Pine Bluff daily graphic., 1904-03-20
TRADERS STUNNED
euLLY FAILURE CREATED WILD
PANIC ON NEW YORK
EXCHANGE.
EXPLANATIONS of the Big Crash Are
So Indefinite That It's Only
GuessWork.
s,ILLYs HISTORY AS A BULL

Speaking of the suIIy failure az
Associated Press telegram fr1m New
York says:
Fer a few seconds there. was an
ominous quiet ove@ tie AAloor, as
though the news had stunned all with
in hearing Of the announcement, The
next moment a mighty shout went up
from the bears, they who had been
fighting Sully and the bulls fGf many
months: hats were thrown into the
air. to fall where they would, mo-
ment later to be trampled upon by the
stampede for the pit. Coats were torn
nv frantic brokers in their mad efforts
to unload their holdings and chairs
and camp stools were dashed into the
nit to emphasize some wild brokers' S
offer to sell. Messengers were rush
ing in and out OF the building with or
ders to sell or buy; telephone booths
were beseiged and telegraph offices
were flooded with dispatches. Out
side the cctton exchange appearances
gave little indication of the pandemon-
ium within until the messengers be-
gan to rush between the exchanges
and the brokers' offices. Soon the
news reached the stock, produce and
coffee exchanges, and traders on these
markets hastened to the scene Of the
panic.
The weakness was only momentary,
however, for the word was passed
around that Sully had not been trading
in stocks, and, in fact, that the clear
ing house sheets hac never shown
single transaction by him. The mar
ket was reassured and stocks went up
again.
SulIy Refused to Talk.
Upon the announcement of the fall
ure the representatives of the news
papers hurried to see Mr.. Sully for
the purpose of getting sc1ne state
ment. Mr.. Sully, however, shut him.
self in his private Office and would
not be seen. Shortly after 3 o'clock
Sully went into conference with coun-
sci, and later Edwin Harley, Jr., OF
Providence, r. l., one of the members
'cf the firm, sent out message by his
secretary, which read:
Crowds assailed the entrance to
the visitors gallery, but double
guard was placed at the doors, and
admittance was refused to all but
those accompanied by members.
1t was estimated, that something
like three-quarters of a million bales
of cotton were traded in during the
twenty minutes of the panic that fci-
lowed the announcement, and that OF
this upward of half millions bales
represented forced liquidation,' or
the selling out of men whose margins
have been nearly or quite wiped out.
during this period, the loss falling on
this element amounted to something
over a million dollars.
The market sfaadied after about
twenty minutes, and then there was
a sudden upward shoot of about one
hundred points. This sharp rise was
brought about by the buying Of brok-
ers and spectators who saw that the
market had slumped too far, and
would react, just as it did.
A part of the excitement on the floor
OF the exchange was caused by the
scramble of brokers who wanted just
such bargains, and the fight to get in
was almost as exciting as, and just
as noisy, if net more so, than the
panic
SulIy's History as a Bull.
Daniel J. Sully became a factor in
the cotton market in January, 1908,
wnen he took up the bull movement
mat Theodore Price had let go. He
was thought to have a great thing