Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1892-04-16
A FORTUNE IN A DAY.
wheat Drops Five Cents Bushci on the
Chicago Board of Trade, and spccula-
tor Pnrdridge CIears 100000 Thereby.

WnthU DrOpA F1Ve NcutS ~ ttuHneI on tnc |
Chicago Board OF Trade, and spccula-
tor Pardridge Clears 100000 Thereby. |
CHICAGO, April ED Pardridge, the |
famous "bear" operator on the board |
of trade, during Mondays session |
made over S5OO,oOO, and at the close the |
noted plunger had the crowd which |
was out after his scalp ON the run.
The scene on the floor during the lat |
ter part of the session was the most ex-
citing that has been witnessed in many
day. There was break of five cents
in the market. From ssh cents May
wheat dropped by big jumps to so]6c
and finally closed at S01&c. This is $3.50
below the close Saturday night.
From the high point to the low figure
Partridge makes five cents per busheI
on his 100000 short line, or what
amounts to gain of 100000. Over
and above this he netted considerable
on trades on the fluctuations. He
was the heaviest buyer and sell
er and must have made al
pot of money out of his scalping deals.
The greatest excitement prevailed, even
the spectators in the galleries losing all
control of their feelings and shouting
Wlbh thC DlONCiS CNCly Ill buC
market. The bears went wild over
their success.
Everything was in favor of the
plunger-the only short man on the
floor. First came the depressing cables
from Liverpool, then the London failure.
Next came the announcement that the
visible supply of wheat had increased
by 1000 bushels and last, but
not by any means least, cablegram
from Europe stating that the Black sea
ports had been opened and that the
Russian prohibition on exports of wheat
| is about to be removed. All these con-
ditions are bearish in the extreme, and
| there was absolutely no bull argument
in the operations on change.
The opening was repetition of what
is often seen on change. 1t was excit-
ing, but not more than was expected.
The galleries were crowded with spec
tators, who had chosen good day
for witnessing the operations in
the pit. Many ladies were among
the spectators, and an intense inter
est was manifested in the hubbub
and confusion on the floor. For five
minutes after the first bid there was in
tense excitement and the market went
wild. Then it took downturn and
struck s356 cents In short time it
was up again and sold at s5& cents,
but in moment dropped to the start
ing point again. During the first two
hours the fluctuations were along this
| line.
Shortly after 10 o'clock Partridge ap-
peared in the pit and began selling
wheat on all sides, and few minutes
later the market broke from s5c and a
fraction to s35sc. Then it looked as
though Pardridge was after the crowd.
He made a lot of money on his sales
and repeated his operation of Saturday,
specializing on the fluctuations of
the session, while his 10, 600, 900 bushels
of short wheat remained on hand, as he
says, to make him at the end of the
game. The break was due to the an
nouncement that, contrary to the belief
of all brokers, 141, 600 bushels OF
wheat had been added to the visible
supply, when according to all rules
the supply at this time OF the
year should be decreasing When wheat
began to run down the scale there was
intense excitement on the floor anc
when the price touched S2as the
confusion equaled anything seen since
the days of ''Old Hutch" For some
time the trade was fairly steady
| ranging between S21a and S3 cents
and the bears gave the bulls hard row
to hoe. When wheat was at s4 cent
Pardridgc disposed of 10000 bushel
, or more, and half an hour later tn
{ price was S21s cents. Had he chosen t.
5 close on the deal then he would hav
r made about SEQ, 900 by the operation.
l From this time on the market wen
: down amid excitement and confusion
: seldom witnessed, even in this turbu
2 lent field of speculation. For hal
t an hour before the close whea
1 jumped about between s0ia and s
r cents, and the bullish side o
1 the pit. which expected to boos
!, prices above S6 cents, was dismayed
When the bell sounded the finish tn
crowd which started after Pardridge'
= scalp threw up it's hands and bowed til
. knee to him as ''Old Hutch's" successor