Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-03-19
DEsEliET EVENING NEWS, SATURDAY, MARCH 49, 1901.

G. NEWS; SATURDAY,
OWNERS backed him In his first venture.
His May campaign was a success and
II was estimated that hc personally
cleared more than sl000,000.
He established IA cotton house OF his
own last year under the name Of
Daniel j. suly & Co, but when his
operations IN cotton became so sue
cessfil. the cotton market having been
pushed up above T. cents pound carly
this year, he wIdened the scope Of his
INNS business, bought Il seat on the
New York stock exchange. went into
the coffee exchange, got a membership
on the Chicago board Of trade and 1t
was said, made connections with other
prominent exchanges throughout the
country
The members Of the flrn were Daniel
j, Sully, Col. s, + b, Morse of Houston.
Tex. Walter :. Crandcll and Edwin
Hadley Jr. Recently William il. Pagan,
manager Of the firms New Orleans Of
flee, was taken into the firm.
NEWS IN NEW ENGLAND.
Providence, Il. l.. March lS.--Thc an
nouncement of the embarrassment Of
Daniel ]. Sully came as hard blow to
the cotton trade here, Sully belongs IN
this city and his daring operations
have been followed closely, Many local
SPECTATORS followed his example and
advice and not lew prohtcd hand
somelyl last year In manufacturing
circles, however there has Ueen little
j.n SYM amy with Sully. and min own
ers and agents We're pronounced IN CX-
pressing the belief that the suspen-
sion would 10 much towards relieving
the uncertain situation In the textile
trade.
Fall River, Mass, Mlr,h lN--Fall
River especially those who have aale
| heavy contracts while the raw matc-
rial war well up IN price are somewhat
| Disturbed over the failure Of Daniel
| Sully & Company, They fear that cot.
| ton VIII drop much lower and thus do.
mcralize the goods market, Should
! tie price Of goods decline 10 any great
cy;cnt II is feared losses would be con
| Siderable, especially on material made
from high priced cotton.
PANIC IN NEW ORLEANS.
| New Orleans. La, March 1S.--Ans
| nOunremcEt Of the failure Of Daniel j,
| Sully 4 Co. created a panic today on
| the floor Of the New orleans cotton eX-
| change. Prices melted away until they
were 50 and $40 bale lower than yes
terday's close. When the panic was
over. the commercial integrity Of the
| local cotton trade was found intact, al
though scores of small operators were
wiped Gu; and heavy longs had lost
fortunes.
soon after o'clock private kilograms
from N,w York said "Suly suspended, -
and for the next three quarters Of an
| hour an immense crowd Of people
az the windows and doors OF the cotton
| exchange saw scores Of business men
engaged IN rough and tumble fight
near the ring TO sell their cotton 20 an
overstocked market.
Prices tumbled 10 to 20 points at q
time. and stlll the selling continued
Coats were torn, hats were smashed
chairs and stools about the ring were
demolished so great was the roar from
the ring that Il could be heard foi
blocks above the noise Of traffic around
the busy corner OF Gravier and Caron.
delet streets.
From about Ito until 1880 o'clock II
| was hard to recognize the cotton eN.
| change as a commercial center. The
| ring had the appearance of being the
object OF an attack OF about 200 men
| who plunged over one another TO get
nearer the small pit that IL the center
OF II While the yells were confusing
even the unlnitiated standing IN The
| street could easily see that the broker:
| were possessed of one idea, and thai
| was TO sell cotton no matter what III,
price was,
II was rot until the brokers' fouuC
their books well clear OF long cottoi
that they paused and allowed the IN
mutt TO subside, At LAO o'clock tn,
panicky feeling has ceased to some eX
| tent and brokers were able TO extricat
themselves from the ring and find gu
| Just what the situation was. The,
found prices 50 TO $40 bale lower thai
yesterdays closing. May being Is
points down at 30C, and July 10
points down at 1850.
From the time that brokers were abb,
10 leave the ring quiet tone prevailed
and prices steadied When It was found
that no local firm WAS embarrassed b,
the failure prices showed wonderful
recovery. At the close the tone wai
steady and May showed a recovery 81
Is points. while July had recovered q
| points On the curb the recovery wa
even more marked May regained 8
! points more at 1si7, and July rcgainet
20 points at 1903.
| STATEMENT BY sULLY.
New York. March l9.-"My suspen'
sion is only temporary" said Daniel ]
Sully, the cotton Spectator the sus
pension Of whose firm shook the spec
ulative world yesterday, He mad,
this declaration upon reaching his home
after a conference at his offices eX-
tending later into the night.
u do not care to add anything &c
that simple statement" he continued
"and ] shall not have any further state.
ment to make either tomorrow or sun
day."
Mr., Sully apparently was no NOR,
duwncast that he was eXultant no
long ago when the current report was
that he had made several million,
through The unprecedently high price,
for cotton. He would not discuss Tho
intiuiations that there might have beer
treachery at some point among hi
friends. nor would he indicate how soor
he expected to resume operations. III,
members OF the cotton exchange VIII,
mad contracts with Daniel ], Sully
Co., held a meeting after the close o
business In the governing room Of tn,
exchange TO discuss the situation. The,
were creditors OF the suspended firm
and many of them did not know wheth
err they would be insolyent on the fol
lowing day or not, In case the failure
was bad one.
| 1t was decided to appoint commit
tee OF the leading brokers, OF which
John Mct'adden was the chairman
They visited the office OF Suliy s. Co.
and made a formal inquiry as 20 IN,
amount OF cotton contracts which tn,
| firm had outstanding. No infOrma,