New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-19
THE SOUTH GETS REVENGE
No Lamentations for SuIly in Ne5c-
Orleans.
IRr TELEGRAPH TO -ur TR1EUSE.1


Nev-OrIeans March 1S.-The Sully failure
struck the Nev-OrIeans Cotton Exchange with
the force Of a thunderbolt and made a new
record for drop in prices. the net decline on
account Of it being 16S points on May and July
There had been so-Le vague rumors about L
o'clock. and the market showed a little weak
moss but nothing definite was known.
One operator was trying his best TO boost
the market and was bidding for five thousand
bale lots. when a well known operator yelled
across the ring TO him:
For Gods sake stop your bulling; suly has
failed"
That was the first definite announcement. ana
IN an instant the ring was in an uproar. The
scenes enacted during the slump Of month
ago we're not 10 he compared with the pande-
Inoniurn which prevailed. Enormous chunks
We're sliced off cotton values In five minutes
the market dropped 12J points
The official announcement came in tele-
gram from a member OF the Sully firm 70 the
Cotton Exchange. and was posted at 1:80. but
the storm had already spent its fury. and ten
minutes later the market showed tendency
to recover. Both bulls and bears went TO the
support Of the market and stayed the down
ward rush.
While there is a great deal OF regret at the
failure because OF the general effect. there Is a
great deal Of satisfaction among the brokers
and others at the downfall Of the erstwhile Cot
ton King. whose pyrotechniCs have amazed the
spectators. 1t all comes about as the result OF
the recent slump The announcement was made
two months ago by Sully's firm that W. T.
Brown. who made his coup on last July. would
handle the local market in conjunction with
Sully. while Sully would devote his personal at
tention 20 New-YOrk. Then came Sully's an
nouncement Of his intended vacation in Florida
and the great slump. II was generally believed
here that SuHy had unOaded. and. while he
made two or three theatrical attempts to hold
the market and postponed that vacation. the
slump went on. and two big local corporations
were worried out Of the market.
While local operators will not say anything
definite it seems 20 be pretty well understood
that the crowd has got even with Sully for the
grievance real or fanCted. and there IS much
oulat rejoicing. What gives color TO the story IS
the fact that not single local house was affect
ed by the tremendous slump. II showed that
there had been a 'premonition" Of something
doing
suIIy-s total interests in this market were un-
der ten thousand bales.
A New-Yor1 report. quoting Sully as saying
that Brown and Hayne had sold out on him. was
sbov-r IN Mr. Brown. He said that he did not
believe suHy had made the statement He
added that he had been operating entirety N
dependent Of SuIIy this season. and there had
beer no combination of interest between tho
men.
Frank r. Hayue was emphatic IN his denial
He said that any report saying he had sold out
on SuIIy was absurd and false In the hrst
place. he had never had any connection WIN
Sullv. though sometimes they might have oper-
ated on similar lines. Instead Of selling out, he
said. he had bought cotton in Nev-fork one
ro,,- before the SulIv failure was announced.
.r oIeo bought cotton after the failure" he
added ..but 7 don't know that that has any
hearing on the situation