The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-04-09
THE DAY OF RETRIBUTION
Chicago Balls Get Big Bear Partridge
at Bay and Toss Him Numerically.
With Ill His Br, kers Selling the Price Of May
Wheat Jumps Nearlv Cents. and Per-
feet Panic Ensues on The Board.
TRADING AT CHICAGO.
Wheat Is on the Rampage and Many Fort
unes Are in Danger.

unes Are in Danger.
CHICAGO, April s.-The jay Gould of
the vheat-Dit at bay and throng of Wild
~ excited brokers almost literally clutch
ing at his throat. was the spectacle af-
forded to-day on the Board of Trade. In
the struggle the price of wheat was forced
up 3'sc bushei. The frenzy continued long
after the regular closing hour. and the
final curb quotations recorded an addition
oil advance of neatly &C. Edward Par
drudge. the queer-looklng little individual
who succeeded "Old Hutch" as the most
daring grain speculator In Chicago, was
the man around whom the crowd raved.
From soc Partridge, with gigantic sales.
and aided by what seemed a remarkable
chain of circu instances in his favor
throughout the United States and no less
in Europe. forced the price about half way
10 the 75c notch. the goal he had set. Be-
fore the coveted figures were reached. how
ever. the tide turned
The wheat market to-day opened very
strong at lc per bushel advance on yester-
days closing prices. For a straight hour
and half one big wave of excited buying
followed another, until something over 2l9c
May at the end of yesterdays session. July.
III the same time. moved mp from lac dis
count to an equality with the May future,
thus making q Sc up-tura in the latter
month. There was terrific business done
at the very top of this bulge. and for O
quarter of an hour hundreds of thousands
of bushels were bought and sold at from Sc
to S3lSc.
The alarm spread like a prairie fire. and
q bear panic ensued and was in full swing
VI
in the wil0est way Imaginable to reach
cover. Cables were higher. domestic mar
kets OH the rampage aud all cable offers
made last night were said to have met with
acceptance. a cold wave was reported,
reaching up INTO Nebraska and
threatening the more important wheat
States. The Ohio State crop report was de-
cidedly bad. showing condition of 60
against 50 last December and indicating o
crop of 20.000.000 bushels less than last
year. The conditions in Indiana were not
much better. All this contributed to put
the shorts on the run. st. Louis and New
J DIRK covered a vast amount OF short wheat
at about Sla4c There was heavy realizing
and large short selling which sent the
price back to S2l9c. Then Ii ruled irregu-
lar for q time and at IL o'clock was abOut
t2s.
THE GREATEST BULGE.
The greatest bulge of the day was made
shortly before the close when there was
some remarkable buying which the trade
again attributed to Partridge trying to
cover. This caused the widest scene of
ell and the May price went from S3l2c to
$3.50 in a few minutes Some realizing put
the price of May at $3.50 at the close of the
regular session. only to be followed by
Subsequent big advance on the curb.
Gossip conferred almost exclusively In
Partridge, the only exception being the
government report for April. which will
appear this week. The prevailing eXpecta-
ton appears to he that it will Indicate q
condition of about SIS for winter wheat.
compared with $3.50 year ago. The de-
mand for boats was fair. but agents were
slow to place charters at siic, decline in
rates. To Buffalo 212c for wheat anG gao
for corn was tho going rates.
The corn market started strong, in SYM
patby with wheat, aud, while there was no
such excitement as in the wheat crowd,
there was a degree of animation consider
ably more than the recent average. The
opening prices were at from Ac to ltc
higher. The opening prices were the low
est OF the day. May, from 4Oa4 04lc, ad-
vanced to 41l2c. and held around 4lAc the
of the session it made on upward shoot to
4lsc, and closed with sellers at that price.
There was q good deal of realizing on the
advance, the shorts being the chief buyers.
round lots of cash in elevator. The re-
ceipts were 104 cars only, none OF which
| graded contract -r..aE
Oats partook of the general strength.
opening Ol4c higher. and made gain
| OF sc. There was only fair trade done
and the most of that was scattered. Coun-
seiman led tho buying
In provisions the business was by no
means active. The hog market was re-
| ported strong. which. with tho advancing
| cereal markets. was enough to bring in
some buying orders. The ad vance in pork
was 7l2c. Lard was very inactive and
| fluctuations narrow. with closing prices
| scarcely an appreciable fraction higher
| than on the day before. Ribs were more
| i'll line with the pork market. and showed
| an advance of from .O5 to .O7lsc.
Estimated receipts for tomorrow are:
] Eighty-five cars of wheat 1S5 cars of corn,
/ 40 cars of oats and 1900 head of hogs
| The leading futures ranged as follows:
| Op.ions IOp'ninqI RIahest Lolrest. Closina