The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-18
Starting a New Bull Movement in
the south's Staple-Why the
Great Leader ''Went Broke"
Two Years Ago-story of a
Disastrous Second Campaign.

Henry. Irving Dodge, in Public Opinion.
Whether the response Of the cotton
market to the temperance of Daniel y.
Sully was due to sentiment alone or to
something more substantial may be con.
iectural. The fact that it did respond
is more than interestingly is signifi-
cant. It is evidence that the former
feared, both of which attributes are es-
sential to successful leadership in Wall
street. Some claim that he has secured
large backing with which to renew the
fight for leadership, and others, while
disavowing this, allow that the prestige
Of his past achievements will carry him
thru Above all things Wall street
needs leader. No great movement
is possible without him. In the man
agement of a campaign he stands in the
same 4relation to the capitalist behind
him as does the captain of ship on
storm=swept sea to his owners.
The present campaign for higher
prices in cotton, while it is unquestion-
ably project to make money for the
leader and his followers, is interesting
for two reasons: first, because Of the
strenuous career Of the man himself,
and second, because of the arguments
which he advances in support of the
movement which he is now leading.
-.@e.@ Sizing UP the Crop. go ~
. Mr.. Sully, previous to his campaign
! Of 10000, had been a cotton broker IN
| Providence. His business was to sup
ply New England mills with the staples
To do this intelligently it was necessary
that he should not only be thoroly fami
| liar with crop conditions, but with the
| position Of the manufacturers, the job:
/ bers, and the trade at large. 1t was
| his custom to make se1ni-annual tSurs
of observation in the cotton belt. thus
he mastered the situation geographical
| ~, botanically and commercially. Dur
ing the last Of these tours he observed
combination of conditions which he
predicted would result in several success:
sive short crops. With the courage OF
and began to buy staples. His calcu-
| lations proved correct almost to the let.
ter and he. realized enormous profits fol
himself and his followers. From the
very beginning of Ills career in Wall
street: Sully had been an enigma to
ttthe talent.' His very, frankness
had baffled them. His plans were oper
to inspection by the public, and he die
not seek to disguise his handiwork in
the market by dark and sinuous meth
DDS.
sully's First Great Campaign.
4 The world is familiar with Sully's re-
markable campaign of two years ago
He put cotton above II, just as he had
promised to do. Then he sold cut, clear
ing something like three millions, and
! announced his determination to 90 on 2
vacation to Palm Beach. The news
caused sharp setback in the market
and Sully, needing the entreaties of his
followers. began to buy again for al
he was WORTH His friends say that
he was prompted by loyalty to the men
who had confded in him, his enemies
say that his head was turned. At any
rate, it was at this point that he com
mitted a $3,000,000 blunder and went
down in the crash that followed. Wheth'
er Sully erred thru loyalty or thru in
!, ability to realize that his great follow.
4 ing had been SO badly crippled by the
1 break in prices as to preclude further
support, no one but himself can tell
4 but the fact that he could rise from
comparative obscurity to position
! where he could lose so colossal a sum is
evidence Of rare ability. While in Prov
idence Sully had habituallv associated
/ with men financially resoureeful. WheI
he came to Wall street the class known
I as the lambs was an unknown guam
tity to him. The men Of this class
are arrant gamblers who blindly follow
i leaders, stalking their all on the rise
i or fall of the market. They constitute
a large and important part of the fol
i lowing of every Wall street captain
i The most dangerous practice OF the