The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-03-25

New York. March 22.-An involuntary
petition in bankruptcy was filed today
in the United States court against the
Grm of Daniel ]. Sully and Company,
composed of Daniel J. Sully. Samuel
r. B. Morse. W. r. Pagan and Edwin
Hadley. Jr., by three creditors.
The latter are S NJ. Weld & Company.
having a claim amounting. it is al
legged, to a sum in excess of $25O,0O0; J.
Temple Gwathmey & Company, whose
claim is in excess of $40. 600. and Shear
son. HamilI & Company, with d claim
in excess of 500, 600, all alleging that he
had purchased cotton froN them. the
price to be due. and determined On
March 10, under the rules of the cot
ton exchange On tina date. the petit
ton states, the firm of Sully & Com
pany, notified the cotton exchange and
the creditors in question Of its nabiif-
ty to meet outstanding contracts. The
act on the part Of the firm constituting
bankruptcy, is given as the making OF
a general assignment on March 10Th.
Judge Holt appointed as receivers
DdVl0 IL M1ller ana Henry w. IdII,
fixing their receivers bonds at $780, o0.
The receivers filed their bonds and
were sworn in this afternoon
Mr.. Taft is a member Of the law firm
of Strong & Cadwalader. He is a
brother of William Taft the secrettTy
of war.
Il know nothing about cotton n
I dc not know Mr.. Sully," said Mr..
Taft. II understand that Judge Holt
r,,~-ar+nl fhnf thnrn hn a Ia Uxrnr a n
pointed as co-receiver and he then APP
pointed me-"
Mr.. Sully said this afternoon: at is
too early for me to make a statement
following the bankruptcy turn to my
affairs. There are too many ramifca-
tions of law involved. about which I
know but little and. at all events, 1
shall have to wait until I have a con-
%sultation with my attorneys"
Mr.. Shearson. one of the petitioners,
said that an official statement might
be made later on in behalf of the petit
toners.
When asked if the suit was friendly
or unfriendly, Mr.. Shearson said: "Oh.
/ guess you'd better call it
a statement was made this afternoon
by J.. Temple Gwathmey one of the
creditors of d. J. Sully & Co. 1t is as
follows:
The proceedings in bankruptcy were
commenced a II was thought 10
be the best way to properly conserve all
the efforts for the benefits Of all the
creditors and in no way need be con-
Sidered a hostile step against Mr.. SGlly
or his partners. The opportunity to
make the proposition TO settle is just
as good now as it yer was"
Creditors of Sully & Co., met late
this afternoon in the office of the board
Of of the cotton exchange TO
hear further reports from h COM
mittee of five appointed yesterday to
receive from Mr.. Sully propositions for
a settlement. When the m re-
ported that no additional proposition
had been made by Mr.. Sully. the cred
itors decided to adjourn. 1t Is under
stood that if Mr.. Sully has any other
proposition TO make. it will be made
through the receivers. who may call a
meeting to submit such offers to the
creditors.
Messrs. Miller and Taft the new re-
ceivers, took formal possession OF the
SuIly Offices tonight. The doors Of the
extensive suite of offices. with n eS-
ception were sealed by the expert &C
countant, who will. under the supervi-
sion OF the receivers, go through tue
books n accounts.
MeSSrs. Miller and Taft together
made a short statement to the effect
that they a been for such a short
time In charge and their knowledge Of
the firms business was so meagre, that
they could say nothing that would be