Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-03-19

cHdnSS loudys FOLLOWING the ans
nouncement of the suspension the cot.
ton market declined two cents per
pound and then rallied half cent per
pound.
Effect of Announcement.
Just before the close Sully's failure
was announced on the floor Of the ex.
change of which he was a member.
The prices were unaffected. The an.
nouncement of the failure OF the Arm
on the cotton exchange was a signal
for wild scene Of excitement in which
all the brokers on the floor joined.
Wild Fight Among Brokers.
A wild shout went up and the MON,
bers Joined in rough and tumble fght
after which the floor was covered with
broken chairs and fragments Of torn
clothing while members emerged In a
much battered and bruised condition.
Losses Nearly $5,ooo,ooo.
| "A member Of the cotton exchange
estimated Sullys total holdings at 30O,.
900 bales in which his loss in the past
week or ten days probably was in ex-
cess of $5,000,000. Members of the
firm Of Daniel J.. Sully & Co., are
Daniel il Sully, S. r. B. Morse, Walt.
err s. Crandali. |. Edwan Hadley. Jr. and
wv. r. Fagan.
Came After Lona Decline.
The announcement came at CLOSE ~
q long decline In the price OF future
contracts some weeks ago on heavy
buying, believed to have been more Of
a manipulative than an Investment
character, the price for future delivery
of staple cotton was pushed above the
IL per cent mark and the predictions
were made by those in charge of the
bull campaign that the 20 cent mark
would be reached.
/ Bears Take the Market.
These predictions, however, were
never realized and when the bull pool
\ tried to realize some of its paper pro.
fits 1t found the bears had "taken the
market" and in one afternoon there
was a rapid decline of prices, of more
than q cent per pound.
i 1t was at this time that Sully gave
out the statement that he was going
south for rest and would retire from
active market trading for a time. He
A changed his mind when the trend OF
prices turned and remained in New
i York, presumably in order to stem the
tide il he could.
4 Day after day new levels wers
reached, and except for occasional
spasmodic rallies the drop was not in
i |terrupted.
i, VIII Not Talk.
4 After the suspension was announced
Sully locked himself in his office and
declined to give out any statement.
Liabilities Very Large.
Wild guesses were made as to the
liabilities. All agreed that they must
; be well up In the millions. Sully was
also a member of the stock exchange,
but his failure caused only slight
decline there. After tho failure It was
said that Sully had bought about 150,..
900 bales Of cotton, principally May
;. option, during the past week, most Of
1t between $3.50 and $500.
!. Feared Others Were Hit.
II In the late cotton market there was
little indication Of returning stability
and there Is doubt as to whethef
J, others than Sully might not be inyolvs
ed. The prices kept going lower una
4 til May reached s12.65 and July $3.50.
The decline from last night is from
25O to 260 points. Just before the
close here there was a half hearted
4 rally but the market closed fairly
steady at net decline Of from 81 to
1876 points.
| New Orleans Gets News.
1 New Orleans, March 1s.--The an.
nouncement of the failure of Sully ere.
ated tremendous sensation on the
Z floor Of the cotton exchange sending
the whole ring into panic There was
A instantly tremendous drop in cotton
to about $40 per bale.
Immediate Drop.
Il Scenes around the ring defied de-
scription. On the receipt OF the first
bulletin and in remarkably short
Z space of time there was drop Of
i about a cent and half Later the
market recovered some thirty points.
Affect Felt in New Orleans.
Chicago Has Wheat Slump.
I, Chicago, March 1S--Mr. Suily With
in the past few weeks acquired nom
bership on the Chicago beard OF trade
and caused q brief sensation In the
! wheat, pit. News Of his failure was
received here just as the closing gong
sounded. There was slump of 2sa
cents In wheat today and it is said
liquidation for Sully's accom-. was a
factor in the trem ENDING senJ.tnsr n,aa