New-York tribune., 1908-05-05
SULLY'S BUBBLE BURST
BUCH4N soaps HIT NOW.
Bankruptcy Receirer Named for
Former Cotton Bulls Corporation.

Daniel F Suly. dethroned Gotten king, suf-
fered a setback on the road TO becoming the
soap king when receiver was appointed yes
terdav for the Buchan's Soaps Corporation, OF
No 221 Fifth avenue, Of which he was the
president and largest hacker Just how much
SuIIy will lose is Dot known one man who
was supposed TO know said that 100000 would
cover the amount. while another was equally
positive that it would reach quarter Of a
million dollars
The company went into bankruptcy upon the
anplication CT Philbin. Beeknan & Menken,
counsel for the Oriental Bank and attorneys for
Charles H Stanton and the Trow Directory
COMPANY. the claims in all amounting tJ $1,000
When SuHy bought the Buchan's Soaps Cor
poration and increased its capital from $4,000
70 81 200 ooe it was said lin few years if you
want to know anything about soap ask Suliy.
and every one fully believed that the soap field
would undergo Just such a period Of excitement
as the cotton market did under his control but
yesterdays proceedings put a damper on thVs+
axpectations When the company was incor-
porsted in this state SuIly was elected presi-
dent and he has as his other officers Ralph P
Buell.. secretary: George II ThomPsoa. treas
urer and Frank Tilford, George 5 Graham and
Henry P Wilson as directors. in addition 70
Thompson and himself
Things have not been going smoothly with
the soaps corporation. it has been known In
certain circles. for some time Suliy failed in
his stten7pt to combine the soap interests OF
England. the attempt having 70 he given up
owing to the hostility Of the English people to
the arrangement. and when his daughter vas
married 70 Douglas Fairbanks an actor. a COOL
lob vas given to the young man. but he soon
left the company and went back 70 his former
profession
When the proceedings were brought yesterday
Leonard Bronner. lawyer, Of No ;'@ Broad
7-av. was appointed receiver with 4 bond OF
$1,000 He was authorized in his discretion u
continue the manufacture of soaps. ointments.
salves and medicinal articles in general and
boxes and cases. Mr. Bronner said last night
that he thought the assets OF the company
would amount 70 about S5onoo and that Nj
Suny had invested about S1oooro in the com
pary. He said that the company would prob
ably be reorganized 10 carry on the business
and that it would not dissolve
Mr. SuTy has lost about S2o"01o since he
bought the Ruchan Soaps Corporation and in
creased its capital from S42'rst 70 81 -2Oo0to"
said George II. Thompson. who has been con-
necte1 with the concern thjrty-ive years
Frank Tilford bought one-thfrd Of the COM
pany's common stock. Mrs. SuIv and other
relatives Of Nj suuy owned two-thirds Of the
stock
Altogether We have liabilities Of SSpf@p. with
probable assets Of s9ptsIO 10 meet the claims uf
creditors The failure is due 70 the Application
by Mr.. SulIy OF spectacular methods to boom occ .
soaps. Besides rhe Oriental Bank the creditors
putting the company into bankruptcy were the /
Trow Directory Company and the Gray Litho- /
graphic Company
In bringing the proceeding the lawyers Tor I
the creditors alleged preferential payments If /.
5000. and that the corporation allowed Judz-
nents 20 be taken against IL by =. Seeker Tor /
S1,412 - and the American Lithosraphic Com /
lany for $1,000 IL was said last night that Mr
5ully would ne examined Tomorrow by counsel /
'or the petitioners