The daily morning journal and courier., 1904-03-22
SULLY MAKES OFFER
 TO FIRMS CREDITORS
PROPOSITION RECEIVED IN 4
 FAVORABLE SPIRIT.

If Finally Accepted, 1t is Believed All
 Claims Can be Paid in FuII-It is Pre-
 posed 50 Place the Affairs of the Con-
 cern in Hands of Persons Admittedly
 Acceptable to All Interests-Legai
 Techntcalities to be First Overcome
 New York, March 21.-After confer ences of the creditors of the assigned firm Of Daniel J. Sully & Co.,, lasting several hours this afternoon and even ing it was announced tonight that no definite settlement had been arrived at,. but that things were in a fair way of arrangement. It was said that MT. Sully had made proposition to his creditors to settle, contingent on the acceptance O. which he had offered to give them their choice of assignees, but that this proposal failed of immediate approval and that another meeting would be held.
 Late tonight MT. Sully after con sultation with his counsel, issued the following statement
 We met a committee of the creditors 'of Daniel J. Sully & Co. this afternoon and submitted to them proposition for the settlement of the affairs of that firm which, if carried out, we believe, will secure to the creditors payment of their claims in full, and offered, if that set clement should be accepted by the cred itors. to cooperate with them in plac- ing the affairs of the firm in the hands of persons admittedly acceptable to all interest. We have heard that this prop osition was received in favorable spir- it and that If certain legal technicalities can be arranged it will probably be ac- cepted. At the moment we are delaying action awaiting a solution of these legal questions by the counsel representing the various interests concerned" It is understood that at the afternoon meeting of the creditors the names of David Miller and Evans R. Dick had been considered as permanent as- signees. Mr Hoadley, Sully's assignee, did not withdraw. and was not at his office all day.
 At the creditors meeting fully eighty men were present, among them being Charles G. Gates. John c. Latham, R. J. Soils, w. D. Springs, of J. H. Parker E Co, the latter said to be the largest creditor of Sully's firm; Henry Hentz and George Bailey. Within few min utes It was announced that committee of five had been named to confer with Sully to find out what he had to say to the creditors. When the meeting final- ly adjourned after the committee had reportd all present declared that they had been pledged to secrecy President McDougall said that there would be an- other meeting, but he would nat say when.
 It was understood that the conference had received an offer from Sully for settlement the terms being reported as 40 per cent. in cash on claims and SO per cent. in notes covering two years, and that there was a difference of opin- ion in regard to the acceptance of the offer.
 On reaching his office this morning Mir. Sully said that he hoped to resume very shortly, but did not think that he could have a statement of assets and liabilities ready till late in the day, at the earliest.
 The cotton marked ruled higher to- day. March cotton with a rush, 75 points higher than Saturdays close. May and July cotton, in which Sully had been dealing, showed advances of 40 points.
 There was slight recession from these figures, then another advance, followed by a slump and subsequent rally, which closed the market with
 prices about midway between the clos ing quotations of Saturday and the highest of the day.