Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1904-03-19
Cotton Bull Leader Will
Try to Resume
Operations.
ANNOUNCEMENT MADE
Business of Firm, How
ever, is Assigned to
HoWad1ey.

New Orleans, March 19.-At the
opening of the cotton exchange today
the suspension of j. II. Garrison & Co.
was announced. but the suspension
was comparatively unimportant. a
statement from Daniel j. Sully was
read, in which he said he hoped his
embarrassment was only temporary
and hoped 10 resume in the near flu
ture The market opened irregular
from points lower to "a points high
er.
New York. March 19-The firm of
Daniel j. Sully & Co., dealers in cot
ton. coffee and grain, today assigned
to Joseph II. Howadley.
Wild Scenes.
New York. March 19.-There were
wild scenes on change when the sus-
pension of Sully & Co. was announced.
Coats We're torn by frantic brokers
in their mad efforts to unload their
holdings. and chairs and camp stools
were dashed into the pit to emphasize
some wild brokers' offer to sell 1t
was estimated that something like
ton We're traded in during the twenty
minutes of the panic that followed
the announcement. and that of this
upwards of half million bales repre-
sented forced liquidation" or the sell
ing out of men whose margins have
been nearly or quite wiped out As
the market sIumped $50 points dur
ing; this period the loss Calling on this
element amounted to Something over
n million dollars
Would Not Talk.
The market steadied after aboJ.
twenty minutes and then there was q
sudden upward shoot of about an even
hundred points. This sharp upward
rise was brought about by tn ebuying
of brokers and spectators who saw
that the market had sfumped too far
and would react just as it did. Upon
the announcement of the failure the
representatives Of the newspapers hur-
ried to see Sully for the purpose of
getting some statement. Sully, how
ever. shut himself in his office and |
would not be seen, nor would he send |
out statement except to say that |
one would be ready early this morn
ing.
Edwin IIadley, a member of the |
firm. later was quoted as stating that |
the firm would pay its debts in full |
No definite idea of Sully's commit |
mcnts in the cotton market could be |
got from the other houses in the cot /
ton market. One estimate was that |
he was 'long" of 100000 bales of May |
cotton alone. a good authority stated
that he did not believe that Sully was
long of more than that in the whole
market, and a conservative estimate
made in another source was 100000
bales. There were no other announce
ments of failures and leading men
in the cotton market declared that
there need be no fear Of trouble
Daniel ]. Sully became a factor in
the cotton market in January of 1908,
when he took up the bull movement
that Theodore III. Price had let go OF.
He was thought to have done Il great
thing when he bulled May cotton of
1903 TO 10 cents. His May campaign
was n success and IT was estimated
that he personally cleared over 81 ,00O.-
900 by it. He established a cotton
house of his own last year. under the
name of Daniel ]. Sully & Co, but
when his operations in cotton became
so successful. the cotton market hav-
ing been pushed up above IL cents a
pound early this year. he widened the
scope Of his firms BUSINESS.