The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-10-01
COTTON IN NO CORNER
sTEENsTRAND's BIG GAME GOES
TO SMASH.

The Manipulator Attributes the Break
TO the Fact That He Was Carrying
Too Many Bulls-A Belief That it
Will be Impossible to Make a New
Corner for October.
LIVERPOOL, Sept. 30.-The cotton corner
has Elapsed. On report that Mr.. Steenss
trand, the manipulator of the corner, was
selling, prices for September delivery fell
from 45-04d. to 16-64d., and then rose to
2l-64d. 1t is evident, from the course of
the market, that large number Of bulls
followed Mr. Steenstrand.
a large number of operators and others
interested in the cotton market gathered i'll
tie cotton exchange at much earlier hour
than usual this NOR ing, expecting the
greatest crisis OF late years, owing to the
corner in the September option, engineered
by Mr.. Steeenstrand.
OPENED AT A DECLINE.
The market fer that option opened quietly
at decline of l point. Prices immedi-
ately dropped points more and then
steadied. The month went out at 22-64
sellers. 30 points under the highest pr ce
for that month. Mr.. Steenstraud holds
from 10000 10 100000 bales of Amer
can cotton, the prices of which to-
morrow will be one-half pc ce below the
prices obtained Saturday. If splnuers close
their mills for a fortnight, the accumula-
ton of cotton will further depreciate prices
Ihe new crop is you ing in rapidly, and this
will lessen Mr.. S5eenstfand's opportunities
for Opposing of his stock 1t is the general
opinion that the cotton riug is utterly
smashed. Their nervousness wrecked the
corner.
THE AMOUNT rendered TO SETTLE.
The total amount rendered in settlement
OF contracts to deliver is As, 400. Steensti and
does not conceal his surprise and disappoint-
ment at the failure of the corner. He says
1t was the large number of bulls that roSle
upon his back that caused the collapse. He
had not Anticipated that so many would
buy cotton In the hope that there would be
rise IN prices that would enable them
to sell at a profit. The quantity
of cotton held by the bulls was much
larger than he expected. They must have
lost heavily, he said, but he was able to
give an idea of their losses. He >aid be be-
lieved that one result of the collapse would
be the abolition of short-time mills. 1t is
reported that the corner operators will ship
the bulk of their cotton to the continent.
The rumor, however, is not believed, as the
stocks III Europe are already heavy. The
Liverpool market is rejoicing that the loss
will fall mostly upon continental bears. 1t
Is reported that one large spinner in Alsace
suffers to the extent of 100000 on this ac-
count. But few failures are expected here.
MANCHEsTER's DEEP INTEREST.
MANCHESTER, Sept. 30.-The excitement
on the cotton exchange here was much less
than at Liverpool, though the market was
very animated. No opinion can be
definitely formed as to the full significance
OF the collapse Of the corner until the stua-
tion is better known, but confidence is
expressed that it will be imposs bic to
make a new corner for October. 1t
is not expected, however, that
cotton will become really cheap The pros
pect of fortnight's stoppage Of the mills
has diminished. 1t is reported that Steen-
strands gain through the corner will not
exceed 950,O0O He expected t. make
e250,00O. He has teen buying since Deem
ber, when he purchased at 32-64 pence. It
is evident that at the last moment he feared
concerted action by the brokers and spin
ners, and tried to unload his stock.