The county record. [volume] (Kingstree, S.C.) 1885-1975, 1904-03-24
DOWNFALL OF SULLY
Scenes of Unprecedented Frenzy Fol-
iON the Announcement
AyDtMONIUM in THE COTTON PIT
Within s Few Minutes the Staple
Fell sra Bale-The Bears Frantic
With .soy-Coats Torn in the Tad
Rush TO Unload.

New Work Speciai.-Daniel J. Sutly'
the Gotten operator. who has for the
past fifteen months been the biggest
figure. IL the cotton markets of the
world. and who has "bulled" cotton
from cents a pound TO over II. an
nounced his inability to make good
sis engagements on the New York
cotton exchange Friday. With few
moments cotton fell nearly Sl3 oaie
from the highest figures or the DAY.
Scenes such as followed the an
uouncement of the failure it has been
the privilege of few brokers to Wit
ness before Traders in the street
have witnessed stock panics in pre-
viOuS wears; corners have been pro-
ken. and many crashes have been re-
corded. but none has ben accompan-
led bv such frenzy and confusion.
While there has been no premoni-
tjon of the impending crash. no morn
ing OF the season had witnessed
more demoralized market. In less
than Ien minutes after the opening
half a cent had been taken on the
price Of cotton. Prices went up ana
down. 10. 90 and so points. within
Two and three minutes. May opened
al l5.22. and went down to l4.Io IN
less than fifteen minutes, while July,
opening at 1922, went down TO 1880.
Toward the end Of the first half hour
early sellers started to cover, and
there was nothing in the news to ac-
count for the excitement. 1t seemed
merely renewal of the operations
and the catching Of further stop or
ders.
Shrotly after the noon session, how
ever. there was alull in the pit. ana
at about fve minutes before two
O'Clock. the announcement Of the sus-
pension was made by Superintendent
King. who read from the rostrum this
notice:
We regret that We are unable 10
meet onr engagements. and therefore
will have to suspend.
DANIEL J. SULLY & co.
For 2 few seconds there was an
ominous quiet over the floor, as
though The news had stunned all WIN
in hearing of its announcement. Then
with one impulse mighty shout
went M from the bears. they who had
been fighting Sully and the bull cilque
for months. Hats were thrown INTO
the air to fall where they would,
moment later to be trampled upon IN
the stampede for the pit. Coats were
torn nv frantic brokers in their mao
effort to unload their holdings, ana
chairs and camp-stools were dashed
into the Dit to emphasize some effort
to sell Messengers were rushlng IN
and out of the building with orders
t. buy or SELL telephone booths were
besiegeG and telegraph Offices were
flooded with dispatches.
Outside the cotton exchange ap-
pearances gave little indication OF the
pandemonium within until the mes
sengerS began 10 rush between tne
exchange and the brokers ohces.
Soon the news reached the STOCK,
produce and coffee exchanges, ana
traders on these markets fastened 10
the scene of the panic. Crowds as
sailed the entrance to the visitors gal
lerv. but q double guard was placed
at the doors anC admittauce was re.
fused to all but those accompanied
by members.
II was estimated that something
like three quarters Of a million bales
of cotton were traded in the 20 min
utes of the panic that followed the
announcement. and that of this up
wards of half million bales repre-
sented enforced liquidation, or the
selling ont of men whose margins
have heen nearly if not quite wiped
out.
As the market slumped 2oO points
during this period. the loss falling on
this element amounted to something
over million dollars.