New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-03
QUICK DROP IN COTTON,
BULLS FIGHT HARD.
MQysOptions Fail One Crnt-Er-
change az UD7oor.

q A ~,,6s-, and tremendous collapse IN cotton
,,-soas occurred in the local market yesterday
afternoon. following the announcement thai
Da-,-l = SuIiy was a.bout 10 leave town on
vocatsor trip and the rTITnOr that he had mace
"a .rf,ate settlement with some Of the largest
II the shorts and had cloeed OUT AT his hold
ings
.r,e s,c-1es.or the floor .of TIE exchange we're
-, ,,.f,ac-, in --ears As values melted away
,ae brokers seemed frantic TO rel Tor the
tir-- an wore sellers and there were no buyers
and Is tic ne--i spread throughout the cotton
s,s.-ief shat suEy had decided 20 take raca-
.,o-, every man Who Owned a contract for de-
,t--e-, C cotton aeeolcd cces~pGS o. sell IT, al
most Without regard 10 the price II would orihe'
n less dian ~ hour the May oTtion fel cen
ard quarter r Dcslnd teqUival ent TO S'Zo de-
cline or .sradnls contract" 81 one hunoreu
halesD or as rnach would have been CON
sdercd z good -i-eG u,ov--1ent Tor o'cnieh' :
trading only a few years ago. Along with the
liquidation Of bull. specu1toTr' there was soii'e
selling for short aICount-
The downward plunge Of the iVaTkel con
tinued TO- about IN hSun being finally checked
,,,- renewed bull support said 10 be for the ac-
conn, Of NeD-Orlesns interests. whereupoh
,hose who had sold short hurriedly started 10
buy back again These purchases for the long
and short accounts caused a quick rally OF from
20 10 ~ roints and atithe latter level the mar
lret steadied after probably The most exert
ing single hours tra5tng the New-fork Cot
ION Exchange had ever known. The days sales
were estimated at 2OD0ooo hales OF which
I 10000 were traded in in the last hour and a
half There has been Only one two million nale
dav before IN the history Of the NeW-h DIX Cou-
ton Exchange.
The slump in prices starred a little before =
O'Clock Early in the day there were reports
on the hoo- Of the Cotton Exchange that Sully
tad got settlements the night before with
shorts who owed him cotton There was a
stor, that Stock Exchange house had been
oo,nneled 10 settle with him for 15roeoo bales
~ cotton The settlement with this particular
house was denied by n. J. Suuy & Co. and it is
believed that MIR. Sully and this house are on
good terms. especially as member OF IL took
q oordisl part in Mr.. Sully's recent entrance
into the stock Exchange. There were other
concerns mentioned later. however. about which
there were no denials. and IL was generaily pc
1is,-as mas sorpe Wall Street houses had been
hurt. Ali cotton houses have for some time
been recurring margins Of 100 points, or - a
hale from speculative customers, but yester-
.6az's drop was far more than any 100 point
margin would cover.
There was much talk about heavy losses but
there were no reports OF failures On the Cot
ton Exchange clearings are made et noon. ana
midday to-day viii tell certainly whether OF not
any Cotton Exchange house was hit hard enough
20 he Obliged 10 go 10 the wall. One OF the alb
normal and record breaking things about the
market was that within twenty-four hours there
had been a panic Of bears with forced settle
merits. and panic or bulls. with heavy losses
on that side.
sully is going 10 Palm Beach for a fortnights