The failure is announced of Mr. William Steenstrand, known as
the " Cotton King," who raised the price of cotton so high last year in the middle of September. This year he has found himself unable to continue the struggle against the tendency of the Cotton Market to fall. Three weeks ago it was said that Mr. Steenstrand held 150,000 bales of cotton. In the interval prices have so far fallen as to render his losses very great. They are stated, indeed, to amount to £200,000 on the past month, the greater part of this sum belonging to the last fortnight. It is asserted that he has already made a very fairly satisfactory arrangement with his creditors, paying them a substantial dividend, and that great sympathy is felt for him in his losses. It is clear that these " corners " never really succeed unless the general causes at work to raise the price of the article "cornered," sustain the speculator who tries to buy up the market. Otherwise the fall which takes place when he is compelled at length to sell, fully balances the rise which his large purchases have caused.
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