Telegram-herald., 1891-08-13
BEARS BADLY WORSIED
squsezed by the "Bulls" Of the
Chicago Board OF Trade.
WHEAT TAXES 4 BIG JUMP IN PRICE
Ia Advances slx and Oss- Half Csnss Per
bashsi-Oas sPeeaIator Lssss
o4os,oo BY the saSiasu
Advance.

CHICAGO. Aug. i2-Millions Of dol
lars was counted out as profit when
Tuesdays session of the board of trade
up from 81 \ TO 95 cents. Toward this
handsome sum Z. Partridge is credited
with contributing $500 O00, at least Mr..
Pardridge says s4o0. GOO, and brokers
were found who placed the figure
above the 81. 900, 900 mark. Mr..
Pardridge said that he had been
heavily short and that calls hac been
made so pcrsistently just at the close
OF the day that he run out Of ready
cash, and while ne came out of the
skirmish 500. 900 short he still felt in a
condition To meet any demand that
could be made on him and that there
were no balances In the clearing house
against him
The day was one Of the widest
known on the board of trade since
''Old Hutch" used TO manipulate the
wheat. and indeed, though absent In
body he was alleged 10 have been
there In spirit, for he is said to have
had hand in the deal and that it was
VINO stdEIcQ llc Citk1S Oo tno t6&fSt
although in New York
True TO their teachings, the bulls
opened for operations early and pro-
ceeded 70 treat the bears 10 . dose Of
their own medicine by instituting =
squeeze that broke their record in any
previous attempt From the opening
the pace Wa fast and. starting OF live
~ at 9i1 cents for December wheat.
prices huctuated back and forth. with
an upward tendency until the closing,
when IS cents was recorded and prices
were firm. with cash wheat closing in
che same notch.
December wheat which closed Tues
day at 94}sc, opened stiff at 95Hc on
liverpool cables announcing further
Use over there of half penny in spot
and future wheat and corn Ii sold OF
on free realizing q little later to 944c.
but was soon selling up to s5Ac.
Toward noon the wheat crowd was
furnished with genuine sensation by
Mr.. Partridge. lie refused to put up
any more margins Oh his short August
and December wheat and notified the
firms to whom he had sold short wheat
60 60 into the market and buy the
wheat and send in the bulls for him to
settle- The news spread like wild
fire, and the wheat pit was quickly
crammed To over1owing with a crowd
of excited. perspiring humanity.
ThcI the buying commenced and the
sellers put on the screws, causing
prices TO go mp at a rapid rate. Every
rise of a quarter of a cent was her
aided with great cheering from the bull
side. But pretty soon it advanced
half cent at time. and finally Decem-
ber wheat touched 97Hc. Then there
was one prolonged, great roar that al
most raised the roof. and caused people
onsthe street TO pause and inquire the
meaning of the outbreak. Over 1,OOO,- :
Os0 bushels were bought In of the Pard-
ridge wheat. and then the excitement
died away, the prices easing off to
Nc
Farmers have . hand in this raise,
according to the theory of several Of
the older heads of the board of trade,
and they look upon the alliance order
directing their mem bers 10 hold to their
wheat as similar TO the granger move
ment in 1879, when Jay Cooke failed
and the panic of 1878 followed Tho
actual wheat was NOT to be had.