The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1908-02-06
SULLY Oh, TIE MARKET.
Game in by The Spectacular Route
Which He Likes.

Inc New l Ork CQnrnefclal &C.
scribes the spectacular appearance
Of SuIly in Wall street as follows:
His re-entrance into the market
was in q way spectacular-Sully likes
that sort CT thing-but the surprise
of it all was how easily he took con-
troll and forced the market up.
Sully does not claim to be acting
for himself this time. He says he
has been asked to do certain things.
and that he has undertaken the job.
The ring said he had powerful back
ing, but no one knew just who was
behind him, and guesses ran all the
way from J. P. Morgan to the Farm
ers' Union. 1t was even said that
Edwin HaWley and Frank Ray, who
were operating with him when as
the head of d. J. Sully & Co., he ran
the cotton market were with him
again. Whoever may be behind Mr..
Sully, however, the fact remains
that he created a great sensation in
cotton yesterday, and that memories
Of the time when he ran cotton up
over II cents q pound so overWhelIn-
ed the ring, that-for the moment
at least-everyone was talking Of
another Sully market"
TAKES CONTROL OF THE MARKET.
Sully established himself in the
private office Of one OF the largest
commission houses in the street,
which seems to have been refitted to
suit his convenience. With a ticker
and a telephone at his elbow, he
went after the market, and before
the close had it under his control.
SAYS BACKING IS STRONG.
Mr.. SulIy said: 81 am certainly
very bullish on cotton. am buy
ing cotton, and will continue to buy.
was asked by certain interests if /
could do certain things, ard
thought | could. | am now gong to
10 them. The interests | represent
are strong enough to support all my
transactions. AS | view it, there
was meyer a more bullish cotton sit
uation. The answer 70 the question
as to what cotton is worth is to be
found in the prices which the world
will pay for cotton. Every man
who knows anything about cotton
knows that futures have all this sea-
son been away down under spots
No one in IS years ever knew the
situation that has been existing all
this season with the consumers Of
the world paying such q ridicuiously
high premium over futures for the
real stuff.
ct is now down to a thcee-corner-
ed fight for the cotton that is left
between the spinners Of the North,
and the spinners of the South, and
the foreign spinners. The Ameri-
can spinners have held back and
allowed the foreigners to get the
best of the crop, but even with all
they have the foreigners are buying
just as eagerly as ever. The Amer
lean mills have no cotton. The north
ern mills are in particularly bad
shape; they have no stocks at all.
The cotton that is wanted is not in
the South; SO that it is not a question
Of the farmers holding cotton; it is q
question Of the cotton, which the
mills need, not being there to hold.
| am not going to attempt to say at
this time how high ] expect cotton
to go, but | am more than confident
that it will go very high"
The high prices Of cotton in the
''SuIly year, are admitted to have
made it possible for the South TO
"15-cent cotton" this year, while
otherwise the Farmers Union would
not have thought Of naming such a
price. Sully has always been very
popular in the South, ard while
many cotton men place little ere
dence in the story circulated that he
is in some way representing the
Farmers Union, it was generally
acknowledged that the South will
enthusiastically support his bull
campaign for a time at least.