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Show COTTON KING NAPPING lA . WHEW BEARS MADE THEiB RAID jBli . Dethroned Spoculator Expects to Pay Out and Says That B! the Crash Would Not Have K' Occurred Had He Been Glv- V en a Few Days1 Extension, BU ' -svmTVTAT. ASSIGNMENT OP THE JM TAILED HM'S AFFAIRS IS k MADE TO JOSEPH PL HOADLEY 3H; MS. SULLY UNABLE TO Mil MAKE ANY ESTIMATE OF HIS 1, LIABILITIES SOME OBJEC- l TIONS RAISED TO ASSIGNEE. ikiPl B'fel NEW YORK, March 19. Just lie- foro leaving his offlco today Mr. 4 tjj -f- Sully mado a statemont In which B. tji 4 ho Bald his troubles had been 4 jK F 4 brought In by unforsccn clrcum- 4 B' W 4- stances, and that If ho had bean 4 K-l 4. to axrango his ultalrs It would not 4 H lj 4 havo been necessary for him to 4 K -A ffi 4 havo assigned. He was unablo to 4 f " 4 my estimate of his liabilities 4" Hflj J 4- Mr. Hoadley, tho assignee, also 4 K'lk ft 4 mado a brlof statement, tho aub- 4 E & 4 3tancc of which was that ho hud 4 4 ncccpted tho position a9 assignee 4- HTl? 4. against his own Inclinations be- 4- 1 5m 4 causo of his friendship for Mr. 4 V AjSha 4 Sully and Mr. Morse., He Intimated J ;SfSa 4 that tho affairs of tho llrm would iff ( 4 bo speedily liquidated, elso he- 4 I Hrm "vrou,a not navo consented to act as 4 H 'itu "ss'snee. ehlofly becauso of tho 4 Wt 3 W condition of his health. mbd 4 - jHl tj NEW YORK, March 19. While some Hjl 1 excitement attendant upon the Sully jl failure of yesterday was manifest nt JHIX tho opening hour of the exchange to- Htt S lay' iL WQS Bll0rtllved' and uefore tne Ifl c'lose even tho cotton market became IMfl I ljuoyant and moved up to a point far IT'7! aug'e the lowest of yesterday. It was 1 fearc'U that other failures would follow 1 thet&ully crash, but only one. that of 'I j 1 1 J- H. Garrison, a minor concorn, was I Teported. 1 After a conference between Mr. Sully VftY ' J nnd hl9 layers thiB morning tho nrm I 111 i mado a formal assignment to Joseph H. if A -in Hoadley, who at once took charge. This if. 1 action was taken because it was learned tfl' i that an attachment was about to Issue, I . ' and it was thought best to apply for an I1.'; . asslgrico for the protection of all cred- :M ltors alike. , J ' Later In tho day a protest against the tV. "y , Belectlon of Mr. Hoadley was made at a meeting of creditors. SMr. Hoadley explained that ho had I oly accepted the position of aaslgnee temporarily, In order to avoid tho placing of attachments, and that on Monday the creditors would meot and select a permanent assignee, Mr. Sully 1 having declared that he would agreo to 1 any man of their selection. I The following letter was sent by D. J. i Sully &. Co. to Robert P. McDougal president of the New York cotton ex-j ex-j change: , "D. J. Sully & Co. have made an aa- Blgnment with Joeeph H. Hoadley as assignee. Mr. Hoadley, upon advlso of j his couneel, has taken charge of tho i olllce and Is examining the llrm's ac-D ac-D counts. At pr.OHent ho is unable to mako any statement regarding the assets as-sets or liabilities of tho firm, although he hopes to give out this Information within two or three days. Mr. Hoadley, Hoad-ley, the assignee, Is the organizer of the American Locomotive company. He Is j a life-long friend of both Mr. Sully and r ,Mr. Morse." I About $1,000,000 of margin money duo to cotton brokers was released by Mr. V Bully signing contracts. "My suspension 1h only temporary." paid Daniel J. Sully., the cotton speculator, specu-lator, the suspension of whono firm Bhook the speculative world yesterday. |