The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-22
SULLY AND HIS CREDITORS.
An Arrangement Will Probably be
Effected at an Early Date.
(By the Associated Press.)

New York, March 21--After conferences
OF creditors of the assigned firm OF Dan
lei j. Sully & Company, lasting several
hours this afternoon and evening, it was
announced tonight that no definite settle
ment had been arrived at, but that things
were in a fair way of arrangement. 1t
was said that Mr. .Sully hade made a
proposition to his creditors to settle, con
tingent upon the acceptance of which he
had offered to give them their choice Of
of immediate approval and that another
meeting would be held.
Late tonight Mr. Sully, after a consul
tation with his counsel. issued the follow
ing statement:
I'VE met a committee of the creditors
of Daniel ] idly & Company this after
noon and submitted to them PROPOSE
ton TO rthe settlement of the affairs of
that firm, which, if carried out, will, we
believe secure to the creditors payment
of their claims in full, and offered, if that
settlement should be accepted by the
creditors, to cooperate with them in plac-
ing the affairs of the firm in the hands
OF persons admittedly acceptable to all in
terests We have heard that this Dropo-
sition was received in favorable spirit
and that if certain legal technicalities can
be arranged it will probably be accepted.
At the moment we are delaying action
awaiting n solution of these elgal ques-
tons by the counsel representing the va
rious interests concerned
1t was understood that ut the afternoon
meeting of creditors the names of David
HE ~ I.
sidered as permanent assignees Mr.
Hoadley, Sully's arrisnee, did not with
draw and was not in his Office all day.
AT the creditors meeting fully eighty
men were present, among them being
Charles G. ates, John c. Latham, r. j.
Soils, w. D. Springs of j. II. Parker and
Company, the latter said to be the largest
creditor of Sullys frm Henry Hentz
and George Bailey. Within a few min
utes it was announced that - committee
OF five had been named TO confer with
the Sully TO find out what he had - say
to the creditors. When the meeting finally
adjourned after the committee had re-
ported all present declared that they had
been pledged to secrecy. President Nc
Ocugall said that there would be another
meeting, but would not say Wnen.
1t was understood that the conference
had received an offer from Sully for set
Element the terms being reported a. 40
per cent liz cash on claims and 60 per cent
in notes covering two years, and that
there was a difference of opinion in re-
gard to the acceptance of the offer. Mr..
Suly said that he hoped to resume very
shortly. Mr.. Cutcheon. counsel for Sully,
laid a statement of assets and liabilities
was being prepared in Mr.. Sully's offca
cut that it was doubtful if it could be
finished today.
The cotton market ruled higher today.
March cotton opened with a rush, -
POINTS higher than Saturdays close. May
and July cotton in which Sully had been
dealing, showed advances OF o points.
There was slight recession frcm these
figures, then another advance followed by
n slump and a subsequent rally which
closed the market with prices about mid
way between the closing quotations Of
Saturday and the highest of the day