Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-03-19

NO statement OF any kind or de-
scription, Mr., sully directs me TO say,
win be given out from this office today
Possibly a statement will be ready
early Saturday morning"
Mr. Hadley later was quoted as say.
ing that the firm would pay its debts
in full. and the suspension was due t0
the imposslbility OF meeting demands
for large sums of money due to the
Sully firm from European sources. sums
that the quick slump In the market
made payable too quick for them TO b.
able to meet.
Mr., Sully left his office at { o'clock
All sorts OF explanations We're made
FOR the suspension. one Of the reasons
given was that the New Orleans bull
party had sold cotton while sully was
bulling II In the confidence that. they
were supporting him. Another was
that Sullys following IN the market
had sold their long cotton without adj
visng with him. From two well-in-
formed sources came 4 denial that
there was any treachery from New
Orleans A cotton operator with New
Orleans connections said that the bun
! party there was still bullsh In cotton
Another account that came from one
of the six or seven best known cotton
operators In this country was that the
bear party had made n deliberate and
well-planned attack 10 overwhelm sui
Z ~, and had succeeded.
! The bears, according TO this authority,
I had figured out the weakness Of Sullys
I position due to immense holdings of
I spot and contract cotton and to his
I operations on the Liverpool market
/ and planned an attack on the market
/ chat would carry 1t down just far
/ enough 20 make IL impossible for Sully
| 10 meet his margin calls, knowing that
| his failure would send the market 80
| much lower that they could cover nj
| figures to recoup them.
| No definite idea Of Sullys commit
| mtnts In the cotton market could he
| obtained from other houses IN the cot
| ton market One estimate was that h
was long 100000 bales Of May cotton
| alone. A good authority said that NJ
| did not believe Sully WAS long more
than that in the whole market, and a
conservative estimate made IN another
source was 100000 bales.
The losses by Sully's failure, In case
he cannot settle, It was said, viii BE-
divided among nearly all the brokers
on the exchange,
One estimate was that Sully's owing'
after a settlement under the rule of N,
exchange would not exceed $500 900
What Sully has personally lost or VIVA
his hackers have lost IN market oper'
atoms Is not ipcluded In this figure.
What Suly will owe viii be found 10y
deducting the average quotations o
cotton today from the figure TO whlcl
his accounts were margined down 4
the last call. This will be determined
tomorrow,
There We're no other announcement
of failure. and leading men In the cot
ton market declared that there nee'
be no fear of trouble,
In stock exchange circles the failur
OF Sully was at first taken as a sur
sign of the collapse Of the cotton boom
Later there was some apprehension les
the failure might bring down strinl
of banking institutions IN the south.
Sully & Co. have or had deposits Wit
several banks One OF their most activ
accounts was with the Corn ESchang
bank The account was opened about
year ago, and the firms balances wer
often large President Nash said
Gan We know at this time Is tina
Sully g. CO. have suspended. and tina
/ their account with US is all right.
have been told that their liablitie
may be large, but / have no persona
knowledge Their relations with us wer
exactly the same as those of man
other cotton brokerage firms"
SULLY'S CAREER
Daniel j. Sully became a factor I
! the cotton market in January, 1900
when he took Up the bull movement
that Theodore II. Price had dropped
He was thought"to have done n grea
thing when he buled May cotton {
1903 TO 10 cents.
Sully had been cotton buyer fc
New England firms. He had made
study Of crop conditions and foresa'
the short crop of that year, as well a
the short crop of this season II wa
said that a clique Of New England mi