The San Francisco call., 1904-03-19

will be given out from this Office to-
day. Possibly a statement will be ready
early Saturday morning
Hadley later was quoted as saying
that the firm would pay its debts in
full and the suspension was due TO
the impossibility of meeting demands
for large sums Of money due 10 the
Sully firm from European sources. sums
that the quick slump in the market
made payab BILE too CsIick for them TO be
able 10 meet.
Sully left his office at o'clock.
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 fl in the confidence that they
were supporting him. Another was
that Sully's following in the market
had sold their long cotton without ad-
vising with him.
HINT OF TREACHERY.
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 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 deliberate and
well-planned attack to overwhelm
Sully and had succeeded. The bears.
according TO this authority. had
figured out the weakness of Sully's po-
sition. due TO immense holdings of spot
l,g-
tions on the Liverpool market, and
planned an attack on the market that
would carry il down just far enough
TO make IL impossible for Sully to meet
his margin calls. knowing that his
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
obtained from other houses in the cot
ton market. One estimate was that
he was long" 300.O 600 bales Of May cot
ton alone.
A good authority said that he did not
believe Sully was long" more than
that in the whole market, and a con-
servative estimate made in another
source was 500 900 bales. The losses by
it was said. will be divided among
nearly ali the brokers on the exchange.
One estimate was that SulIy's ownings
after a settlement under the rule of the
exchange would not exceed $500. .OOO
What sully has personally lost or what
his hackers have lost in market opera
tions IS not included in this figure.
HIS SUDDEN RISE.
In Stock Exchange circles the fail
ure OF Sully was at first taken as a
sure sign Of the collapse of the cot
ton boom. Later there was some ap-
Prehension lest the failure might
bring down a string of banking insti-
tutions in the South.
Daniel J. Sully became factor in
the cotton market in January, 1903,
when he took tD the bull movement
that Theodore II. Price had dropped
He was thought to have done great
thing when he bulled May cotton of
1903 10 10 cents. He had been a cot
ton buyer for New England firms He
had made a study of crop conditions
and foresaw the short crco of that
year as well as the short crop Of this
season II was said that a clique of
New England mill-owners backed him
in his first venture. His May cam
paign was a success and ii was esti-
mated that he personally cleared
more than $1,000. 900.
He established a cotton house of
his own last year under the name of
Daniel ]. Sully & Co. but when his
operation in cotton became so sue
cessfuI. the cotton market having
been pushed up above II cents
pound early this year. he widened the
scope OF his firms business. bought
a seat on the New York Stock Ex-
change. went into the office business,
bought a membership on the Chicago
Board of Trade and. II was said. made
connections with other prominent ex-
changes throughout the country.
The members Of the firm were
Daniel J. SulIy. Colonel s. F. B. Morse
of Houston, Tex. Walter S. Crandall
and Edwin Hadley Jr. Recently r.