The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1904-03-23
MANNING, S. G. WEDNESDAY. MARCH 23 1904
them to be able to meet.
Mr.. Sully left his office at 4 O'Clock

them to be able to meet.
Mr.. Sully left bis office at 4 O'Clock
VARIOUS EXPLANATIONS.
All sorts OF explanations were made
for the suspension. One Of the reasons
given was that the New Orleans bull
party had sold cotton while Sully was
bulling it in the confidence that they
were supporting him. Another was
that Sully, following in the market,
had sold their long cotton without
advising with him. From two well
informed sources came a denial that
there was any treachery from New
Orleans. a cotton operator With
New Orleans connections said that
the bull party there was still bullish
on 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 a
deliberate and we'll planned attack to
overwhelm Suily and had succeeded.
The bears, according to this au-
thority, had figured out The weakness
Of Sully's position due to immenss
holdings Of spot and contract cotton
and OF his operations on the Liverpool
market, and planned and attack on
the market that would carry it down
Just far enough to make it impossible
for Sully to meet his margin calls,
knowing that bis failure would send
the market so much lower that they
could cover at figures to recoup them.
No definite idea Of Sully's commit
ments in the cotton market could be
got from the other houses in the cot
ton trade. One estimate was that be
was long, Of 100000 bales Of May
cotton alone. A good authority stat
ed that be did not believe that Sully
was long" Of more than that in the
whole market, and conservative
estimate made in another source was
400, 900 bales.
The loss by Sully's failure in case
be can1ot settle, it was stated Friday,
was divided up among nearly all the
brokers on the exchange. One esti-
mate was that Sully'S owings after a
settlement under the rule Of the e1-
change would not exceed halfa million
dollars. What Sully has personally
lost or what bis hackers have lost in
market operations is not included in
this figure.
What Sully will owe will be found
by deducting the average quotations
OF cotton today from the figure to
which his accounts were nargined
down to the call. This will be de-
ternined Saturday Of course.
NO OTHER FAILURES.
There were no other announce
ments OF failures and leading men in
the cotton market declared that there
need be no fear Of trouble.
In stock exchange circles the fail
ure Of Sully was at first taken as a
sure sign of the collapse Of the cotton
boom. Later there was some appre-
hension lest the failure might bring
down string OF banking institutions
in the South.
Mr.. Sully's suspension was an-
nounced on the stock exchange but
not until shortly before the clase OF
the market. It was announced on
the coffee exchange also. The cotton
bulls recently went into that market
and caused an activity there that cor
responded to the activity in cotton.
The coffee market slumped and rose
with the cotton market last month,
but it was significant that the an
nouncemect Of Sully's suspension
caused only a slight break il confee." J"
sULLY's CAREER.
Daniel J. Sully became a factor in
the cotton market in January Of 1908,
when he took up the bull movement.
He established a cotton house Of his
own last year, under the name Of
Daniel J. Sully 8 Co., but when his
operations in cotton became so sue
cessful, the cotton market having been
pushed up above II cents a pound
early this year, he widened the scope
of his firms business, bought seat
on the New York stock exchange,
went into the coffee exchange, got a
membership on the Chicago Board Of
Trade, and it was said made connec-
tions with other prominent exchanges
throughout the country.
The members of the firm were
Daniel J. Sully, Col. S. F. B. Morse
of Huston, Tex, Walter S. Crandall
and Edwin Hadley, Jr. Recently
VIM. E. Pagan, manager Of the firms
New Orleans Office, was taken into the
firm -