New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-09-28
THE LIVERPOOL COTTON aCoRNER.n

THE LIVERPOOL COTTON CORNER"
NETWORK DEALERS INTERESTED IN IT--NO EFFECT
UPON THIS MARKET-PRoBABILTY THAT THE
sPINNERs WILL LOSE HEAVILY
In view of the agitation which prevails in the
cotton manufacturing districts in England by the
" cOrnering" operations which have been put into
effect in the Liverpool market resulting in the
temporary stOppage OF nearly all the cotton
mills in the North of England and because of the
report that the speculative syndicate engineered
by some person in this city, a TRIBUNE reporter
made impulses among the cotton merchants yestcr-
day, and learned that solomon Ranger. prominent
neer." That corner" existed in the Liverpool
market was confirmed, but it only exists it is
August, and as only three days moro remain in the
month 1t Will soon end. One member who seemed
to express the general sentiment said:
"The corner in the Liverpool market will not
have any effect. except locally, and the Ncw-York
market will not be influenced in the least The
most immoral and unprincipled device, borrowed
from another country THAT means this country is
absurd The price of September cotton IN Liverpool
Today was 1852 pence pound, while October
vas sh only is pound 1 should not be surprised
s pouna for hs w0 goa be
1t up much higher, but they want to be honorable
about it and not break the mills in Oldham and
Manchester You know the way these things
always settled here; well, the shorts on the other
side have either got to make the delivery or pay
the difference. As to its being immoral, the mill
owners would be glad to get their cotton at three
pence pound, but they would not cheaper the
goods neither would they give the operatives more
pay. Their moral sense has never struck in that
deep. The corner is unfortunate for the opera
yves, as they have been laid off, and they can't
afford to be out of ork any length of time
1t appears that in May and June last the cotton
market was IN very depressed condition. the price
having run down to about siXpencc a pound-gen-
orally regarded the normal unit of value for
cotton apart from fluctuations caused by specu-
lation and other outside influences. A general
impression prevailed that there large Amcri-
can crop i'll and prospects of still larger ones;
hence inclination to clear out stocks of declining
values. The largest buyers, including Mr.. Ranger,
believed that rise would take place. and they
accordingly made purchases in all directions of
cotton TO arrive in England during August and Sep
TENDER, and bought more cotton than was actually
In existence. In other words, the market
oYersold. August came, ana the bears found
themselves i'll the position of having to supply the
cotton which they had sold in advance and which
was not in the market. At the same time reports
were current that the American crop would he
partial failure but the bears argued that cotton
was essentially dry weath6r crop.and exaggerated
reports are always circulated at this s"ason.
Undoubtedly the drouth has affected the crop to
a considerable extent, but not enough TO warrant
any great advance. The consequence vas an
advance in price to nearly cIghtence Il pOuuU. Jni
as the operators above referred to still insist upon
the delivery of the cotton bought, and refuse To
settle by reSeng the contracts to the original
sellers, the latter cannot escape except at great
pecuniary loss There being plentiful supply
of lower grades the market is only conered' iii
low middling' and higher grades. However no
matter which way the matter turns, ii will all be
over IN three more days and this market will not
feel it,