Stock Exchange Panic.
SULLY GONE SMASH.
WHEAT MARKET DEPRESSED
The failure of Sully, the New York financier, is announced at the New York Stock Exchage. Hislosff during the past ten days is estimated at five million dollars.
The suspension was a staggering blow to the Cotton Exchange and a smasher to the wheat market, and depressed stocks greatly. Frantic excitement has been caused at New and New Orleans, cotton going from 1)3 to 196 points down.
The Daily Mail states that Sully’a liabilities are estimated at tWO million sterlingA SENSATIONAL SCENE.
Sully’a fortune angered the cotton exchange, which beoa.me a surging and frenzied mass. The brokers indulged in a rough and tumble fight: to execute orders. The floor was covered with broken chains and fragments of clothing, many members being battered about. Sully speculated heavily in wheat and coffee.
Sully’s collapse, while it will ultimately be beneficial to Lancashire, causes speculators immediate embarrassments.
It is understood that Sully was carrying from three hundred to four hundred thousand bales fo» future delivery, in value from four and three-quarters to seven millions sterling. ( . :. , The general impression is that “ spot ” dealers, resenting the artificial prices, united to crush Sully. The latter has written to the President of the New York Cotton Exchange, claiming that his suspension is only temporary. The Liverpool market has opened thirty to forty points down. The general feeling is hopeful. , Enormous supporting orders held the market.
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Manawatu Herald, 22 March 1904, Page 2
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237Stock Exchange Panic. Manawatu Herald, 22 March 1904, Page 2
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