The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-08
STEENSTRAND's CORNER.
He Held 125 900 Bales of Cotton, and
Lost 81 900, 900 in an Hour.
Augusta (Ga.) Chronicle.

augusta Q6a.) Chronicle.
The death of William steenstrand, of
Liverpool. on Tuesday, calls up some thrill
ing recollections among the cotton men of
the world and carries them back to the
collapse in the price of cotton which has
occurred for a third of a century took
place on the Liverpool exchange. 1t was
a day which will never be forgotten by
those who were at that time in touch with
the market, and especially those who sur
yeyed the p~andenonium which prevailed on
the Liverpool exchange. where the market
price was falling like a barometer before
Mr.. Glazebrook, of this city, was in Liv-
erpool at the time and has a vivid recol-
Lection lection Of the historic day steenstrand
works, and when an attempt was made
to pool all the salt works in England
the pool. He held his proprietorship for
a long time, and until the pool offered him
Them ffUUf1v go ,of AIDED nid ho TO III s ana GOO men wb, ne let let
had made out of COAL, he was a rich man
before he attempted to corner the cotton
was sole agent for England OF Holland gin,
which brought him in commissions amount
Until a year or two before his big failure
he had not been heard of on the Cotton
Exchange; He was a mysterious, ~self-pos-
tie of his life and habits.
Personally Mr.. Streenstrand was a strong
in height. from fifty to ffty-fve years Of
age, with a strong face, rather small.
searching eyes, ana a rudy, breezy-looking
complexion. like that of a sea captain'
Among the stylishly-dressed members Of the
cotton trade on the Liverpool EXCHANGE he
looked decidedly shabby. His tall hat was
oid-faShioned and far from new, and his
frock coat buttoned close from the waist
10 the neck, was of blue cloth, like that of
some superior police official.
1t was in March, 1890, that Streenstrand
began corHer4ng cotton. The first month
he attempted was June, and in this effort
he was successful, owning practically all
the cotton in Liverpool II he :iad turned
loose then he would have been a rich man.
But when he attempted to corner July he
failed.
1t is an interesting fact that the Cotton
King, as he was called, was ruined by an
Steenstrand had had a difficulty with one
OF the wealthiest cotton brokers in Liver
pool and the broker told him that when he
started his corner he would break him. He
kept his word, Whenever Steenstrand en-
tered the ring and began to buy this broker
would sell. He was worth S0,o00.0 900 himself.
TreacheFy on the part OF Steenstrand's SUD-
posed friends. also precipitated the collapse.
When he asked them to buy and check
an incipient decline, they bought, But on
the quiet they sold two bales for every
one they bought.
The whole world was unloading on Steen-
strand. As an evidence OF the far-reaching
effect OF the corner, IL IS that
overstocked. sold 1900 bales and mede a
clear profit OF $4,000. The same was true
all over the country.
Finally the great operator could stand mp
crash came there was q scene on the Liv-
erpooi Exchange which had never been
euualied, and probably never viii be again.
Every spinner in England was watching
the stirring scents below. and the ring was
crowded 20 the point OF sunocatiop- II