The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1895-04-09
DEATH OF AN BX-KING.
HE WAS a BORN spEoUnaroR

HE WAS "A BORN SPECULAToB
At One Time He Controlled the Got
ton Markct-Made Money in Goa
and Sa't-LOst All i'm N Corner
The death of William Steenstrand
oil Liverpool, calls up some tbrillin,
recollections among the cotton mon O
the world and carries them back U
the early autumn of 1890 when tn,
greatest collapse in the price of cottol
which has occurred for Il third of ,
century took place on tho Liverpoo
Exchange. 1t was day which will
never be forgotten by those who wer,
at that time in touch with the market
and especially those who surveyed the
pandemonium which prevailed on the
Liverpool Exchange, where the market
price was falling like barometer
before South Sea storm.
MIR. Steenstrands failure in Septem
per, 1870, was the great commercial
sensation of that year. The great
Liverpool cotton operator was known
as the king of the Market" and al
the time he went under he was said to
DO carrying about ono hundred and
twenty-five thousand bales of near
options. When ,he was posted, in ac-
cOrdance with u private ARRANGEMENT,
which provided for the payment to his
creditors of siXty-six cents on the
dollar, there was heavy fa'l in the
Liverpool market, while the prices on
the Now York cotton exchange went
down six points in sympathy. The
iailure was caused by the decline in
spot and early delivery cotton.
Stecnstrand owned u large interest
In the Chesirc Salt Works, and when
an attempt was made to pool all the
salt works in England, Steenstrand
STOOD out obstinatcly against the pool
he held his proprietOrship for long
time until the pool offered him $IOO.-
600 for his holdings. and then he let
them go. Added to the 100000 which
he had made out of coal, he was a
rich man before he attempted to
corner the cotton market. Steenstrand
was Dutchman and was sole agent
Tor England Of Holland gin, which
orougnt nlm In commissions amounting
to 500, 900 year.
lie did not belong :, the cotton
Grade, but simply walked into it for
purposes OF speculation. Indeed, he
had not been heard Of on the Liver
| pool Gotten market until a year or two
Deloro he made his fatal venture. In
inc early stages of his operations, as
bull, he was backed up by three or
| iour others in strong financial posi-
lions, and he was most successful. In
tho course Of II few months he netted
SIoO,OOO and was expected to realize a
still larger fortune before he was done.
lie went too far, however, ana his last
venture failed hopolcssly.
1t was in March, 1890, that Stccn-
strand began cOrncrlng cotton. The
first month he attempted was Juno
and in this effort he was successful,
owning practically all the cotton in
Liverpool. If he had turned loose
then he would have been Il rich man.
But when he attempted to corner .Juiv
he failed.
1t Is an interesting fact that the
Cotton King, as he was called, was
ruined by an enemy VINO vowed vcn-
geaucc on him. SLecnstlYlnd had had
difficulty with one Of the wealthicst
cotton brokers in Liverpool and the
broker told him that when he started
MS corner he would break him. He
kept his word.
Whenever Stcenstrand entered the
ring ana began 10 buy his broker would
sell. He was worth $40, 900, 900 himself.
Iruachery on the part of Stccnstrand's
supposed friends also prccipitated the
collapse. When he asked them to buy
and check an incipicnt decline, they
bought. But on the quiet thoy sold
two bales for every one they bought.
The whole world was unloading on
Stccnstrand. AS an evidence of tho
1ar-rcaching effect of the corner. it is
remembered that one mill in South
Carolina, which was ovcrstockcd, sold
,2OO bales and made a clear profit of
So, COO. The sumo was true all over
the country.
Finally the great operator could
I,, Il I.)- nhn
bales. When the crash came there was
scene on the Liverpool Exchange
which had never been equalled, and
probably never will he again. Every
spinner in England Was watching the
stirring scenes below and the ring was
crowded TO the point OF suifocation.
The bottom had fallen out. In
half an hour the decline was 81 of n
cent.
When the market closed Stccnstrand
had lost ~, 100000 How much the
smaller operators lost thorough0ut the
wori will never be known. 1t is be-
yond human arithmetic. The vindic-
tive Liverpool broker had wrought
fearful vengeance.
Mr.. Stccnstrand was somewhat of a
sphinx on the Liverpool exchange.
Where gossip is so well informed about
most people, it seemed to know little
Of the cotton king. With Maurice
Hanger, the hero Of the cotton corners
OF 1879 and 1881, it was quite different.
Ranger was one OF the most imp osinp
and open hearted men on Change, a
very handsome likeness of tho third
Napoleon, with ii magnificent, impcrIl.
nlustachc. People knew how many
cigars Ranger smoked how much he
gave TO this and how much to that.
where he bought his hats and what
was his favorite uisn. OF Mr.. Steen-
strand, however, the best informed can
only say that he appears to have been
always IL spcculatOr.
PEI sonally. Mr.. Stecnstand was a
strongly built man OF perhaps 5 feet 10
inches in height, from fifty to lilty-fvc
years of age, with IL strong face, rather
small, searching eyes, and ruddy,
breezy looking complexion, like that
of Il sea captain. Among the stylishlv
dressed members Of the cotton trade
on the Liverpool exchange he looked
decidedly shabby. His tall hat was old
fashioned and far from new, and his
GrOck coat, buttoned close from the
waist to the neck, was Of blue cloth.
ike that OF some superior police Of
fetal.
"A New York doctor who has n
large private practice was talking to q
I.N .isN.. vl..,I Il