Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1891-08-20
KNOCKED OUT FOR GOOD.
Plunger Partridge Leaves the Wheat Pit
for All Time.

Plunger Partridge Leaves the Wheat Pit
for All Time.
CHICAGO, Ill.,, Aug. BE. Pardridge's
check for the balance against him grow
ing out of the buying in Of his outstand-
ing contracts in short wheat, yesterday,
went through the clearing house all
right this morning, and one disturbing
element was removed from the market.
Tie was on the Board this morning, but
was not trading. His friends were con-
graduating him.
"I'm beaten" said Mr.. Partridge.
81 acknowledge that I'm beaten badly,
and I'm ready to quit. 1t wasn't the
natural strength OF the market that
overcame me. There was some hand
behind it all more powerful than mine,
and after | had gone to my limit | had
to quit There is 100000 Of wheat
in our country to-day, and there is no
reason why it should be 81 cents a
bushel. 1t belongs at about IS cents,
but it is sustained and driven up by
somebody. | began to see the way 1t
was going Tuesday, and | closed out
100000 or 5000, 5000. l still had. $780,
900, and l thought the market
might 90 to 80 cents yesterday. Instead
of that it climbed so fast that | could do
nothing. Some of the houses began to
call me heavily-for 1Oper cent. | mar
gined up and sent my boy around to tell
them to buy in for me, which they did,
with one or two exceptions. The mar
ket was then at 95 per cent. l couldn't
go around myself, don't you see? They
were onto me and it wouldn't do. l
sent my boy around and | settled with
nearly every one direct. They called
me for so much that [ have lot of
money with some of the houses instead
Of owing 'em any,"
Mr.. Pardridge's struggle with the
market was watched with deep interest
by the board. 1t was like the personal
combats which battling armies some
times pause to watch. From April 10 to
August the Spectator had the better
of the fight and crushed his opponent
down from 81 to S63 cents. Heis said to
have won $4Q0, 900 in that time. About
August l the market struggled under
him and rose to 81 cents, and the $780,
900 disappeared in three days. There
was q day in which both sides seemed
resting, and then the market started to
fight. 1t steadily rose from 49, cents to
973 cents, and yesterday saw it end the
struggle with victory. According to the
statement of man we'll informed on
the subject Mr.. Partridge had lost what
600 besides.
The firm claims to have a stock of
goods worth from $4,000 to $4,000.
Besides the judgments confessed the
firm is indebted to merchandise credit
ors for $50, 900 or Whereabouts.
The excitement in wheat continued
after o'clock. The market grew strong
in sympathy with the heavy advance in
rye and sold up to 97B, but weakened
to 963 again, and at II o'clock stood
at 964 and 965 cents. The foreigners
were on both sides of the mar
ket, and cables became conflicting,
Ream made a raid on the market
at one time, offering any part of 500, 900
bushels at 955 cents; but the effect was s
only temporary. Corn was rather dull
in spite of its nervousness. After 10
O'Clock September sold up to 595, but
weakened later, and at IL o'clock was
quoted at sol. Provisions were very
dull and steady.
Wheat and corn markets were ex-
tremely nervous at the opening, chiefly
as the result of yesterdays excitement.
First prices of December wheat were
! cent above the close of yesterday at
96t cents; it sold at once to 9o5, then
scared to 81, fuctuated for a
time between 965 and 965, broke
to 96f cents, rallied to 96S cents, broke
to 95& cents, and at 10 o'clock was
quoted at 96I cents. The seaboard had
buying orders in this market early, but
later became seller. Liverpool was
up Id and very firm; London cargoes
were up Cd; and Europe reported bad
weather delaying the harvest.
September corn opened lower,
at 50 cents, touched 5S5 cents,
sold up to 594 cents, broke to
59s cents, fuctuated narrowly, and at 10
O'Clock was quoted at 500 cents. Rye
was very strong, September selling at
sc cents. A dispatch to Logan from st.
Louis says that an exporter there has
sold consignment of wheat to go to
Germany at an advance of 10 cents over
the last previous sale.