The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-04-11
PARTRIDGE THE BEAR KING
In the Face of Threatened Ruin He Fed
the Wheat Market, Winning the Day.
Chicago Board Of Trade Galleries Packed with
Sight-Sesrs to Behold His Annihilalion,
but He Made the Bulls Run.
TRADING AT CHICAGO.

Wheat Closes Nearly Cents Under the Top
Price of the Day.
CHICAGO, April "a holder plunge
was probably never witnessed in the Chi
cago wheat market than that made by Ed
ward Partridge to-day. Last night, with
estimated short sales of 10.000.0 600 bushels
chalked up against him and with the quo
tations shooting skyward, every Jump in
the price meaning q personal loss of 800.
900, tho odd little speculator was believed
to be about ready to throw up his hands in
despair. Tonight all was changed. Pard-
ridge ives again q conqueror. A regiment
of brokers at his orders had dashed into
the pit at the very outset of the day and
fought his enemies to standstIll. Before
the day ended he pulled down the price
over cents a bushel from the highest
point reached. The close was within lsc
of the lowest price of the day.
Partridge in person was the floor
bright and early. The galleries and pits
were crowded to sutfocation in expectation
of seeing cyclone when. losing his nerve.
he should attempt to buy instead of sell.
The noted plunger was earnestly rushing
from one friend to another and making his
remarks jerky and emphatic. but that was
all the emotion he displayed. he denied
tina: ne had lost or would lose nickel. and
declared:
wv hen lose lose for keeps. but am
not worrying about loss just now. Pm feel
ing all right"
With that he again dove for the pit
When approached at another opportunity
he alphabetically asserted that nothing
would drive him to cover unless the mar
kat want IN CT O bushel
The opening was the widest witnessed
for some time, and prices varied1 lsc within
the first few seconds in different parts of
the crowd. sales being made ut i2@lA
over the closing figures of yesterday.
Bull news was plentiful and but for
Pardridges bold tactics would have had
marked effect, for bear advices were scarce
indeed. The trade then seemed to be drift
ing more into July and the bad crop re-
ports were having good deal of influence.
as while May was lower July was decided
ly higher. A telegram from Kansas City
gave the information that the State
Agricultural department of Missouri put
the condition of the crop in that State at
90. heavy decrease from the outlook in
December.
PARTRIDGE HELD HIS NERVE.
Partridge. far from showing evidence of
weakening. was busting about denouno-
| ing the scare as idiotlc and had his brokers
| ct the opening were at S5Ac. The market
went of to SAC on Pardridges selling. then
| up to S5c, held for considerable time at
| S4a4c. then near noon shot up to $40.
| Here the demand fell off and the price went
| to S43sc. and at 10 o'clock was about s4%c.
| against Sissc at the close yesterday. After
| the noon hour the wheat market began to
weaken. The shorts seemed to be we'll
~
| to halt the bears took fresh courage and
| began to sell. There seemed to be no one
with courage enough to extend any sup
port and Partridge continued his slugging
| tactics. and when the break started longs
began to unload and the pyramids tnmbled.
May went Oft quickly to 8324c. reacted
| some, and at 1 o'clock was So 7sc. Then
| some operators became very bold, declar-
| ing that the Dodge estimate on wheat con-
| dition will be 81 to IS per cent. or better.
This Vas followed by such selling as caused
many TO believe that some houses had in
| side information from Washington. Cen
| eral selling put the May price Oft to SO C
bid at the close or 1l3c under the close last
under the later curb prices. 1t was report.
| ed that George Halnes. who traded in q
| small way. had failed.
The corn market was not sympathizing
to any great extent with the advance in
| wheat at the opening but was in full &C
| cord with it on the decline. The highest
price of the day was only lsc above the
| closing price of the day before. and it's rest
| ing price to-day was at o decline of 1lsc.
| May opened ct 1850. touched 412c, sold
| off to iOasc. and closed at 40l3c bid. There
was both realizing of long corn and selling
short. Partridge was tree seller of July
| and Cudahy for May.
Oats were active. and shot up to 30lsc for
| May on q rush of shorts to cover, but the
close. 29Ac, was lsc under last nights clos
ing.
| The provision trade was dull and the
| market heavy. Outside interest which
yesterday was giving some signs of re-
| awakening. was again conspicuously ab-
sent. Pork made its best price at the open
lug. and had only recovered from 2lec to
sc from its lowest point ut the close. Lard
| and ribs were equally as weak as pork.
| Pork since yesterday is from 7Ac to 10c
| lower; ribs are off .05c. and lard about the
| same as ribs.
| The estimated receipts for Monday are:
| Sixty cars of wheat. 200 oars of corn. 135
cars of oats. and $4,000 head of hogs, The
leading futures ranged as follows:
| Options. iOD'ni,C HiQhest.I Lowest CLOsinO