Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-03-19
1t forblds the Coin Exchange Bank
To Pay Certain Margin
Certificates.
COTTON MARKET MUCH UNSETTLED
Prices Fluetuated Considerably - Er.
pected Failures Not Announced
Liverpool Not Seriously Affected.

ley, Jr. and william p. Pagan, car
ley, Jr,. and William PIP. Pagan. car
rying on business under the name OF
Daniel sully g. Company. dealers In
cotton, coffee and grain, today assigned
for the benefit OF creditors to Joseph
II. Hoadley.
An injunction was issued today by
Justice OGorman, of the supreme
court, restraining the Corn Exchange
bank from paying certain margin GER
tifcates amounting to $1,000 delivered
on March is TO the order of ID. J. Sully
x Co. The order was obtained by s.
Mum, Sons g. Co, and theh firm OF
ID. j, Sully e. Co, were notified OF It's
issuance
OPENING OF MARKET.
Following the failure Of the cotton
firm of Daniel j. Sully & Co., an
nounced on the cotton exchange yes
torday, there was little TO indicate at
the opening Of the morning session to.
day any of the sensational develop
ments anticipated last night. The mar
ket opened Irregular from points low.
| er to "a points higher. The brokers
| about the pit were somewhat apprehen-
| sive but were reassured by cable from
| Liverpool, and the announcement that
| the Sully firm expected to resume In
| four days
| Other failures were expected to fol-
low the crash Of the Sully house. but
only one, that OF ]. II. Garrison, was
announced before noon. This, while
small firm, affected slightly the mar
| Ent a.I ast ..lls
In May by room brokers. Garrison IL
In Florida and no statement of his af-
fairs viii be given out pending his re-
turn. Shortly after the call, bet
ter feeling became apparent and II was
evident that important trade interests
were doing their utmost TO encourage
the trade and uphold prices,
MR.. sULLY ARRIVES.
Upon his arrival at his office. Mr..
Sully conferred with his attorney and
received notice Of an Injunction against
the Corn Exchange bank, restraining
that institution from paying over GER
tain moneys. A little later the formal
assignment was made, naming Joseph
II. Hoadley as assignee. Mr.. Hoadley
Immediately took charge Of the af-
fairs OF the Sully firm No direct state
ment was obtainable from Mr. Sully or
any member OF the firm but the fol-
lowing letter was sent by ID. Sully q
Co, TO Robert McDougall, president OF
the New York cotton exchange:
While | am not prepared TO make
q statement Of my affairs | feel that
as a member OF this exchange / owe
TO YOU and its members at least 20 say
that the same straightforward method
with which my business has always
been performed between us In the past
will characterize my method Of deal
Ing with my creditors In this emery
ency
Il am engaged In making a careful
examination OF my affairs, and at the
earliest possible moment | will report
the result. Meanwhile | crave the pa
tlent forbearance of you all, feeling
assured that this embarrassment will
be- only Il temporary one, and that
will be able satisfactorily to adjust
my affairs very speedily"
About Sl,OOOO0O of margin money due
to cotton brokers was realized by Mr..
sully signing contracts.
IN NEW ORLEANS,
New orleans, March l9-The cotton
market opened excited. prices ranging
from points down to 20 points up,
compared with yesterdays close. Soon
after the opening a decided upward
tendency developed and prices adj
yanced until May was 81 points high
er than yesterday at 1880, and July was
10 points higher at Hl9 The advance
was mainly due to the surprisingly good
Liverpool market, After to first half
hour Of trading, New York displayed
weakness and the local market was
quick TO follow the decline, which
brought May down TO 1886 and July to
1880.
The ring was too busy to allow much
discussion Of Sullys failure. The be-
lief grows, however that he will meet
his obligations dollar for dollar, There
are new developments locally IN this d.
rection,
EFFECT IN LIVERPOOL
| Liverpool, March iQ.-Ihe effect OF
the suspension OF Sully & Co.. on the
cotton market was not so great as ey.
pected. Although there was great .ex.
element during the first few minutes
there was absolutely no panic Buying
orders were plentiful, Spinners no
doubt would have liked the market to
drop further but the feeling generally
is that the Lancashire trade will prob.
ably be healthier after the excitement
passes away. The low point was
reached IN the first 10 minutes Of trad
ing. The excitement continues but sup.
porting orders In the active months
June, July, August October and
November--were executed and a rally
OF about 10 points followed. Trading
was unusually heavy the recorded
transactions IN July-August up to 1915
o'clock numbering g. or more than
three times the business during the
same time on ordinary days.
In the last half hour Of the short SEES.
| sion the market was Guieter and prices
fell away slightly but finally closed
steady Mt net loss of 90 20 Al points
The official spot quotations were re,
ducod 10 points American middllng be.
tween quoted at 774d.
COTTON LADEN STEAMER ATlRE,
New Orleans, March l9.--The Leland
liner Albanian is anrc at her dock
here. She has on board 10000 bales Of
cotton and large consignments OF grain
and miscellaneous freight, The matches