The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1904-04-07

Figure In the MarISet-Has a Fac
uIty of Making Many Friends, and
Several Stockholders Have Been
Tided Over by His Forbearance.
Striking Features of His Business
Offices.
Daniel J. Sully, the deposed cotton
king" is probably the most picturesque
figure that ever entered the cotton ring,
says the New York Times. A man Of
commanding appearance, he possesses
the faculty of making many friends.
and 1t was to a great extent owing to
his large acquaintance that he was
able to rule the market as he did. He
was born in Providence in 1861 and
has been in some branch of the cotton
trade ever since he first entered bust
ness life. He began as a clerk with
Stephen M. Weld & Co., who were then
IN Boston, but who since have moved
to New York. From that firm he went
to the E. w. Reynolds company Of
Providence, who do large spot cotton
business. He Travelled for them as a
buyer in the south and also as cotton
salesman among the mills of New Eng
land, and his wide acquaintance in the
cotton trade dates from that time.
After several years of accumulated
savings and small profits in cotton flu
lures he was able to buy out the Reyn-
oldS firm, which he turned into a COM
pany, whose president he became.
1t was in December, 1892, that he
came to New York. He had then be-
come convinced that the crop of that
year would be very small one, and
that prices were bound to go up. Early
in January he entered the market,
trading through a brokerage. firm.
Within a short time he had accumulat-
ed profits of $4,000 and he thought
It was about time to leash in and go
home" A Mr.. Brophy, who Is now his
manager, persuaded him, however, to
stay, on the ground that he had a good
chance to make more than a mere nest
egg. Mr.. Sully stayed and soon began
to trade for himself. Before long he
was swinging good sized line Of cot
ton futures and was beginning to make
a name for himself. His methods
were aggressive and quite different
from anything the exchange had ever
known before. Soon he attracted a fol-
lowing, and with its support he found
it not difficult to bid the market up.
Before any one was aware of it he
had succeeded in cornering the May
option in the New York market He
was in a position to squeeze all the
shorts, and it was then that his gener-
osity showed itself, and many a small
broker was tided over by his forbear-
ance. So it was that when the news
Of his suspension came out the other
day there were everywhere words Of
sympathy for the fallen leader.
After engineering the May corner in
1908 Mr.. Sully for the time being with
drew from the market. He had made
a fortune variously estimated at from
100000 to $5,000,000, the first figure
being probably correct, but, what is
more, he had made reputation which
served him in good stead in his later
campaigns.
In August of last year he formed a
partnership with S. f. B. Morse and
began to do business as a broker as
we'll as for his own account. He soon
conceived the idea that the present
crop would be a small one. and he
started out not only to back up this
contention in the market, but also to
try to convince the world that his idea
was right. He very nearly did so, but
during the last few weeks his theory
received some hard knocks, which
rather undermined the faith of his fol-
lowers.
In December last Mr.. Sully got out
crop estimate which placed the crop at
100000 bales For time many peo-
pie believed with him. When the gov
eminent estimate apparently bore out
his contention, even the spinners ac-
copied it. and every one began to buy.
Aided by the buying Of the public spec
ulative following, the price was rapid
ly advanced, and the Sully firm was
credited with enormous profits. That
this was true at least to some extent
was shown by the fact that Sully him
self bought house for his wife for
which he paid $4,000.
He also branched out by joining the
Coffee Exchange and the Stock Elk
change. and he moved into a suit Of
handsome Offices in the Wall Street ES-
change building at New Yor,; Here
there was established dining room
for his clerks. who had To york over
time, and sleeping quarters we're also
arranged for them A japanese cook
held sway in the kitchen The dining
room, with two portraits OF cat mas
cot looking down from gilt frames, req 4
resents many novel points Of Gecora
ton and furnishing. 1t is in dark oak.
with u touch Of green. and wainscoted
nearly up to the top. Stained glass
panels fill the door which commune
Gates with the outer Offices
Sully became SO convinced Of the ac-
curacy of his short crop idea that he
started campaign OF education" for
the purpose Of inducing the public to
accept the higher prices Of cotton goods
as permanent and necessary Before