The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1904-03-22
THE COTTON CORNER.
D. J. Sully, the Biggest Figure
in 1t, Failed.
Within a Few Moments Cotton Fell
Nearly $13 Bale From the High
est Figures CT the Day-Many
Stirring Scenes Ensucd.

New York, March 19.-Daniel j. Sui
ly, the cotton operator who has for 10
months been the biggest figure in the
cotton markets Of the world, and who
has pulled" cotton from seven cents
a pound to over II, announced his in
ability to make good his engagements
on the New York cotton exchange Fri
day Within a few moments cotton
fell nearly SIS bale from the highest
figures OF the day.
Scenes such as followed the an
nouncement Of the failure it has been
the privilege of few brokers to wit
ness before. Traders in the street
have witnessed stock panics in previ-
Gus years; corners have beer broken
and many crashes have been recorded
but none has been accompanied by
SUCH frenzy and confusion.
Business had been transacted in the
usual way throughout the morning ses-
sion with no indication of any unusual
event Shortly after the afternoon
session. however, there was a lull in
the pit and about o'clock t1e an
VI me IdllOl6 cS I1cOO
by Superintendent King.
For a few seconds there was an ON
inous quiet over the floor as though
the news had stunned all within hear
ing OF the announcement. Then with
one impulse mighty shout went up
from the bears, they who had been
fighting Sully and the bull clique for
months. Hats were thrown into the
air to fall where they would, a mo-
ment later to be trampled upon by tle
stampede for the pit. Coats were torn
by frantic brokers in their mad efforts
to unload their holdings and chairs
and campstOols were dashed into the
pit to emphasize some wild brokers'
offer to sell Messengers soon were
rushing in and out OF the building with
orders to sell or buy; telephone booths
were besieged, and telegraph Offices
were flooded with dispatches.
Outside the cotton exchange appear
ances gave little indication Of the pan
demonium within until the messengers
began to rush between the exchange
and The brokers' Offices. Soon the
news reached the stock, produce and
coffee exchanges, and traders on these
markets fastened to the scene Of the
panic Crowds assailed the entrance
to the visitors gallery, but a double
guard was placed at the doors and ad-
mittance was refused to all but those
accompanied by members.
It was estimated that something like
three-quarters of a million bales of cot
ton were traded in during the 90 min
utes Of the panic that followed the an
nouncement, and that of this upwards
of half a million bales represented
forced liquidation" or the selling out
of men whose margins have been
nearly or quite wiped out. AS the
market slumped $50 points during this
period the loss falling on this element
amounted to something over million
dollars.
Philadelphia, March 19.-Large man.
ufacturers and users of cotton in this
city were somewhat pleased with the
collapse of the cotton corner, although
they maintain that the reduction in
prices will have no immediate effect
in reducing prices of finished products.
Most of the mills report that the sea-
sons output has been made up from
! the high-priced materials.