The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-03-19
After Announcement of
His Ability to Resume
Business.
COTTON MARKET NORMAL
Garrison & Co. Suspend,
But Failure Regarded as
Small One.

NEW YORK. March 19.-In spite of
his declaration that his suspension was
only temporary, and that he would re-
sumo business again soon, Daniel }.
Sully was compelled this morning 70
make an assignment to Joseph H
HOadley for the benefit of his creditors
Following a letter 10 the president or
the cotton exchange this morning in
which he said that his embarrassment
was only temporary and that all his
affairs would be speedily adjusted, Mr..
Sully was compelled later to announce
that his firm. would have TO make an
assignment.
A Shifting Market.
Prices for cotton here were from five
points down TO twenty-four points
above last nights closing.
Liverpool sent over a firm tone. but
this WAS Offset somewhat by the an
Eouncement at the opening Of the cotton
exchange that the nrm OF J. H Garri-
sOp < Co. had suspended. The failure
= regarded, however. as small one.
Before the market opened a letter was
received at the cotton exchange, in
which the bull leader said he would
make no assignment, and would meet
ali his obligations He expected to re-
susne business soon. When the open
ms ngures Of the market were quoted
AIR. Suliy expressed himself as pleased
sWith the character Of the trading
Graves FOItcarance"
The following is the letter of NJ Sui
ly TO Robert McDOugaH. president Of
the cotton exchange
While / am not prepared 10 make
& statement OF my affairs. 1 feel thaC
as a member of the exchange 1 owe
70 you and its members. at least. 10 say
Tie same straightforward method with
which my business has always been
performed between Us in the past Will
also characterize my method OF deal
ing with my creditors in this emergency.
] am engaged in making q careful eX
animation of my affairs. and at the
earliest moment / will report the re-
hult. Meantime. I crave the patient
foI bearance OF you all. feeling that this
embarrassment viii be only tempo
rary one, and that / will be able salts
fsctorily 10 adjust my affairs very
sDee Oily"
The Sully Firm.
Hardly had the contents of the letter
become known to tae members of the
cotton exchange when Mr.. Sully an
nounced his assignment Tor the benefit
Joseph Fl. Hoadley. OF 222 West Twen-
firm OF Daniel J. sully & Co. is
Amposed Of d. J. Sully. 5. r. b. Morse,
Edwin HawIey. jr. and W. r. Fagan.
Stocks Show Gains.
The stock market this morning was
steadier and stronger and showed signs
over lest nights close. Tt was the com
rrent among board members that Sullv s
suspension woulC not involve any stock
houses While Sully was a member OF
the exchange his clearing house sheets
showed thar ne made no trades
After the opening call on the cotton
exchange the brokers TOOK time 10 "a ke
their breaths and the market quietea
down somewhat, though the underton'
remained nervous. The fact that uC
other large failures were announced, as
well as that New Orleans was GOO
buyer OF May cotton. helped 10 iustll
confidence. Philadelphia gave aid u
supporting the market.
Didn't Affect Coffee.
The coffee market was steady. tn;
covering Of shorts offsettins what lit
tie liquidation was induced by the Sully
failure. There was some fear expressed
though that the trouble might extend
70 this market, which Mr.. Sully was
interested ia a few weeks ago.
The produce market was quite active
and irregular. but I'm the main prices
we're steady. The Suly failure had nttlC
effect locally, but the unsettled feeling
IN Chicago was attributed 20 the SuIl
suspension.
worst Is Over"
Shortly after Il o'clock the cotton mar
ket presented a normal appearance
There Was SllOLib eFioeilce OL le'AFS sup
mort. and though the liquidation was
beavv II was we'll absorbed Brokers
generally expressed the opinion that th'
worst was over and that there would
be no more failures.
Official Statement.
Later In the day the following official
statement was issued nv Sully 4 Co:
ID j. Sully & Co. have made an as
aiRnment, with Joseph II. Hoadley as
Continued on Fifth Page.)