New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-19

sv.-aee pri-. % to-day The daily settling -
-, =, 1 o-c.ock. The sully holdings "
-, ,,,.,p were rssargiued down 20 me Sells
,-. ,r 7-,,,,-szav which was. in The case OF ~
-. 80, u 60 cents. and July. i".'t -"7
sfeerance between these figures ana '"' -
-. 20 10 made IN io-days TRACING OF l.''
-. All represent what the hfiii VIA ia
= lose Taking yesterday last p'loes 80
-, ,.,,,-e ,,-Fce u to-day-although ar
other h-eak would o. course IoHoN '''s
- Of the current predictions 81 one or 'i'''
80. -, e.,,,,,e.- there would Dc a difference
-, .hose erlrre and the "settling piIeeS
- t...b Nay and yUlv on Thursday oi 4-i'.'7
,vsotl, 800 poiu,r or $50 bale; ana a9Ne'l.-i's
90 correct the estimate Of 100000 baies 81 H1''
.,a 1uI, as TIE amount 90 LONG cotton "e'' p.
80. en-, she settlement required "o'ia ullo1-'-
Il g opoOG0 An important offset 20 this hesNH
indebtedness would probably re I-ane '' 'i'
Liverpool operations ~ the urn
tn. cot+or Exchange a few days ago voted
favorabv on a proposition 10 chaIee ti'e
- settlement in case % failures The present
.-.s,.-, IS % take the average 81 quotations q
soc dav r,r the basis % settlement The new
-.,.Io r,-o,i5as that THE contracts viii be traGeu
e. ,.~ ,ra noor within four hours q the time OF
rbc sunouncerleut Of the failure somewhat AZ
-ne stock exchanges cell or buy stocks O s-S-
rsudcd members. As IL happens. this RUE Is
,.of 70. .0 effect on fhe NeE-York Cotton TX
change.
vGT.v RUNORs N CIRCULATION.
slf,ou-b there were no other announcements
~ fallfl-re ueI,- rUmors were IN circulation yes
ta-6sv afternoon. Whether to reassure the pub
Dc and prevent further panic or not. the !eaa-
SIR men in the cotton market declared NAV
there need De no fear Of trouble. in STOCK EN-
.s,,~o circles the failure % Suily was at first
ID. grrf 1sc r0|-
-on boom ard - good thing FOR stocks. Later
,be-a was some apprehension iest the failure
might bring down string OF banking lnsutu-
ssous ir the South.
rs7iol r. Suilv & 90. have or had deposits
with several banks and trust companies IN thls
cty. one " their most active accounts va 81 =.
sla Corn IAelaEEe Bank. me -''ccou'!t 80
er.encd a bout year ago. and the hTIu ga
nreos we're often large 1'reslceni -Nael Seld-
"aH we know "a This time o. tax Sul.E a
~, rs,-a .stlere-ded and that their account with
as ie sT risI.t. g have been tolc MAX tl'll
liabilities NAV be large. l'ut nave i' l'sIso..e'
i-rovledc-e TTleir relations with us were OK
actly the same as those Of many o'her 'o''o"
ADo,Te- vel known banker. askei about The
foesfhlitv that banks ln th' N2H'h iAi6i- -
f,rr-f I'D tho failure. answered thar he dld no'
believe THAI 1aany Southern hanks coulq pe m
,oI,of Afos- OF the big banks here. he ADDED i3a
. ,,o~ued .hcir Southern CorrosI onNelhs aEall-S.
Il lending on cotton bills after tia market 20
above - cents a pound. - -
Yesterday afternoon that there was SOM lalH
On tho Cotton Exchange about cloSIng UIie hta-
SrIIy was making an aueu-qf % resume. -
called attention 10 the reported statement -
sFr F4aIIe,- about having on all debts. and con-
-f~sled- Sometimes az operator VINO u carr
fng a big commitment OF long cotton llaS 80 -
perfectly solvent. but his affairs may ne $" ~
thar he cannot Get money quickly TO meet the
demand Tor more margins IN sudden stump.
j approherd from Nr Hadley slslel ,l.,,,
that This may be tire CONDITION IN i.e TL!lE =.
Nr Suily had been dealing 81 me Ll,e pooL
market probably selling there 20 onset ms IoiS
.cottou here. He could have rs much money oue
bin over there as he was due to pay here, oul
hc couldn't get II quickly enough 10 meet the
demand, and so would have TO announce his IN
IT IS even possible that HIr Sullv might have
foreseen this situation. and might have sold
enough inst the very slump caused by ms
announcement may be 70 his advantage
AR. Hadley IS "a relative OF Edwin Hawley.
who has been reported as "a hacker ~ the Sully
drn- NJ hawley Goes not admit beng IN tiN
cotton market. hui il BIS just possible that u
may be shown him that the Sul-y firm 8 &C
counts figure up al right ard he may furnish
enough money % permit Mr. Suiiy 10 resume
within q few hours"
ar. suliy was al HIS homo. No G East sixty
Eecond-St.. all the evening. in conference with
his legal advisers and with various persons who
arrived and departed from tine 20 time. 80
statement or any sort could be obtained At the
house.
IN an announcemeut made on February l.
Daniel 7. Suly & Co. stated that their purpose
was 10 cOnduCt a general banking business
Exchange and purchasing ana selling contracts
ou comm .ssion ou The NeW- York. NeN-5IIelfs
and Liverpool Cotton Exchanges and The New
York Coffee Exchange. TIE members Or the
Hrn vere Daniel !. Sully. Colonel =. =. i.
Morse. Of Houston Tex: Waiter : Irandea
and Edwin Hafier ir jiCoeItI- William r.
Pagan. manager OF -ne firms Naw-orlears Of
nCc was taken iEto thc i~r-.
Nr Sullr Is tlo president and Fir. Hadlsv the
treasure ~ The =. IS. =. Reynolds Cotton Com
paUv. ~ Providence N~. SuIy rs "a director or
the Merchants Tlvy, Company. having entered
The board foy we=kT ago. when Edwin HaWley
became president of tho COMPANY