Daniel John Sully

Background

Daniel was born on March 9, 1861 in Providence, Rhode Islandm United States. He was the son of Abraham (or Abram) Charles and Jane Sully.

Education

He attended the Norwich Free Academy and in his teens found his first employment as clerk in a coal merchant's office.

Career

Sully entered the employ of the Knight organization and became deeply interested in the production of raw cotton. Realizing the value of an intimate knowledge of the subject, he persuaded his employers to let him spend the better part of two years in the South in the study of the growing and marketing of cotton. He served with the Knight mills for some time longer, but his interest in manufacture was waning, and he was becoming more and more absorbed in the speculative feature of the cotton trade.

He finally resigned and entered a brokerage office in Boston, where he spent four years, returning to Providence in 1891 to become a member of the brokerage firm of F. W. Reynolds & Company. Here he specialized in Egyptian cotton.

American cotton production appeared to him to be a waning industry, and therefore, when he went to New York in 1902 and opened a brokerage office of his own, he was a pronounced "bull" in the market. Theodore Price, the dominant "bull" up to that time, had pushed the price of cotton up to nine cents but feared to attempt going further. At this point Sully practically took charge of the market. Steadily he bought and pushed the price upward.

By May 1903 he was believed to have made a million dollars profit.

He sold out most of his holdings and took his family for a brief trip to Europe. During his absence prices continued strong, and on his return he plunged into buying again. For the next few months he dictated the price of cotton.

Cotton finally rose to a few points above seventeen cents. Sully meanwhile was speculating in stocks, grain, and other commodities, and his credit was greatly extended.

On March 18, 1904, a panic seized the cotton market, and a drop of twelve to thirteen dollars per bale occurred, throwing Sully into bankruptcy. His liabilities were $3, 000, 000, and he could pay only fifty cents on the dollar. Next he took over a soap company and endeavored to establish an international organization, but this failed in 1908. His noted art collection was sold, and he was forced to turn his handsome seaside home at Watch Hill, Rhode Island, into a summer boarding-house. This, too, was sold to pay debts in 1914, and he spent his later years in rather reduced circumstances.

He died in Beverly Hills, California.

Achievements

• Daniel John Sully was responsable for such operations, that not only covered the cotton markets of the South but extended to the exchanges of Liverpool and Alexandria, Egypt. As he completed his "corner" and prices climbed steadily upward, the public entered into the speculation on an unprecedented scale.

Interests

• He was a passionate collector of art.

Connections

On October 1, 1885, he married Emma Frances Thompson, daughter of the manager of the great Knight cotton mills at Providence. He was survived by his wife, a son, and two daughters, one of whom was the first wife of Douglas Fairbanks, the actor.

Father:

Abraham (or Abram) Charles Sully

Mother:

Jane Sully

Wife:

Emma Frances Thompson