The Tupelo journal., 1904-03-25
OF SULLY,
THE COTTON KING"
Man Who Long Ruled the Market
Has Failed.
HE ROSE LIKE A METEOR

WeII-Known s%peculator Who Has
Made and Lost Millions on the
Cotton Exchange, Fails
In New York.
New York, March 19.-Daniel ]. Sui
ly, who has for Is months been the
largest figure in the cotton markets
of the world and who has pulled"
cotton from z cents a pound to more
than II cents, Friday announced his
inability to make good his engage
ments on the New York Cotton ex-
change. Within a few moments cotton
fell nearly 3 cents a bale from the
highest figures Of the day. Many
crashes have been reported, but prob
ably none has been accompanied by
such frenzy and confusion. While
there had been no premonition of the
impending crash, morning of the ses-
son had witnessed a more demoralized
market. In less than ten minutes af-
ter the opening, half a cent had been
taken off the price of cotton. Prices
went up and down 10, 20 and 80 points
within two and three minutes. May
opened at 1925 and sold down to
while July, opening at 1922, went
down to 1886. Toward the end of the
first half hour early sellers started to
cover, and there was a rapid advance.
There was nothing in the news to ac-
count for the excitement. 1t seemed
to be merely a renewal of the bear
operations and the catching of further
stop orders. Shortly after the af-
ternoon session there was a lull in the
pit, and at about five minutes after
two O'Clock the announcement of the
suspension was made by Superinten-
dent King, who read from the rostrum
this notice:
1--WE regret that we are unable to
meet our engagements, and will there
fore have to suspend.
DANIEL J. SULLY & CO."
For a few seconds there was quiet
over the f. or. Then with one impulse
a mighty shout went up from the
Sully and the bull clique for months.
Hats were thrown into the air to be
trampled upon in the stampede of the
pit. Coats were torn by frantic brok-
ers, and chairs and camp stools were
dashed into the pit. Messengers soon
were rushing in an out of the build
ing with orders to sell or to buy. Tele-
phone booths were besieged, and tele-
graph offices were flooded with dis
patches.
Refuses to Wake n Statement.
mo statement of any kind or de-
scription, Mr.. Sully directs me to say,
will be given out from this Office to-
day. Possibly a statement will be
ready early Saturday morning"
Mr.. Hadley was quoted as saying
that the firm would. pay it's debts in
full, and the suspension vas due to
the impossibility of meeting demands
for large sums of money due the Sully
firm from European sources, sums
that the quick slump in the market
made payable too quick for them to
be able to meet.
Daniel J. Sully became a factor in
the cotton market in January, 1908,
when he took up the bull movement
that Theodore H. Price had dropped.
He was thought to have done a great
thing when he bulled May cotton Of
1903 to ten cents.
Sully had been a cotton buyer for
New England firms. He made a study
OF crop conditions, and foresaw the
short crop of that year as we'll as the
short crop of this season. 1t was said
that a clique of New England mill
owners backed him in his first en-
ture. His May campaign was a sue
cess, and it vas estimated that he
personally cleared more than 81, 0OO,-
900.
He established a cotton house of his
W last year, under the name of Dan
lei ]. Sully & Co., but when his APP
erations in cotton became so success
full, the cotton market having been
pushed up above II cents a pound
early this year, he widened the scope
of his firms business; bought a seat
on the New York stock exchange,
went into the Coffee exchange, got a
membership on the Chicago board of
trade, and, 1t is said, made connections
with other prominent exchanges
throughout the country.
In an announcement made February
l, Daniel j. Sully & Co. stated that it's
purpose was to conduct a general
banking business, dealing in securities
on the New York Stock exchange and
purchasing and selling contracts on
commission on the New York, New
Orleans and Liverpool cotton ex-
changes and the New York Coffee *
changes.
The members of the firm were Dam
lei j. Sully, Col. s. F. B.. Morse, Of
Houston, Tex; Walter 9. Crandell
and Edwin Hadley, Jr. Recently Will
lam R. Pagan, manager of the firms
New Orleans Office, was taken into the
firm.