The Providence news. (Providence [R.I.]) 1891-1906, 1904-03-19

The galleries and balcony of the ex-
change were filed with onlookers and in
the ring the brokers were waiting until
the opening bell rang.
They then gave vent to their pent up ex-
element, which had existed before the
opening The market opened 26 to "A points
lower.
TRADING WAS HEAVY.
The low point was reached in the first
fifteen minutes OF trading. The excite
ment continued but supporting orders In
tho active positions, May-June, July
August and October-November, were ex-
ecuted and rally OF about 10 points fol-
lowed. Trading was unusually heavy.
In the last half-hour OF the short ses-
sion the market was quieter and prices
fell away slightly but finally closed
steady at net loss of 30 to Al points.
The official spot quotations were re-
duced 10 points, American middling
being quoted at 774d.
NO PANIC ENSUED.
The effect of the suspension OF Sully
and company was not so great as eX
pected. Although there was great ex-
element during the first few minutes
there was absolutely no panic. the mar
ket being a good one considering every
thing. Buying orders were plentiful
Splnners, no doubt, would have liked
the market TO drop further. but the feel
ing generally il that the Lancashire
trade will probably be halthier after the
excitement passes away.
EXAMINING FIRMS ACCOUNTS.
Shortly after noon the following state
ment was given out at the office OF ID.
''D. j. sully & Co: have made an as
esfsr Nataf w.rlth De "a g
Mr. Hoadley, upon advice of his coun-
sci, George s Graham, ex-dlstrlct attors
ney OF Philadelphia, has taken charge or
the office, and is examining the firms
accounts. At present he is unable TO
or raAe iIablties S 'e of the firm. afthough @ % he
hopes to give out this Information within
two or three days.
ganizer Of the American Locomotive
company. lie is a life long friend OF
both Mr.. Sully and Mr.. Morse"
MEMBERS HELD MEETING.
Those members OF the cotton exchange
who had contracts with Daniel j. Sully
a. Co. held a meeting yesterday after the
close of business In the governing com
mittee room OF the exchange TO discuss
They wero creditors OF the firm and
many OF them did not know whether they
would be insolvent on the following day
or not, in case the failure was a bad one.
IL was decided 10 appoint committee
from the leading brokers OF which John
McFadden was the chairman. They visited
the office OF Sully and company and made
a formal inquiry as to the amount OF cot
ton contracts which the firm had out
standing
THEY COUNTED NOSES.
No information was obtainable at that
time and after a protracted discussion
the meeting was dissolved without any
conclusions having been reached. one OF
those present said afterwards:
I'VE counted noses and that's about all
we did. We gathered the information.
however. that Sully does not hold 1900
bales OF cotton. The amount Is far less
than that ] am glad 90 say. and after a
careful compilation II was the opinion OF
all present at the meeting that a safe es-
innate OF his holdings would be about
225, 900 bales"
THE NEW YORK MARKET
Cotton futures opened irregular. March.
1880; April 1875. May. i3e0i3s5; June.
iS baiS5o; July. 136Oal2TO: August,
l3eoQl3i2. September. i2.OOqi2lO October.
ll@gil.6o: November. ilG; December.
| II. e0d1i.7o.
Towards the close OF the market there
was evidently n feeling OF greater con-
! hdence and IL seemed as though n con
certcd effort was being made 10 bid the
market up 60 make the settling figures
as favorable 90 the sully people as pos
sible.
May sold at 1881 and July at 400 with