The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-02-07
SULLY POSTPONES
VACATION To HELP
SUPPORT COTTON,
Slump That Has Continued
Since the Announcement Of
His Departure Has
Cost Millions.
BUYING HAS LITTLE Effects
Long Holders All Over the COun~
try Have Begged "Cotton
King" to Stay in Market.
OUTLOOK EXTREMELY SERIOUS
May and July Both Close Under
Fourteen Cents at New York
Break at New Orleans
Equals $40 a Bale. =,
Long Holders All Over the COun-
try Have Begged. "Cotton
King to Stay in Market.
OUTLOOK EXTREMELY SERIOUS
) SULLY MAKES STATEMENT


& SullY MAKES Statement
. REPUBLIC SPECIAL. .
q New York, Feb. 6.-This evening q
. Mr.. Sully said: .
. THE price Of cotton dropped .
. Thursday when I confirmed the re- 4
= port that 1 would take a short rest. q
. 1t has continued to drop. with fire. q
. quent recoveries, since then.
. II decided that 1t would be better q
. to remain at the helm until matters Q
. quiet down. I shall go South for a .
. vacation next Wednesday,, and pos q
. sibly on Tuesday. by which time I Q
. expect normal conditions shall nave q
. been restored" Q
. This statement was taken to q
. mean that he will make redoubled q
. efforts to rally the market. which Q
. showed him under last week.
REPUBLIC SPECIAL.
New York. Feb. 6.-Daniel J.. sully. the
Cotton King. it was announced in Wall
Street this afternoon. has decided to post
pone the two weeks vacation in Florida
which he was scheduled to begin to-day.
As late as this morning Mr.. suliy had
said that he would surely depart for Palm
Beach this afternoon with his family.
On Tuesday he made his vacation an<
nouncement, and on Tuesday the cotton
market went to smash. 1t has been
smashing ever since, despite some open
extremely heavy buying by splly in
person.
There have been two opinions In the
street-one that Sully had sold out on top
and welcomed a break because he had
sold more cotton than he had. The other
opinion was that he was still! on the mar
ket's long side and had lost many millions
of paper profits by the slump.
Brokers made I'D their minds II Sully
went away to-day 1t would mean that he
Is out of the market.
Now. Sully is to stay. brokers think ho
is stu heavily loaded with cotton.
URGED TO. REMAIN.
After the report Of Sully's decision to
stay came out 1t was announced from his
ONCE that he had reached this decision be-
cause kilograms. cablegrams and telephone
messages had been pouring into his once
all day from all parts Of the globe begging
him to stay here and protect hundreds OF
persons who have risked fortunes in the
market.
Efforts to stem the decline in cotton
continued to-day. but success was less evil
dent than was the case yesterday and be-
fore the close ever the most hopeful were
compelled to admit that the situation was
grave. After large buying orders had
been sent to Liverpool and that market
broke half a cent in the face Of the buy
ing. traders were apprehensive when h
gong sounded at the Cotton Exchange this
morning.
Prices broke about three-Quarters Of .
cent at the start. and after q temporary
recovery Of 10 points, the whole List
crashed below the early figures, below h
lowest Of yesterday. and wound up under
IA cents for both May and July cotton.
WORSE AT NEW ORLEANS.
But a more serious decline tool place
in New Orleans. March cotton there
broke from 1870 cents to 1887 cents. while
May sold from 1870 cents to 1874 cents.
For some weeks prices in the Southern
market nave been 10 to 90 points above
New York, and the break to % or 70 points.
below New York resulted in considerable
anxiety over developments in that mar
fet.
The break to below IA cents for the tWo
active options represented a loss for the
week OF more than $50 points. or $17.O =
bale. On Monday, May cotton in New
York sold at H.47 cents and July at n.0
cents. At the low price of 1881 cents for
May, reached at the close OF the day. and
10. 90 cents for July. the decline amounted
to $50 and 1851 points. respectively.
In New Orleans the break has been sven
more sensational. July cotton sold at
1918 cents in the Southern market early
in the week and at A.10 cents to-day. =
break OF 4 cents, or so a bale. This 10
the most serious decline that has ever
taken place in a single week In the entire
history of cotton speculation.
Prices recovered about 50 points after
the opening break and held for an hour.
In the last half hour they broke sharply
again.
Ju,y sold down to 1888 cents and May to
1887 cents, selling below the low level OF
the opening.
M. ]. sully stood on the rim of the pit
watching the crash that took place ut the
opening, but making no effort to stem tho
decline. II was inferred from he lack Of
acttcity on Mr.. Sully's part to-day that
there were fewer orders at his discretion.
and this helped to increase the una1Us
,taintys