The Savannah morning news., 1904-03-23
RECEIVERS FOR
D. J. SULLY & co.
FIRM DECLARED BANKRUPT.
THREE OF THE PRINCIPAL CREDI-
TORS FILED PETITION,

Bankruptcy In Involuntary on
SuIly's Particle Would Have Pres
ferred the Accepfa nee of His Prop
ry w. Taft the ReceIvers-It Is Said
There May BE Proceedings Against
Those in Pool with suIIy.
New York. March 22.--An involun-
tary petition in bankruptcy was filed to-
day in the United States District Court,
against the firm of Daniel j. sully Il
Co., composed of Daniel J.. Sully, Sam
uel f. B. Morse, w. r.. Pagan and
Edwin Hadley, Jr., by three creditors.
These, S. M. Weld e. Co., having a
claim amounting, it is alleged, to
sum in excess of $250,000: j. Temple
Swathmey & Co.. whose claim is IN
excess of $4,000 and Shearson, Ham
let & Co., with claim in excess OF
100000, alleged that the firm of Sully
& Co, also purchased cotton from
them, the price to be due and deter
mined on March 10, under the rules
of the Cotton Exchange. On that date,
the petition states, the firm of Sully
& Co. notified the Cotton Exchange and
the creditors in question of it's inabil-
ity to meet outstanding contracts. The
act on the part of the firm constituting
bankruptcy, is given as the making OF
a general assignment on March 10.
Judge Holt appointed as receivers
David H. Miller and Henry w. Taft,
fixing their receivers bonds at $780,
600.
The receivers filed their bonds and
were sworn in this afternoon.
Mr.. Taft is a member of the law firm
of Strong & Cadwa.ader. He is
brother of William H. Taft, the Sec
rotary of War.
II know nothing about cotton and l
do not know Mr.. Sully." said Mr..
Taft. II understand that Judge Holt
suggested that there be a lawyer APP
pointed as co-receiver, and he then
appointed me.
Mr.. Sully said this afternoon 1T is
too early for me to make statement
following the bankruptcy turn to at
fairs. There are too many ramlfica-
tions of law involved about which /
know but little, and, at all events, /
shall have to wait until / have con-
sultation with my attorneys"
SUIT
Mr.. Shearson, one Of the petitioners,
said that an official statement might
be made later on behalf Of the three
petitioners.
When asked If the suit were friendly
or unfriendly. Mr., Shearson said" ooh,
/ guess you'd better call 1t friendly
A statement was made this after
noon by j. Temple Gwathmey, formerly
president Of the Cotton Exchange, one
of the creditors or d. j. Sully &
Co II is as follows:
1.-THE proceedings in bankruptcy
were commenced because 1t was
thought to be the best way to properly
conserve all the efforts for the benefit
of all the creditors and In no way
need be considered hostile step
against Mr. Suiy or his partners.
The opportunity to make the propo-
sition to settle is just as good now as
IL ever was"
Creditors OF sully & Co. met late
this afternoon IN the office Of the board
Of managers a the Cotton Exchange
TO hear further reports from the com
mlttee OF I'VE appointed yesterday 10
receive from Sully his proposition for
a settlement. When the committee re-
ported that no additional proposition
had been made by Sully. the creditors
decided 20 adjourn without date.
II IL understood that II Mr.. suliy
tas any other propositions 10 make
they VIII be made through the receiy-
srE. who Will hold a meeting % sub
NIT such oner 20 creditors.
Messra, Miller and Taft, the new re-.
foivera took formal possession 81 the
suily Offices tonight The doors ~ ihs
offensive suit ~ offices with one 81.
cepfl0n were sealed BY the expert acc
countapL Nho WILL under ms su-