The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1904-03-24
THE KING OF COTTON
LOSES HIS D|AD[I
Daniel j. sully, Bull Lead,
Suspends Payments 81
His Obligations.
he a AN IMMENSE N,
Forced Cotton Up to II Gent, !.
Pound and Counted Profits (,
Millions, but Was Never Aba
to Realize on Them.

New York, March 21.-The susp4,, j.
sion of Daniel J. Sully. the cotton u
operator, was announced on the co,,
exchange Friday.
The announcement came at thu a..
of q long decline in the price Of fr NINE b
contracts. Some weeks ago, on hassaaaEEs
buying, Believed to have been mora w
a manipulative than an invest,ssssIg
character, the price for future deivss-s
OF staple cotton was pushed aBove t taHs
II cent mark, and predictions vsss
made by those in charge of the NM hISs
campaign that the 20 cent mark wonsE
be reached.
These predictions, however. Wa,
never realized, and when the bull ID
tried to realize some Of its paper nrass
1t found the bears had taken the mas
ket," and in one afternoon there M,
a rapid drop In prices Of more than
cent per pound.
1t was at this time that Sully pan
out the statement that he was gol,,
south for a rest and would retire fmS
active market trading for a time. me-
changed his mind when the trend NJ
prices turned, and remained In NJ,
York, presumably in order to stem he
tide If he could. Day after day a nd,
low level was reached in spite OF M
bull buying, and except for occasion
spaSmodic rallies the drop was not Az
terrupted.
Sully's cotton corner has been one Nj
the most sensational and spectaculp
ever carried on In any commodity. M
has been crowned king OF the cote
pit. and his profits have been fguis
far into the millions. by some as hEsss.
as sic, 900, 900. 8
Following the announcement OF NJ
Sully suspension the cotton mark
declined 2 cents per pound. then ralig
half n cent per pound.
New York. March 18.-In the lat
cotton market there was little india
ton of returning stability. There wa
doubt whether others might be involyg5s
and prices kept going lower. until Mgt
reached S12.65 and July $3.50; q decNn&
from last night of $50 to go points. Jus
before the close here there was a hsS
hearted rally. but the market closssSS
fairly steady. at a net decline Of g.
So points. u
After the suspension was announes
Sully locked himself in his Office All
declined to give out any statement y
Wild guesses were made as to tA
liabilities. but all agreed that they nut
be well up in the millions. Sully vs.
also a member Of the stock exchaagt
His failure caused only q slight declM
After the failure 1T was said Sully hs:
bought about a hundred fifty thousaf
bales of cotton, principally the VI
option, during the past week, mostofN
between s16. so and $1,000.
Cotton Again Wildly Excited, i
New York, March 1S.--In less than ts
minutes after the opening another h
cent had been taken off the price O! a
ron contracts today. No morning ofts
season has witnessed a more perfe
G~eTaoraiized market. Prices went lpf
down 20 and 80 points in two and til
minutes time. Toward the end Of the
half hour the early sellers started s
cover, and there was a rapid advaEs
There was nothing in the news to accg
Tor the excitement. 1t seemed mereass
renewal Of the bear operations.
A member Of the cotton exchanges a
timated Sully's total holdings at sts
900 bales, on which his loss in the pa
| week or ten days probably was in a
cess of $4,000 900. The members Off
firm of Daniel J. Sully & Co. are Dams
j. Sully. S. F. B. Morse, Walter
Crandell, Edwin Hadley jr., and W.
Gagan.
Good for the Industry.
Philadelphia, March ia memAss
of the firm of George H.. McFaddeak
Bro, cotton brokers In this city, saz
"A decline to about $13 per bale will
beneficial to the cotton industry ri
cause it Will allow manufactures
purchase cotton at a marketable rat
Drop at New Orleans.
New Orleans, March 1S.-The annouaS
ment Of the failure Of Sully create
tremendous sensation on the floor Of ss
cotton exchange, sending the whole Me-
into a panic. There was instantly 0 s$
mendous drop In cotton to about S9f
bale. #
Scenes around the ring defied ds
scription. Or receipt of the first ba9@35
letin, and in a remarkably short srlA
of time, there vas a drop Of about S
cent and a half. Later the market FsS
covered some so points. Z
Also in Wheat. #
Chicago, March 1S.-Mr. Sully WITT
the past few weeks acquired a melnM
ship on the Chicago Board Of Tfta@s
and caused a brief sensation In HA
wheat pit. The news of his fats
was received here just as the cl@s5
gong was sounded. There was a sluNsSSgSs
of Us cents in wheat, and 1t Is sSSs
liquidation for Sully's account VassS9
factor In the tremendous selling lssgsS