The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-20
DANIEL ]. SULLY B co.
MAKE AN ASSIGNMENT
Cotton Brokers Take that Step in
Order to Protect All Cred
itors Alike.
PROBABLY WILL RESUME

NEW YORK, March 19.-The excitement
in Wall street that was caused by the an
nouncement yesterday of the suspension of
Daniel j. Sully & Co. was noticeable to-
day, but gradually subsidized during the
market hours and at the close of the cot
ton and the stock markets it was gener
ally agreed that the worst of the effect of
the failure was over. The stock market
was strong all day. The cotton market
was nervous and slumped sharply on bad
news in the early morning. but before the
close the cotton market became buoyant
and moved up to a point far above the
lowest of yesterday.
1t was feared that other failures would
follow the Sully crash but only one, that
of ]. H. Garrison, minor concern, was
reported.
After a conference between Mr.. Sully and
his lawyers this morning the firm made
formal assignment to Joseph H. Hoadley,
who at once took charge. This action was
taken because it was learned that an at
tachment was about to be issued, and it
was thought best to apply for an assignee
for the protection of all creditors alike.
Later, in the day protest against the
selection of Mr.. Hoadley was made at a
meeting of creditors. Mr.. Hoa1ley ex-
of assignee only temporarily in order to
avoid the placing of attachments and that
on Monday tie creditors would meet and
select a permanent assignee, Mr.. Sully
having declared that he would agree to
any man of their selection.
The following letter was sent by d. ".
Sully Co. to Robert P. McDougall,
president of the New York Cotton Ex-
change:
while / am not prepared to make a
statement OF my affairs, feel that, as a
member of this Exchange, 1 owe to 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 will characterize my
method of dealing with my creditors in this
emergency. L am engaged in making a
careful examination of my affairs, and at
the earliest possible moment | will report
the result Meanwhile crave the patient
forbearance of you all, feeling assured that
this embarrassment will be only a tenn
porary and that L will be able salts
factorily to adjust my affairs very speed
lily
About 100000 of margin money due to
cotton brokers was released by Mr.. Sully
signing contracts.
Sully made statements in which he said his
troubles had been precipitated by unfore-
seen circumstances, and that If he had been
given another day Or two in which to ar
range his affairs it would not have been
necessary for him to have assigned AS
matters stand, he hopes TO hquidate his
affairs and resume. He was unable to give
any estimate of his liabilities.
Mr.. Sully left his office accompanied by
Mr.. Cutcheon and George S. Graham. of
Philadelphia. who is counsel TO the assignee.
Messrs. Sully, Graham and Cutcheon went
in the direction Of the Cotton Exchange
and it was reported that they would hold a
conference somewhere in the district with
the creditors of the firm.
Mr.. J. II. Garrison, whose suspension has
been announced the Cotton Exchange. is
in Florida and no statement OF his affairs
will be given out pending his return.
Superintendent William A. King an
nounced this afternoon the following aver
age price in to-days dealings. being the
prices at which settlements with the sus-
pended firm of ID. j. Sully & Co. will be
made: March, 1925; April, 1896: May, 13 53
June, 1866; July, 1874; August, $780, Sep
TENDER, l22S; October, n.62 November, II 6
and December, 11.54