Wichita eagle., 1889-09-25
ATTEMPT ON THE CZAR'S LEE
THE LIVERPOOL COTTON CORNER

THE LIVERPOOL COTTON CORNER.
Copyrighted. 1889. by James Gordon Bennett
LIVERPOOL, Sept. 23.-The crisis in the
cotton trade, instead of lessening, is grow
ing more intense Mr.. Steenstrandt, who
has been accused of forming the corner,
yesterday denied that soft impeachment.
He said he was simply endeavoring to get
the best prices possible for the
cotton which ne now controls. Asked
as 10 the amount, he declined
10 state the number of bales at his dis
possl. A correspondent today had talk
with Albert Simpson, one of the members
of the executive council of the Master
Spinners' association of Lancashire. He
has been forty years mill owner, and de
ciares that such n CRISIS as the present one
has not arisen in his memory. He charges
Steensrrandt with crt ating famine in
the cotton supply. "As matter OF fact, y
SAID Mr.. Simpson, taking this year as
compared with the last three, there is
considerable more cotton in Liverpool
The amount of cotton at sea is also
i'll excess of last year and the eX-
ports of new cotton from Ameri-
can porrs are largely above those for the
last year. At the same time the average
raw material used in this country each
week is less by 5000 bales"
Asked about the values. he said:
lhe yatue OF lne Eraue KNOWN as
American middling is higher by seven
eighths of penny than it was last year.
These figures will convince any person
that some outside influence must have
been exercised to produce the condition of
Things existing at the present moment.
OF laie years 1t has been the custom for
many parties concerned in the cot
ION trade To buy futures instead of
huying actual bales ana warehous-
ing them. This is just what
Steenstrandt has done. He has bought
1850 bales. 10 be delivered to him in Sep
Iember and October. He has expressed
determination TO compel sellers TO deliver
10 hlm actual cotton. The result of this
j. that those who sold him are endeavor-
ing TO have i'll their warehouses enough to
meet his demands. The cotton spinners,
therefore, are left without any until Sep
TENDER and October have passed. By the
rules of the Liverpool association no cotton
above \ certain grade can be offered TO this
=; eenstrandt, and rs that grade is one
OF the most large,y used. it follows
that at the end OF the season there viii be
less OF that quality than OF any other in
Liverpool. Therefore II The arrangements
of this gentleman are carried out, he will
within the space of a few weeks, have in
his hands almost every bale OF that class
II the mills go on working he VIII be able
10 exact tor this cotton any price that he
kes to..ask. The thing has been tried be-
lone by MIR. Ranger ana Mr.. Runge. They
ARE both ruined not, however, before
they inflicted a heavy blow On the cotton
trade. 10 meet the tactics of Steenstrandt
olemheTs of my association have deter
mined that At any outlay they are bound
10 render it impossible for an out
slider 70 thus run the market. They
Will shut up their mills at 4 period wheu
this man has cotton on has hands and keep
them shut until the new cotton comes in.
He will then be unable TO resell his pur-
chases except at 4 rate lower than THAT
which he paid for them. The operatives
hrve consented to act with rs, and the
mills viii remain closed until Steeustraudt
l. broke. Last week | was one of a party
of i've who had an interview with the
agents III Liverpool with view 10 seeing
whether We could not rearrange the rules
so as TO prevent this cornerinG OF the cot
ton market, and we are still in confer
ence."