The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-05


| fesstonal and outside traders we're talking of
81 % for May, PIrdridge said: "Well boys,
| l believe 1t will go to so cents before il goes
to 81 So" It was case Of one man against
| the markets OF. the world, for the opinion
| that nigh prices must rule was shared In
every market where wheat was traded in
as speculative commodity. 1t was an up
| hill light. He was called crank a man
who was flying in the face of providence,
| whose fortune would be reckiessly dis
slpated on the short side Of rising market
| Friends volunteered advice Relatives i'm
portuned. The little man listened-and
| sold more wheat He never let no selling
until it was generally known that he carried
$4,000, 900 bushels. Other "plungersn had
carried that much wheat fo.' day or a
week, but Partridge carried it for months.
One day May wheat closed at S01% cents.
He has paid off the 1850, 900 mortgage and
announces that he has 81, 100000 to invest
| IN real estate. All this was made in selling
| May wheat from l 06 to so cents. Millions
and millions of bushels were sold by his
| brokers, and on many occasions his short
| line would run as high as 10000 ,0J0 bushels.
| This meant that a t1uctuation of l cent up
| or down involved a loss or gain OF $500, 900.
| The change of an eighth of cent meant a
| loss OF S25, 600. There are few men who
| could risk fortune, take the chances in
| volved in a transaction like this aud retain
| their reason Yet for weeks and weeks,
| warned on every side that only disaster
| could result from these operations, Pard-
| ridge moved about the floor of the board
and joked with his friends as If he hadn't
| care In the world. The nerve Of the man
| commands admiration from even those who
| do not approve his methods.
Nobody knows how much money he has
made on this decline, and he says himself
that he does not know exactly. He has
acknowledged that he made 81 $50. 900, but
| the gossips of the board have it that
| 100000 is about the right sum. In addi-
ton to the wheat deal he has played sue
| cessfully on the short side of corn and pro-
visions, and his profits on these side issues
| are put all the way from $500 900 to $780,
| OOO. To-day the spectators who laughed
| at his prediction six months ago have, after
| contributing thousands of dollars to his
bank account, come around to his view of
| the situation and acknowledged that he is
| the only man on the board who has been
| right all the time. Hutch" said of Pard-
| ridge that he was the nerviest man who
ever traded on the short side of grain. This
| opinion is shared by large proportion of
spectators the world over. Wherever
I there is q market for grain the operations
OF Partridge are the subject of daily COM
ment.
Now to the man. What manner of man
is this who can play with hundreds of thou
sands as other men play with dollarss
The feeling is one Of disappointment on
seeing him for the first time. He is not a
| good dresser and he has not the manners of
a high roller" On the contrary, he is a
most commonplace looking man. No one
except green goods man would look at
| him twice IN q crowd. His face gives very
| little indication of his character He is As
| years old, small in stature and slight in
| build. be wears a S25 sack suit, his trousers
are innocent Of crease and his derby hat is
not always the shape which fashion pre-
scrlbes He affects nothing gaudy in neck
| wear. Plain black ties, or summer silk tied
| in plain bow knot are good enough for
| him. He looks like a fairly prosperous
country storekeeper. His face has a guile
| less expression that completely masks his
two great characteristics. nerve and logged
| determination. He spends most of his time
| during session OF the board on the main
| floor, close to the wheat pit.
| He always has from five to ten brokers to
execute his orders. His chief broker, A. j.
| Cutler, is always near him. A motion of
his arm brings them all to his side. His
| orders are instantly given, and the effect
| is felt at once on the market. Frequently
by signal be starts dozen brokers selling
like mad. or buying, as the situation war;
| rants. His brokers have made comfortable
| fortunes on his commissions in the cam
| paign Just closed.
Partridge never acts like a man to whom
the huctuation OF a quarter of cent in the
market means gain or loss OF thousands
| OF dollars. Whether 1t is against him or
with him he never increases his pace, he
never loses his temper. he never winces
| One day when the market was dropping
| like mad, and his profits were pillng mp at
the rate of $1,000 minute, he went down
stairs and spent half an hour consuming
| milk and pies.
Mr.. Partridge was born in the state of
| New York and for many years was identi-
fed with the dry goods business, first in
Buffalo and after the fire in this city. AS a
| dry goods merchant he was big success.
He cleaned up big fortune out of his Chi
cago business, which was known as the
"Boston Store" and was a rich man long
before he began dallying with the grain
| market. After selling out his dry goods
store he began observing the market. This
was fifteen years ago.
'iWhen | first began specializing" said
Mr.. Partridge to a correspondent ~ was
like most beginners. a chronic bull. My ex-
perlence on the bull side was an expensive
one. and during the four or five years
traded on that side / lost great deal Of
money. became convinced that the aver
age Spectator is apt to be too enthusiastic,
and that under ordinary circumstances the
trade is much more willing to receive and
act on information that would tend to pro-
duce higher prices. than it is to submit to
depressing influences For this reason
prices are apt to go higher than circum-
stances actually warrant, and a careful
man, who is apt to grasp the situation and
recognize when this condition of affairs
exists, is in position to make any amount
Of money on the short side of the market
at doesn't require a high education to
make a success in speculation. II God has
| given a man a head to work with, al edu-
cuation is not essential to Incorporating.
Don't understand me as saying an education
is not a good thing. l believe that every
man should have an education il 1t is posi-
BILE for him to get it. but his SUCCESS in a
financial way is not always dependent on
his education"
Partridge is very modest in speaking of
his success. 81 was on the right side of the
market" said he, land that is how l made
my money. l told the boys last summer
when wheat was selling at 81 Is that it
would sell under so cents inside of a year.
They laughed at me, but l stuck right to
that prophecy, and l saw it under 80 since.
us the rumor true that such tremendous
gambling is affecting your health ~
~ don't call it gambling. because IL is not
gambling. My definition OF gambling is a
game Of pure luck or chance. When one
can exercise judgment and skill ir is not
gambling. Matching pennies is pure gam
bling, but selling a million wheat-well
that is entirely different. No man can have
confidence in gamble. He may have nerve
and all the outward evidence of confidence,