The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1904-03-25
The KING Of COTTON
LOSES HIS DIAD[N
Daniel =. su'Iy, Bull Lead,
susPends Payments d
His Obligations.
HE HAD AN IMMENSE n.
Forced Cotton Up to II Cent, 8.
Pound and Counted Profit. u. 1ss
Millions, but Was Never All.
to Realize on Them.

New York, March 2l.-The susn..
sion Of Daniel J.. Sully, the cotton sa,,
operator, was announced on The oa.,4u
exchange Friday. 0se0a.
The announcement came at tha
OF a long decline in the price Of f, vloss
contracts. Some weeks ago. m ihua ~. y
buying, believed to have been ma law
a mnnipulative than an invastnoI
character, the price for future dait.eMaI
or staple cotton was pushed above ~.
~ cent mark, and predictions wsn.
made by those in charge Of the I MN
that the 20 cent mark wol,la
be reached. "oaiu
These predictions, however n,o..
never realized, and when the huD mn
tried to realize some of Its paper nrast.
IT found the bears had taken the mars
ket," and In one afternoon there NOS
q rapid drop in prices of more thar :
cent per pound.
1t was at this time that sullv opva
II the statement hat he was roins
south for a rest and would retire from
active market trading for q time. IA
changed his mind when the trend ~
prices turned, II remained in New
YORK, presumably in order to stem ira
tide II he could. Day after day q new
low level was reached in spite Of Tia
bull buying, and except for occasional
SpasMOdic rallies the drop was not In
terrupted.
Sully's cotton corner has been ons ot
the most sensational and spectacular
ever carried on In any commodity. He
a been crowned king of the cotton
pit. and his profits nave been figured
tar into the millions, by some as high
as $40, 100000.
Following tho oppo,p,.r,,,
Sully suspension the cotton market
declined 2 cents per pound, then rallied
half a cen per pound.
New York, March 1S.-In the late
cotton market there was little indica.
ton of returning stability. There was
doubt whether others might be involved
n prices kept going lower, until May
reached $l2.65 and July $3.50; O decline
from last night of $50 to go points. Just
before the close here there was a half
hearted rally. but the market closed
fairly steady, at q net decline of 81 to
96 points.
Alter the suspension was announced
Sully locked himself In his Office and
declined to give out any statement.
Wild guesses We're made as to the
liabilities. but all agreed that they must
be we'll up In the millions. Sully was
also q member OF the stock exchange.
Ills failure caused only a slight decline.
After the failure 1t was said Sully had
bought about a hundred fifty thousand
bales OF cotton, principally the May
option, during the past week, most of It
between $3.50 and $500.
Cotton Again Wildly Excited.
New York. March 1S.-In less than ten
minutes after the opening another half
cent had been taken off the price of cot
ton contracts today. No morning Of the
season has witnessed a more perfectly
denaorallzed market. Prices went up and
down 20 and 80 points In two and three
minutes time. Toward the end Of the first
half hour the early sellers started to
cover. and there was q rapid advance.
There was nothing In the news to account
for tho excitement. 1t seemed merely q
renewal of the bear operations.
A member Of the cotton exchange es-
timated Sully's total holdings at SO0,-
900 bales, on which his loss in the past
week or ten days probably was In ex-
cess of $4,000 600. The members of the
firm Of Daniel ]. Sully & Co. are Daniel
j. Sully, S.. Il. B. Morse. Walter 8.
Crandell, edwin Hadley jr., and w. h
Sagan.
Good for the Industry.
Philadelphia, March 1s.-A member
Of h firm Of George II. McFadden y
BRO, cotton brokers' IN this city, salu'A
"A decline to about $l3 Per bale will DO
beneficial to the cotton industry pc
cause it Will allow manufacturers to
purchase cotton at q marketable rate.
Drop at New Orleans.
New Orleans, March 1s.-The announce
ment Of the failure OF Sully created .
tremendous sensation IN the floor or ,he
cotton exchange, sending the whole ring
into a panic. There was instantly a US.
mendous drop in cotton to about $lo PER
bale.
Seems around the ring defied de-
scrtption. Or receipt of the first oui.
lctin, and In a remarkably short space
Of time. there vas a drop of aboul Q
cent and a half. Later the marker re-
covered some 80 points.
Also in Wheat.
Chicago, March 1S.-Mr. Sul!y WITHIN
the past few weeks acquired a meMpei-
ship on the Chicago Board OF Iraue,
and caused q brief sensation IN lno
wheat pit. The news of his 1alluIe
was received here just as the closlns
gong vas sounded. There was a sluhp
Of rs cents in wheat, and 1t is say
liquidation for Sully's account was
fD atr. II, l.. 49, -, n.> Z, calling UTcSsa