New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-04

said let me ask about the collapse Of
your second campaign, in March, 1904.
- made considerable money in the
spring Of 1909" Nj Sully replied. ''In
the summer I went to Europe. People
said 7 was resting from my labOrs. On
the contrary. I went abroad to study
conditions. 7 found that the manu-
facturers Of England had sold the prod
ucts Of their factories for two years
ahead and had bought 1000, GOO bales Of
American cotton with which TO meet
their contracts.
on coming home 7 explained the stu
alton to our own spinners. NJ second
bull campaign was put in motion during
October 1903. I went into the ring my
self. TO the floor Of the Cotton Exchange,
and purchased or directed the sale Of
1O000000 bales in future contracts The
cotton ! thus sold or bought had q value
Of 500 600 600 Four hundred men took
the floor against me. Forty clerks in my
offices worked day and night. I stood in
the ring from 10 o'clock in the morning
until = o'clock in the afternoon, battling
with all the strength I had. only to
answer kilograms and letters and to plan
the next days fight until long past mid
night
"On Saturday. January 50. 1904. put
cotton I'D 70 points between sales A
point is LOO Of a cent a pound. Sew
enty points meant S. 30 a bale I had
increased the value OF the cotton 10 be
sold by our farmers. therefore. by the
sum Of S3-OO0000. Il was done in q
few minutes. The price had gone to 1624
cents d pound. meant to put il up 70
90 cents. The market was in my hands
I had fought down my enemies. and on
Sunday, the last day OF January. felt
pretty fine.
But something happened. a telephone
message came to my home in 18Th street.
New York Two great cotton merchants
asked me 10 meet them At a certain hotel
at / o'clock. I was not informed why
the conference was desired. I walked
down Fifth avenue in the cold air and
brilliant sunlight. King Of cotton the
newspapers that morning had called me.
I had honestly made millions Of dollars.
Face TO face with the two merchants.
they bIuntly told me that the advance Of
cotton another cent q pound would de
stroy them financially # they went
down. scores Of other merchants would
be driven into bank-uptcy-m
who had bought actual cotton for sale
10 spinners and as a protection against
personal loss had sold futures on the ex-
change in New York. Such purchases
and sales. I was assured. would aggre-
gate 30op.00O bales. Merchants all over
the world We're al the very brink Of ruin
The men fighting me had already put
1r7 $4,000 600 in margins. they said.
Each increase Of cent pound in the
price Of cotton would require S15,00000O
additional in money With credit
strained 70 the. point Of breaking, no
more cash could he obtained. The TWO
merchants prophesied q worldwide panic
hundreds OF business men impoverished
and tens or thousands Of workingmen
out OF employment. There they sat, that
nair Of begging merchants, and held be-
fore my ewes a picture Of sorrow and
poverty. They had been cowardly and
malicious toward me. I had them at
last by the throat
I said but little. No promises were
made. While they were talking a page
brought me a note. One Of the richest
and most brilliant operators IN the world
asked 10 see me before left the hotel
Without a hint as 70 what 1 thought.
brought the meeting TO an end. Then I
went 70 the room Of the operator. who.
let ne add in passing, can command as
much money as any man IN Europe or
America He was not informed concern
ing my strange experience with the two