The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-19
COTTON C0lLAPSES
King of Cotton Exchange Falls
From His Throne.
DRIVEN TO THE WALL
Rapid Decline in Values Costs
Him Millions.

New York. March 1s.-The suspension
OF Daniel ]. Sully & Co. the senior men,
Der of which Daniel j. Sully. the opera
tor whose dealings in and manipulation
of the cotton market have been the sen
sation OF the speculative world for sew
eral weeks. was announced on abe cot
ton exchange today. This announcement
came at the close of a long decline in
the price of future contracts.
His profits on his old deals were known
TO be enormous and presumably all of
these were used TO bolster his present
deals
After .he suspension was announced
Sully locked himself In his Office and re-
fused 10 give out any statement.
Up to 3 p. m. Suly refused To see any
one, and at his Office it was said no
statement of the liabilities could be made
until later in the day or perhaps not
until tomorrow.
The members OF the firm OF Daniel J.
suliy & Co.. are Daniel J. Sully. S. r.
B. Morse, Walter s Crandell Edwin
E1ddleN, JF., ana W. IL E@SdH
A member of the cotton exchange es-
timated Mr. Sully's total holdings at COO
900 bales on which his loss in the past
week or ten days probably was In excess
5000. oco.
The announcement OF the failure Of the
fir mon the cotton exchange was the sig
nal for wild scene OF excitement which
all the brokers on the floor Joined A
wild shout went up and the members
Joined in rough and tumble fight after
which the floor was covered with broken
chains and fragments Of clothing while
the members emerged in a much battered
and bruised condition.
Tew York, March is-The cotton mar
ket opened weak at the advance OF five
points on the April delivery TO II points
on further bear operations and IN spite
of better cables than expected and small
er estimates for the days receipts There
was continued pressure against the mar
ket and while during the afternoon there
were frequent sharp rallies. prices gradu-
ally went down and down. Toward ?
o'clock when margin prices Were made
up May was selling around 1850. This
represented a decline since the high point
OF only few days ago Of about rs points
or nearly f925 a bale. This evidently
was more than the bullish Interest could
finance and just before the close the sus-
pension Of J. Sully & Co. was announced.
Immediately the market was plunged into
the widest scenes OF Generalization. The
brokers were panic stricken. and cotton
came pouring In. The market went down
as though there was no bottom. No one
seemed TO care about buying bat every
one wanted 90 sell The big bears who
have been active for week were care
fuI not 10 buy too actively and before
the decline was checked even May had
sold al 1850 and July az 800 This was
a loss as compared with last nights
closing prices ~ from - TO 20 points.
or about 81 - bale The decline reach
ed on the close of last week vas about
( cents a pound CT about 80 bale
Just before the close covering beipsd
prices somewhat, and the market Wa
finally steady az a net decline - g al
1ss points. with May closing az i3.5- ard
July at 1870. sales were estimated At
! 800 90 bales
In spite Of the declines and reports
concerning the large lire % the leading
bulls and Suliy interests II may Re said
that suspension came as more oT less Of
a surprise 20 the general trade The sUily
holdings are variousiy estimated Locsl
traders recently have detected The exist
ence of a large Interest 81 May which
has been estimated a. aroBrG - 30 bales
and TIE bear eriTes n tedays dsTeiop-
menss IS thought to have represented the
efforts az shorts q force the Ioossning q
he bull grip CT the May oPfiou 1hich.
Y continued. must have resulted a~rlous-
IS 20 shr-fs