The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-04-13
WINS HALF A MILLION.
Edward Partridge Has a Great Day on
the Board of Trade.
INDIANAPoLIs, IND.


factory day for commission houses in the wheat
markets OF the world we have had for long
time. Much TO the disappointment of holders
cables all reported lower markets abroad
early. The cause was attributed to heavy
failure in London and the depression in our
market at the close Saturday. Some cables re-
ported that the belief prevailed there that our
government report was favorable TO the grow
ing crops. but it was generally thought when
they received the official report today that for
egn houses would be good buyers and that for
eiQn markets would most likely close higher.
Prices advanced from the opening about
cents per bushel when there came some heavy
realizing together with large lines thrown on the
market by a few noted short sellers. The market
became depressed and, TO add to the pressure
which was fairly under way when the market
! touched 81 cents Bradstreet comes in with a re-
port that the stocks of grain in America, In
gland and the continent were 4O,OOO,OOO larger
than one year ago. The rush 10 sell was so
great that at times the market was panieky and
sales were made following one another from
= to 30 decline. Stop orders at S4hc were
executed at $3.50; stop orders that were limited
between $500 aud $50 were executed at about
$3.50. The same trouble existed around &c.
Customers along the different lines of tele-
graph complained Of the execution of their
orders. This. together with the terrible strain
on the brokers in trying 20 obtain what seemed
TO them a reasonable price, was the severest
strain they have had for some time. Their
Rriefs were almost as severe to them as TO the
unfortunate holder We are inclined to queS-
ton this Bradstreet report. We notice the
London market was &c per bushel higher for
cash, and reported 4c lower for futures This
goes to show that the bearsh feeling would
depress prices very much lower than cash
wheat is actually bringing now on the market;
or, to the board OF trade phrase, "The
think is lower than the wheat" lt is possible
the thinkers may be mistaken with the decline
in wheat
Corn suffered a severe depression also, but
the other markets, including oats and pro-
visions were entirely neglected. TIE brokers
and commission merchants having all they
could do 10 attend to the radical changes in
wheat.
Wheat and oats were firm today, while corn
was dull.
Receipts for the pest twenty.four hours. Is
cars against total OF 10 cars for the preceding
day.
Wheat-Firm; No. red. 500 bid; No. !,
red. s31Ic.
Corn-Dull; No. l white age; No. 2 white.
4lc; white mixed. $3.50; No. white, 3SH@
49c bid, latter for one or two colors; No. .
mixed. 3Sc; No. 3 mixed, 37l&c; No. yellow.
3Sc; No. yellow, SIZE; sound ear, 4O@4lc,
latter bid for yellow.
Oats-Firm; No. 2 white 32c bid; No.
white, Sic; No. mixed. 30}5c bidi rejeoted,
! 26C127c.
Bran-Firm; local dealers are bidding $3.50.
Hay-Timothy, choice. $500; No. l. s110O;
| No. 2. $500; No. prairie. $40; No. prairie,
| $3.50; clover mixed, $3.50
Rye-75@Soo for wagon; rye, 500 for car
lots.
Wagon Wheat-s6c bid.
On Market-Hay. timothy. $12614; mixed.
| sl0gl2; clover, $9Gll; millet, 50; shelled
oats, 33CG35c; sheaf OATS Sl09I2; corn. 409i5c.
CHICAGO, April 1.-THE world seemed to
| turn its axis today for the sole benefit OF one
man-Edward Partridge of Chicago. News
worth to him hundreds Of thousands flashed in
| from London, from Washington. even from the
| far away ports of the Black sea, and after a
| day Of wild excitement on change the famous
| plunger, impassiye as stone, stood on the floor
OF the board of trade receiving the frantic con-
! CALCULATIONS OF his brokers, informing him that
| be was richer by at least half million dollars
and that. acting for him. they had pounded
down the price OF wheat 80 on every bushel.
| His enefnie-, who Il was said had formed a sort
of combination few days ago to compass his
ruin, were themselves made heavy losers and
/ put to utter route.
The galleries of the trading hall throughout
the day were jemmed with sight-seers, includ-
ing many ladies, all eager 10 pick out of the
jostlng, yelling crowd below the man whose
| extraordinary gamble was causing all the tur-
| mol. Pardridge's manner was much calmer
than Saturday and it was evident judging from
the expression OF those keen gray eyes, that
! his plans were more settled and better
! formulated. The same faultess attire charac-
! terized him today, the same two diamond studs
flashed from his spotless shirt front. and he
| had carefully brushed the dust Of Saturday
from his hat and looked spick and span. The
scene during the latter part OF the session was
the most exciting that has been witnessed in
many day. From S51lc May wheat dropped
by big jumps TO S014c and finally closed at
s0xc. This is $3.50 below the close Saturday
night. From the high point to the low figure
! Partridge makes 90 per bushel, il is supposed,
out OF his ten million short line. or what
| amounts TO a gain OF $500 600. Over and above
this it is estimated that he Melted considerable
on trades on the fluctuations. He was the
| heaviest buyer and seller aud apparently must
| have made pot of money out of his seal ping
| deals. During the final moments the excite
! ment was at such pitch that the spectators
In the galleries losing all control of their feel
| ings shouted with the brokers at every slump
in the market. The bears went wild over their
success. and the men who had it in for Pard
ridge. some OF them at least, joined Ia what
amounted TO general ovation to the bold OPP
orator. Everybody was expecting at the open
ing TO see the shorts pushed hard in oonse-
| quence OF the depressing government crop
eatmRte sent out from Washington after the
closing OF trading Saturday. The first disap-
| pointment to the bulls was the cables reporting
the course OF the foreign markets.. Ii was re-
| Rarded as the most natural thing in the world
crop outlook, and this was relied upon TO start
| the ball here. But to the surprise OF every
body Liverpool and London both opened lower
| and with some evidences OF Generalization. IL
| was explained that this was due TO an import
| ant failure in London, but the fact remained
that the English markets were lower
aud domestic markets also soon showed
n hating tendency and added TO the
hesitation here. If anybody had been expect
ing Partridge to run in they were quickly
| undeceived, for on the contrary his brokers
were among the most aggressive sellers right
from the start and kept on the selling side all
day and showing no fear, even on the widest
bulges. New York and st. Louis operators
| soon came into line aud sold heavily, while
there was also a large amount of local longs
who seemed to despair OF getting a much
larger bulge and began TO realize. Under this
concentration selling there was irregular
break OF 80 on the price of May and the feeling
gradually became quite bearish. The dsap.
pointrent in the visible supply statement
also proved weakening factor. Early
| il was thought there would be q decrease
| of half a million bushels, but when the figures
/ were complete IL really showed decrease of
| Ill, 900 bushels. This completely unnerVed the
bulls and there was quick collapse The
| and with a few sales as high as S4l5c, com.
pared with $3.50 seller. Saturdays close. The
quotations settled down to S31sc. then up with
some exctement to S513c, then broke irregu-
larry to S2ISc. and at II o'clock was sac. At
ter the noon hour the market had another
spasm Of weakness and May went of to size.