Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1904-03-24
KING I! I! sULLy FAILS
BIGGEST FIGURE in THE COTTON
MARKET COMPELLED TO
SUSPEND.
..'st:. .....
,...,.. ~,
WILD STOCK PANIC RESULTS
NEVER BEFORE HAVE SUES
SCENES OF CONFUSION
BEEN SEEN.
LOSS IN EXCESS OF s5,o,o,ooo
UNABLE TO MAKE GOOD HIS EN-.
GAGEMENTs ON NEW YORK
EXCHANGE.

Sully, the cotton operator who for fif-
teen months has been the biggest
figure in the cotton markets of the
world, and who has pulled" cotton
from cents pound to over II, an
nounced his inability to make good
his engagements on the New York
cotton exchange yesterday. Within a
few moments cotton fell nearly Sl3 d
bale from the highest figures of the,
day.
Scenes such as followed the an
nouncement of the failure it has been
the privilege of few brokers to wit
ness before. Traders in the street
have witnessed stock panics in previ-
Gus years; corners have been broken
and many crashes have been record
ed, but none has been accompanies
by such frenzy and confusion.
Loss Exceeds $5,oo0,oo0.
A member of the cotton exchange
estimated Mr.. Sully's holdings at 300
600 bales, on which his loss in the past
week or ten days probably was in ex-
cess of $5,OOO,OOO.
While there had been no premoni-
ton of the impending crash no morn
ing of the season had witnessed
more demoralizing market. In less
than ten minutes after the opening
half "a cent had been taken off the
price of cotton. Prices Went up ana
down, 10, 20 and 80 points, within two
and three minutes. There was moth
ing IN the news to account. for theSex-,
element 1t seemed merely renew
al of bear operations and the catching
of further stop, orders. 4. q j =,
Shortly after the Afternoon session
however, there was ia luH in the spit,
and at about five minutes after z
O'Clock the announcement of the sus-
pension was made. For few seconds
there was an onii sn1iieti over the !!
floor&as though the news had stnhned
all, within hearing of the announce
ment. Then with one impulse
mighty shout went up from The bears
they who ~, t:;.s.
.. Had Been Fighting, sul,y
and the bull clique ,fer months Hats
we're thrown into thes air to fall where
they would, and be trampled upon by
the stampede for the pit that came
moment later. Coats were torn by
unload their holdings, and chairs and
cuspidores were dashed into the pit to
emphasize some wild brokers' offer
to sell.
The market started after about
twenty minutes; and then there was q
sudden upward shoot of about an
even hundred: poin Is. his sharp up
ward rise was brought. about BY the
buying of brokers and SPECTATORS who
saw that the market had slumped too J.
far and would react Just as ii did. A I
part of the excitement on the Hoor Of J,
the exchange was caused by, the
scramble of brokers who wanted just
such bargains and had, tssfishtsTo get
into the ring to get them. Tha buying
rush was almost as exciting and tust
as exciting and just as noisy as the.
panic !.
Panic in New Orleans.
New Orleans, March 20. - The an
nouncement Of the failure of Stll.y:.
the Cotton King of New York." yes
terday. createdsat the 2 greatest =eaaie.
ever seen on the New Orleans cotton
exchange. Prices melted away until
they were 50 and $40 bale lower
than the previous days close. and
every moment the fear was that local
firms would go to the wall When the
panic was over and the commercial
integrity of the local cotton trade was
found intact, great sigh of relief
Went up from the room, although
scores of small operators were wiped
out and heavy longs had lost fortunes.