The great New York " operator " in cotton, Mr.
Sully, has broken down; and his creditors, rejecting his pro- posals, insist, it is reported, on an " involuntary liquidation" of his affairs. He himself affirms that his assets will be found to cover his liabilities, but those who have lost by him assert that the "shortage" will exceed £600,000. The effect of this failure has been to reduce the price of cotton, though not to the extent desired by Lancashire, where Mr. Sully's speculations have produced great suffering. It is to be noticed that Mr. Sully was not merely a gambler, but a man who profoundly understood the cotton market; and that neither his ability nor the capital of the rich syndicate behind him enabled him to master the vast cotton trade. The speculators in articles of the first necessity do infinite mis- chief, but they run proportionate risks. With them, to mis- use Nelson's formula, it is always "a million or bankruptcy."
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