The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-04-13
CAUGHT IN A CORNER.
Down Went the Great Plunger
Pardridge.
He Has Taken Defeat Badly and Talks
Wildly of Revenge Upon His
Enemies.
Special to THE MoRv1se CALL.

CHICAGO. April 12.-1he most widely
known bear speculator in the grain trade of
the world tonight acknowledged himself
beaten. if not ruined, and in an interview
Edward Partridge talked wildly of his
losses and Of revenge, declaring that his
wife's fortune and his real estate would yet
enable him 10 reeoup himself aud down the
enemies who, he admitted, had pushed MIN
to the wall in the great May wheat deal.
The threat of a dollar a bushel for May
wheat seemed about to be realized to-day.
Among intense excitement the price sud-
denly shot up over 3 cents on top of the
recent heavy advance Of nearly II cents.
From 80 cents, however, there was a sudden
sheer drop of cents, foil owed by a rapid
rebound of cents.
The whole trade seemed to feel that the
fate of the great plunger, Edward Pardridge,
hung in the balance and the feeling Of
nervousness and excitement was wide
spread. BE covered hts enormous short
sales heavily yesterday. and the opening to-
day found every one who had dealings with
him calling upon him heavily for margins
away beyond the market. His position was
supposed 20 be weakened by the advances
In July, as he was suspected to be short
lot of that month also. 1t is said that he
has been turning securities into money in
large amounts for week in anticipation of
a squeeze, but his need for ready cash had
to-day apparently only fairly begun.
Everything seemed to be conspirng to
favor the big bull clique headed by the
multi-miliionaire pork-packers and specu-
aiors, Michael and John Cudahy, to make
life burden for the big bear. The weekly
weather bulletin was unfavorable to wheat.
and Notwithstanding the widespread
storms in the West, the Kansas drought
seemed practically unbroken. A corre-
spondent had wired:
"Tbere is no improvement in wheat. It
is OF question of weather, as tile damage
is already done"
With terrific roar MAY opened at so,
an advance over night of 81 cents. 1t was
supposed that this would bring the big
plunger down, but he was apparently still
in the ring by large majority, and the
clique. seeing its mistake, began pounding
the market with heavy offerings 10y one of
the best-known clique brokers. Linn, and
inside OF five minutes the quotation was 81
A series Of wild fluctuations between that
figure and 90 followed, till the excitement
exhausted itself. and at the END of the first
hour the market was comparatively steady
at 6 cents under the opening figures, though
another upheaval was looked for at any
moment. The bull game evidently was to
make heavy margins necessary, though dis
inclined to take much wheat at the highest
figures.
Partridge was on the floor directing the
operations of his brokers in person, and
was evidently unruffied. He hung stub
bornly to his May position. but bought in
some July. which he sold yesterday at
profit Of a cent or more per bushel. thus
executing n neat flank movement. His ap-
parent coolness under fire elected the ad-
miration even of those opposed TO him.
After 1890 there was comparatively no
trading in either May or July wheat
After the usual fluctuations of the session
May wheat closed at s6H cents, within a
quarter of a cent of yesterdays price. The
range during the day was about cents.
With Pardridge's defeat there seems to be
nothing to prevent the consummation of
the Geal. AS TO the Identity of the clique.
there is as much mystery as ever. Nobody
is known in it but John and Michael Cudahy
and SANDY" Eggleston. but few acquainted
with the situation believe that they are the
principals.s