The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-01-08

ae was $5e,V0b dneaa. Inc trauitlOn
that his little partner persuaded hin
to stay in and take al the riches h,
could get. The young man from Proyi
uenee felt that S5opo0 was a sufficien
competence to retire on That was, o.
course. the effect OF having lived fol
years on $50 a week Today he juggle:
with millions as if they were white chip:
at a poker table. So much for the effec
of the great metropolitan gambling spirit
of a man.
The history of this cotton boomer is
curious in this respect-it was not unit
he had passed his fortieth year that he
began his wonderful career of specula-
ton. During all the years UP to that
time he had been cuItivating the faculties
which now make him the master of the
pit. He began life amid the stimulating
influences of Yankee atmosphere. He
was born March 8, 1861, at Providence, r
L., of Yankee stock that had not made
any great impression in the financial
world He attended the public schools in
Providence and prepared for Gale at the
Providence and prepared for Yale at the
famous old Free Academy at Norwich
Conn
Instead of going to college he became
a clerk in the Office of the Providence
Coal Company. His life was humdrum
no indication yet that one day the name
Of Sully would shake the cotton world
He married in 1885 Miss Emma Frances
only daughter of Colonel David NJ.
Thompson. general manager of the cot
ton mills OF Robert knight, the largest
manufacture of cotton goods IN the
world. Sully was taken into the .empIoye
Of this firm. He was sent south to study
cotton in it's native fields. He learned how
it is planted, cultivated, guarded from
pests, harvested. ginner. baled, stored,
transported and sold He has the seeing
eye and a keen memory.
After that two years of study Sully
got employment as clerk for a firm of
Boston cotton brokers, with whom he
stayed four years. He returned to Provi-
dence and became clerk for F. w. Rey-
nolds & Co., cotton brokers, who after
a few months. admitted him to partner
ship. He built up a large trade in Egyp-
ton cotton, staple which had hitherto
been neglected in american trade But
during all this time he made a modest
salary. which at best never rose above
s55 a week
In less than two years since Sully came
to New York. He brought an idea with
him. He spent months familiarizing him
self with conditions and the practice in
the pit of the New York Cotton Exchange
The pit in one city is much like the pit
of another, yet there was much detail
to be learned beore the shreWd Yankee
could develop his idea, could put into ac-
tual gambling practice the cotton dogma
with which he had become possessed.
Here is his own account of how the creed
came to him.
Others speculated on wind he sait
not long ago, but / speculated because
/ was firm in my belief that cotton has
been deteriorating for years. 1t was in
February. 1899, that the idea first came
to me | was on one OF my semi-an-
nual trips south. ! observed while riding
along the Yazoo and Mississippi railroad
that great quantities of cotton seed were
lying out in the road, exposed to freezing
weather Sasually l wondered what must
be the effect on the next cotton crop.
The question kept coming back TO me.
At last | became more interested in it
than in any other problem / ever encount-
cred
Il knew that the outside layer of the
seed must certainly be frozen. and that
he life in the heart of the seed must
inevitably be affected by the outside froz-
IN layer. l know from long observation
hat the planters would not take the
rouble to pick out the frozen seed, but
hat they would sow it just as is lay on
he fields and in the pens.
Before he sells his cotton staple the
planter has his first chance to get ready
money by selling cottonseed. Makers of
,otton oil used to pay SO a ton for the
seed. Now they pay So. Before the
farmer bales his cotton he hurries off his
seed to the oil man and gets cash for it.
And this seed is always from the first
picking. which is the best. II is certain
hat the seed from the second picking of
'otton is inferior This thing has been
going on for years. 1t is going on at this
moment. TIE cotton has deteriorated. 1t
Will continue to dwindle until the gov
steps i'm or the planters OF their
'wn accord save their best cottonseed for
planting.
The demand for cotton is constantly
Increasing. Under the wasteful system
If planting that has gone on for years
,ur supply fails. and will for some time
continue to fall to keep up with the in
reased demand. The price, therefore, is
pound to rise"
IT was upon this theory that Sully, as
ociated with Col William p. Brown. Of
New Orleans. and other capitalists. clear
d a profit of more than 100000 last
pring. At that time he declared that
otton would reach II cents a pound this
ear although it was only IL cents a
'ound then How this prediction was
arried out a few days ago is still fresh
II the memory OF everybody interested
II cotton.
Daniel J. Sully and his associates have
xact crop repots fom every cotton-grow-
ng center in this country. They send out
rained men To gather this information
nd pay them well for getting it. The
ully party announces that the crop this
ear will be 9.Se0.eo0 bales of 500 pounds
ach while the government report gives /
he crop at 9ae2. 900 bales. as against TO-
.159 bales last year
Concerning the compilation OF these re- /
orts there are two important things t.
= Observation-Disclosures. the smaller of the /
rop the higher The price viii be. and 4
econd. the government reports are made /
p from the statements planters give as /
o their own cotton crops The reports. /
will be seen, cannot be exact state I
lents Of facts. They are bound TO be 1
olored by the personal equation
Thus far the Cotton King has seen the /
rice of cotton rise. not without his as /
istance He has drawn the people OF !