Omaha daily bee., 1889-10-02
The Situation at Manchester.

20 lCODyIiGht 1879 bu James Gordon Bennett.
MANCHESTER, Oct. Ii New York Herald
Cable-Specal to The BEE.l-There was
an exceptionally large attendance of cotton
manufacturers on change to-day, in conse-
quence of the news of the collapse of the
corner. On all sides the fall of the monopo-
lists was hailed with satisfaction, and not
witbstandlng that the condition of affairs is
yet one Of considerable uncertainty, there
was disposition to beleve.that the failure
of the Stecnstrand party to hold stock is the
signal for a total breaking up of the ring. A
leading merchant said in response to an
inquiry:
"The evidence that the corner is smashed
is complete, and / have no fear of their being
able to recover themselves. Consignments
from America have proved larger than we
expected and the corner has been unable to
take them up, consequently there Is every
reason TO expect that the game is played out.
There is yet any amount of anxiety, but we
oil expect this to get better and before an
other week is past we hope to have got down
to the ordinary run of business. Undoubt-
edly the events of the last ten days have de
moraized the trade even beyond the
present calculation to estimate, and
not only have the operators been the
buhcIoiS, DuO btS SplHhSIS, anu ESPECIALLY
the smaller ones, have been wound up
pretty tightly. Had the corner been able to
hold its own the damage to the weaker man
ufacturers must have been very great, as
they could not have afforded to close the
mills during the time needed without scri-
Gus ana in many cases perhaps irreparable
injury being done to the concerns AS it is,
however, we rejoice that matters have been
Inn to n xuhirh iS all hp
corner and all in favor of the masters and
operatives, and, therefore, the country gen
erally.n
Mandley, secretary of the operatives as.
sociation, said: "The Steenstrand party
cornered far more material than any ring
that has previously existed. From March
to September his figure has been 800, goo bales
Morris Ranger, whose collapse you will re-
member, only took up $4,000 bales in that
period, while Runge, in 1887, took up l5l ,0OC
bales. Steenstrand should yesterday have
taken up something like $50, 900 bales had he
been determined to keep the corner intact
but only 100000 were taken up. He is evi
IDENTIFY man of practical judgme mt and has
stopped just soon enough for that consign.
ment. He would pay probably at the rate OF
6s4d per pound, and If he held until other
cargoes came he would possibly suffer a loss
OF half penny pound, and
ca'culate that by this lie would
lose sovereign per bale, and this on 100 00C
would just lose him more than he has made
and take away a considerable amount of his
Specializing resources. The mistake made
by Morris Ranger was that he did not know
when to stop. Steenstrand, however, has
been much more artful and has quit il
time"
"How lorg do you imagine the present un
certainty will lastl'
II expect that by the end of next week
the ring will have been relegated to history
The price of cotton has had an appreciable
fall, and / shall be surprised if it is not con
siderably under Cd. 1t will take few weeks
TO got thoroughly into working order, bur
now that the collapse is assured there is per
feet contentment as we know that no further
damage can be done"