The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-03-20
MARKET WAS STEADY.
Cotton Holding Up Well Since sullys
Failure.

New York. March I9.--FciloNing the
failure OF the cotton firm or Daniel J.
SILLY & 20. announced on the cotton
cNcilargc yesterday. there was little
20 Indicate at the opening OF the morn
iHE session Today any Of he sensational
acNcinyneHts anticipated last night
TIE market opened irregular from ;
points lower TO - points higher The
brokers about the pit were somewhat
apprehensiVe. but were treasured by
cable from Liverpool and the an
;louncemeUt that the Sully firm expect
I'll t0 resume ina four days.
Other failures were expected to fol-
low the crash Of the Sully house. but
only one. }. II. Garrison, was an
nounced before noon. This. while
small firm, affected slightly the market,
and attracted a volume of selling in
clay by room brokers Garrison is in
Florida, and no statement OF his affairs
viii be given out pending his return.
Shortly after the call. a better feeling
became apparent and it was evident
that important trade interests were do
ing their utmost To encourage the trade
and uphold prices
Injunction Served.
Upon his arrival at his Office. Mr.. Sui
j. conferred with his attorney and re-
Ceived notice OF an injunction against
the corn exchange restraining the firm
froPspaying out any moneys. a little
1Tter he f0rfaaf- assignment was made,
naming Joseph Fl. Hoadley as assignee
Mr. Hoadley Immediately took charge
Of the affairs Of the Sully firm. No di-
rect statement was obtainable from Mr..
Sully OF any member of the firm. but
the following letter was sent by ID. Sui
Is a co. TO Robert McDOugall. presi-
dent of the New York cotton exchange:
While 7 am not prepared to make
statement OF my affairs. | feel that as
a member of this exchange I owe 10
YOU and its members at least TO say
that the same Straightforward method
with which my business has always
been performed between us in the past
win characterize my method OF dealing
with my creditors i'm this emergency.
II am engaged i'm making a careful
eNamina ton of my affairs. and a the
earliest possible moment ! will report
the result. Meanwhile. ] crave the pa
tient forbearance of you ALL feeling as
Sured that this embarTas Sment VIII be
only a temporary one. and that l will
De- able satisfactorily TO adjust my af-
fairs very speedily"
About SLG00000 OF margin money due
10 cotton brokers was realized by Mr..
Sully signing contracts.
Statement of Sully.
This afternoon the following state
mon; was given out at the Office of d.
- ~AtfA " tt--
70 sally X co. nave made an as
siEumt mt with Joseph TT. HoadIey as
assignee Mr.. Hoadley. upon advice Of
Us counsel has taken charge of the
'iiic" aud is examining Tire firms ac-
counts. At present he is unable to
make any statement regarding the as
SITS or Liabilities of the firm. although
he hopes 30 give out this information
within two or three days. Mr.. Hoad-
Icy. the assignee. is the organizer Of
the american Locomotive company. He
IS lifelong friend OF both MI. Sully
cad n Morse"
Toward tho Close OF the cotton mar
}et there was evidently a feeling of
greater confidence and IL seemed as
though a concerted effort was being
made to bid them W tu make-the set
Ting figures as favorable TO the Sully
people as p, sSih'-
'rle Uur5cJ fused steady AT a net
= itao.c Of so Co. 20 points ON the more
active mouths. while the new crop was