The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-22
Su|y & Co. Issue Statement
10 The Public
ASSIGNEE is DISCUSSED
Meeting of Creditors Lasting Several
Hours Is Held and All Pres
ent Are Pledged to
Secrecy.

New York March 21-After conference
of the creditors of the failed firm Of
Daniel ]. Sully & Co, lasting several
hours, this afternoon and evening, 1t was
announced that no definite settlement had
been arrived at, but things were In a
fair way of arrangement 1t was said that
Mr.. Sully had made proposition to hiz
creditors to settle. contingent upon tAs
acceptance of which he had offered - givo
them their choice of assigneef that
this proposal failed of imm APP
proval, and that another meeti aid
be held.
Late tonight Mr.. sully, after a. ,lsul.
tation with his counsel, issued the roloW-
ing statement:
"We met a committee of the creditors OF
Daniel J. Sully & Co. this afternoon and
submitted to them a proposition for the
settlement of the affairs of that nrm
which, IL carried out we believe Will Sc
cure to the creditors payment OF their
claims In full, and offered, that II set
tlement should be accepted by the credi'
tors, to cooperate with them In plac''
the affairs OF the firm In the hands
sons admittedly acceptable to al
ests We have heard that this
ton was received in a favorable
and that II certain legal technicalh
be arranged, 1t probably would
cepted. At the moment we are
questions by the counsel represent
various interests concerned
Permanent Assignees Discust-u. y
II was understood that at the meeting
of creditors in the afternoon the name
of David Miller and Evans r. DICK had
been considered as permanent assignees-
Mr.. Hoadley, Sully's assignee, was not
at his office all day.
At the creditors meeting fully eighty
men were present, among them oelnB
Charles G. Gath, John G. Latham, 4. j.
Sotis, w. d. Springs of j. II. Parker Do
Co. the latter said to be the largest cred
itor of Sully's firm; Henry Hentz and
George Bailey. Within a few minutes 1t
was announced that committee OF five
had been named to confer with Sully to
find out what he had TO say TO his credi-
tors. When the meeting finally adjourn
ed. after the committee had made It's
report. all present declared that they had
been pledged to secrecy President Nc
Dougall said that there would be an
other meeting, but would not say when.
Reported Offer Made.
It was understood that the conference
had received an offer from Sully for set
tlement, the terms being reported as 40
per cent In cash on claims, and 60 per cent
in notes covering two years, and that
there was a difference Of opinion In re-
gard to the acceptance of the offer. Mr..
Sully said that he hoped to resume very
shortly.
The cotton market ruled higher today.
March cotton opened with rush rs points
higher than Saturdays close. May and
July cotton In which Sully had been deal
ing showed advances Of 40 points
There was a slight recession from these
figures, then another advance followed
by slump and subsequent rally which
closed the market with prices about mid
way between the closing quotations Of
Saturday and the highest Of the day.
ord under leave to print The amend
ment was adopted after the democrats
forced roll call Mr.. Baker endeavored
to explain this action but Speaker Can
non refused to recognize him.