New-York tribune., 1908-01-16
SULLY BACK In GAME.
Report That Former "C0ttOn King
Is Planning Big Corner.

Daniel ]. sully, formerly known as the cotton
king, ii was learned yesterday. was back in the
game and was conducting extensive operations on
the bull side OF the market It said that Mr..
Suly had e-entered the cotton market with sub
stantial backing and that he in position TO
swing fully 500 600 bales of cotton Mr.. Sully was
found at the offices of Carpenter, Baggot & Co.
cotton brokers. All he would say was that
| he was acting in advisory capacity TO several
wealthy men and that he was bush on the situ-
alton.
From representative of the firm, however, 1t
was learned that he operating through that
house. This said THAT Mr. SulIy had received
fully a thousand telegrams from cotton men in the
South who still had confidence him and believed
that his return to the market would have the ef-
feet of putting up prices
There has been buying of May contracts re-
Gently by brokers who understood to have been
operating for Mr. SuIly. and this has led to the
opinion in cotton circles that he is contemplating
another of his famous corners of former years.
Influenced it Is said by the reports that certain
brokers were buying May cotton for the erstwhle
bull leader, that option made high record yes
terday touching IL 20 cents gain "a points from
the opening. This IS stiIl long way from 15-cent
cotton. which the Southern planters holding
out for Judging from the number of congratu-
latory kilograms received by NJ. Sully yesterday
from cotton growers, they are looking to him TO
help them in boosting the price of the staple to that
figure
The report that Mr.. Suly was to renew his
siderable interest in the trade yesterday. Several
brokers said that he had yet paid all his
debts 20 cotton traders. it would be impossible for
him to be reelected a member of the Cotton En-
change. and that if he attempted to do any trading
through brokers and his operations became known
there would be a general calling of Original
margins by local houses these brokers. This
would mean. they said that his brokers would have
10 put mp cash amounting 10 $500 on every one hun
dred bales traded in. In other words. pyramid
ing" would be possible. and Mr.. Sully would
have have the Bank Of England behind MN 10
do any trading extensive scale.
Other brokers, including member Of the firm
acting for Mr.. Suly. ridculed the idea that his
operations would result in call for original mar
gins. They declared that a brokerage house was
not obliged make known the identity of its
clients and that there way of knowing
for whom broker acting in his dealings on
the exchange. and that the cal for the exactlon
of original margins, which is permitted ny the
rules of the exchange, could be against only the
individual trader and not the brokerage house rep
resenting him. 1t will be remembered, however
that in the campaign of W. P. Brown in 1903 the
house MCFadden headed movement of ioCfV'
operators, among whom was Daniel j. Suliy, 10
break the sensational operations in the cotton mar
ket conducted by Mr. Brown, and that their first
move was a general calling of original margins
on brokers who had acted for the Brown interests