The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1904-03-25
them to be able to meet.
Mr.. Sully left his Office at 4 o'clock

them to be able to meet.
Mr.. Sully left his Office at O'Clock
VARIOUS EXPLANATIONS.
All sorts Of explanations were mad.
for the suspension. One of the reasons
given was that the New Orleans bul
party had sold cotton while Sully was
bulling 1T In the confidence that they
were supporting him. Another wa.
that Sully, following in the market
had sold their long cotton without
advising with him. From two vel
Informed sources came denial that
there was any treachery from New
Orleans. A cotton operator with
New Orleans connections said that
the bull party there was still bullish
on cotton.
Another account, that came from
me OF the six Or seven best known
cotton operators in this country, was
that the bear party had made a
deliberate and we'll planned attack to
overwhelm Sully and had succeeded.
Tbe bears, according to this au-
thority, had figured out the weakness
OF Sully's position due to immenss
holdings OF spot and contract cotton
and OF his operations on the Liverpool
market, and planned and attack on
the market that would carry it down
| just Tar enough to make it impOSsib BILE
for Sully to meet his margin calls,
knowing that his failure would send
tue market 30 much lower that they
could cover at figures to recoup them.
No definite idea Of Sully's commit
ments in the cotton market could be
got from the other houses in the cot
| ton trade. One estimate was that he
was long" Of 100000 bales of May
cotton alone. A good authority stat
ed that he did not believe that Sully
was long" Of more than that in the
whole market, and conservative
estimate made in another source was
400, 600 bales.
The loss by Sully's failure in case
he cannot settle, it was stated Friday
was divided up among nearly all the
brokers on the exchange. One esti-
mate was that Sully's owings after a
settlement under the rule Of the e1-
change would not exceed half a million
dollars. What Suiiy has personally
lost or what his hackers have lost in
market operations is not included in
this figure.
What Sully will owe will be found
by deducting the average quotations
OF cotton today from the figure to
which his accounts were margined
down to the call This will be de-
termined Saturday Of course.
NO OTHER FAILURES.
There were no other announce
ments OF failures and leading men in
the cotton market declared that there
need be no fear OF trouble.
In stock exchange circles the fail
ure of Sully was at first taken as
sure sign Of the collapse of the cotton
boom. Later there was some appre-
hension lest the failure might bring
down a string Of banking institutions
In the South.
MIR. Sully's suspension was an
nounced On the stock exchange but
nut unJii sffoTGiy before the soiase OF
the market. 1t was announced on
the coffee exchange also. The cotton
bulls recently went into that larket
and caused an activity there that cor
responded to the activity in cotton.
The coffee market slumped and rose
with the cotton market last month,
but 1T was significant that the an,
nouncement Of Sully's suspension
caused only Slight break in contfee."
sULLY'S CAREER
Daniel j. Sully became factor in
the cotton market in January of 1903,
when he took up the bull movement.
He established cotton house of his
own last year, under the name Of
Daniel j. Sully & Co., but when his
operations in cotton became SO sue
cessful, the cotton market having been
pushed up above II cents pound
early this year, he widencd the scope
OF his firms business, bought seat
on the New York stock exchange,
went into the coffee exchange, got
membership OH the Chicago Board of
Trade, and it was said made connec-
tions with other prominent exchanges
throughout the country.
The members of the firm were
Daniel j. Sully, Col. S. f. b. Morse
of Huston, Tex, Walter S. Crandall
and Edwin IIadley, Jr. Recently
VIM. Il. Pagan, manager OF the firms
New Orleans office, was taken into the
firm.
4 NaI, l,I n,