Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1904-03-23
DOWNFALL OF SULLY
Scenes Of Unprecedented Frenzy Fol.
low the Announcement
pANDEMoNlUM IN THE COTTON PIT
Within a Few Minhtts the Staple
Fell $is BaIe-The Bears Frantic
With Joy-coats Torn in the llad
Rush to Unload.

New York Special ). Sull!r
the cotton operator, who has for the
past fifteen months been the biggest
figure in the cotton "'crkets of the
world. and who has ulled" cotton
from I cents y pouno TO over II, an,
nounced his inability to make gooia
his engagements on the New fork .
cotton exchange Friday, With few
moments cottoi fell nearly Sl9 d hale
from the highest figures Of the Day.
Scenes stich as followed the al;
jiouiicement Of Lie failure # has been
tile privilege OF few brokers to wit
ness before. Traders in the street
have witnessed stock Danics in pre-
vious years; corners have been bro.
ken. and many crashes have been re-
corded, but none has ben accompan-
led by such frenzy and confusion.
While there has been no premonll'
ton of the impending crash. no morn
iih or tNe scasotl Lad Witnessed a
more demoralized market. In. less
than ten minutes after the opening
half cent had been taken off the
price of cotton. Prices went up and
down, 10. 20 and 80 points. within
two and three minutes. May ;openedd
at 1922, and went down to. l4.75 IN
less than fifteen minutes, while July,
opening at 1922, went down to l4.S6'
Toward the end of the first half hour
carly sellers started to cover, and
there was nothing in the iiews to &C;
hnnni idr the excitement. Il seenled
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, anu
at about five minutes before two
o'clock, the announcement of the sus.
pension was made by .Superintendent
King, iWi:hj5 read FROM tlie fostruul this
notice:
1--WE regret that we are unable TO
meet our engagements, and therefore
will have to suspend.
DANIEL J. SULLY & CO.
For few seconds there was an
ominous quiet over the floor, as
though the news had stunned all With
in hearing of its announcement. Then
with enc impulse a mighty shout
went up from the bears, they VINO had
been fighting Sully and the bull ;hque
for months. Hats were thrown into
the air to fall where they Would, q
Later tosi, =tramp. .ea=ssgoI,.its
SIS
effort to unload their holdings; and q !
chairs and camp-stools. were dashed
into the pit to emphasize some eftort
to sell. Messengers were rushing IN
and out of the building with orders
to buy or sell; telephone booths were
besieged and telegraph Offices we're
flooded with dispatches.
Outside the cotton exchange ap-
little insssas ;Ss 81
pearances ffestese'1f' ol 'N.
pandemonium within until the mes
sengers began to rush between the
exchange and the brokers offices
Soon the news reached the STOCK
produce and coffee exchanges, and
traders Oh these markets hastened te
the scene of the panic. Crowds as
sailed the entrance to the visitors gal
lery. but a double guard WAS placed
at the doors and admittance was re
fused to all but those accompanied
by members.
II was estimated that something
like three quarters OF million bale:
of cotton we're traded in the 20 min
utes of the panic that followed the
announcement. and that OF this up
wards of half a million bales repre-
sented enforced liquidation, or the
selling out of men whose margin:
have been nearly if not quite wiped
out.
AS the market slumped $50 points
during this period, the loss falling OF
this element amounted to something
over a million dollars.