The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1904-03-25
THE FALL OF COTTON.
Cotton Prices Drop Thirteen Dollars
on the Bale.
CAUSED GREAT EXCITEMENT.
Downfall OF Sully, the New York
Leader Of Bull Forces.
Had to Suspend
Business.

gest figure in the cotton maketS of tin
world, and who has ''bulled'' cottol
from I cents pound to over II, an
nounced his inability to make gooc
his engagements on The New YOrl
cotton exchange Friday. Within ;
lew moments cotton fell nearly S13
bale from the highest figures of tn,
day. Scenes such us followed the an
nouncemeLC of the failure it has beer
the privilege of few brokers to witness
before. Traders in the street have
Witnessed stock panics in previOu:
years; corners have been broken anC
many crashes have been recorded, bu1
none has been accompanied by such
frenzy and confusion.
While there had been no Fremont
tion of the impending crash no morn
ing OF the session had witnessed ;
more demoralized market. In les
than 10 minutes after the opening
half cent had been taken of the
price OF cotton. Prices went up anC
down, 10, 20 sand 80 points within
Two and three minutes. Nav opened
at 1928 and sold down to II. rs in less
than l5 minutes. while July, opening
at 1922. went down TO 1886. To.
ward the end of the first half houl
early sellers started to cover and there
was rapid advance. There was moth.
ing In the news to account for the ex-
citement. 1t seemed merely re-
newal Of bear operations and the catch
ing of further stop orders.
Shortly after the afternoon session,
however, there was ull in the pit
and about five minutes after = O'Clock
the Announcement OF the suspension
was made by Superintendent King,
who read from the rostrum this no.
tice:
We regret that we are unable to
meet our engagements and therefore
will have to suspend.
Daniel j. Sully & Co."
QUIET WAS OMINoUs.
For few seconds there was an
ominous quiet over the floor as though
the news had stunned all within hear
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 moment
later to be trampled upon by the STAN
pede for the pit. Coats were torn by
bro IN -the;r mad efforts tc
unload their holdings, and chairs and
camp stools were dashed into the pit,
to emphasize some wild brokers' ofYei
TO sell. Messengers soon were rushing
In and out of the building with orders
TO sell or buy; telephone booths were
Desieged and telegraph Offices were
flooded with dispatches.
Outside the cotton cxcha lve ap-
pearanceS gave little indication n Of the
pandemonium within until tie mes.
sengers began to rush between the ex-
change and the brokers office Soon
the news reached the stock, produce
and coffee exchanges, and ira lers on
bheSe markets fastened to I'll 9 scene
or the panic. Crowds ;lsSailed the en-
trance TO the visitors gallery, but a
double guard was placed at the doors
and admittancc was refused to all but
those accompanied by members.
1t was estimated that soncthinu
like thrcc-quarters Of /. million bales
or cotton were traded il. during the 20
~11iiiiHflt tes OF the panic that followed
the announcement, AMI that Of this
upwards Of half Il million bale rep
resented forced liquid lt!on," or the
selling out of men whose margins have
been nearly or quite wi bed out.
As the market Slumped $50 points
during ulI& period the loss falling on
this cement amounted to something
over ST ,00u,Q0O.
THEN MAEKET sTEADIER.
The market Steadcd after about 20
minutes and then there was a sudden
upward shoot OF about an even hun.
dred points. This sharp rise brought
about by the Buying of brokers and
SPECTATORS who saw that the market
had slumpcd FAR al d would react
just as it did. Part Of Jhe excitement
on the floor of ths exchange was caus-
ed by the scramble OF brokers who
wanted just such bargains and lad to
fight to get in the ring to get them.
The buying lush u"as almost as exc t.
ing and just as noisy, if not more so,
as the panic
The announcements Of Sully's sus-
pension was put on .e tickerS every
where within teW moments after it
was made and there vas somewhat Of
a furry on the ilooriol the New York
stock exchange after IT, e news reached
there. Mr.. Sully is I lcmber of that
exchange, having purchased seat
two or three months ago. Stocks went
Off from hall a poin TO point and
one-half Oh the fear that the failure
might bring Il rush OF stock selling
there. The weakness was only mo-
mentary, however, iol the word was
passed around that SulIy had not been
trading in stocks and, ir fact, that
the clearing house shce.S had never
shown single transaction by him.
The market was reaSSured and stocks
went up again.
Upon the announcement Of the fail
ure the representatives OF the news
papers hurried to see Mr.. Sully for the
purpose Of getting some statement.
Mr.. Sully, however, shut himself in
his private Office and would not be
: Seen. Shortly after 3 o'clock Sully
went into conference with counsel and
later Edwin Hadley, Jr., Of Provi-
dence, Il. l., one of the members OF
the firm, sent out message by his
secretary which read:
Nu statement OF any kind or de-
scripton. Mr.. Sully directs me tc
say, will be given out from this office
Friday. Possibly statement will be
= 4 l.. .