
market having been pushed above
cents q pound early this year. no Widened
| the scope of his tlrm,s business. bought
scat on the New York Stock Exchange,
| wont into the Coffee Exchange, got 2
membership on the Chicago Board of
| Trade, and, 1t was said, made connections
| With other prominent exchanges through
| out tho country.
Tho members Of the firm We're Daniel
| !, sully, Colonel s. IT.. B. Morse, OF lious-
ton, Tex; Walter s.. Crapdal and Edwin
Tfadley, Jr. Recently William r, agan,
manager OF the frm'a New Orleans ONCE,
was taken into the flrnl,