The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-13
Chicago's Great Bear SpecuIator Tried
to Milk the Market Once Too Often.
Pushed to the Wall yesterday in an Attempt
to"Down" the Bull Clique That is Forcing
Up the Price of Nay Wheat
Admits His Defeat, but Threatens to
Make His Enemies Dance Before Long.
Losses Large, but the Full Extent Unknown
Failure of British Bank with Enormous
Lisbilities-RepOrt of the Whisky trust
PARDRrDeE FORCED TO THE WALL

PARDRIDGE FORCED To THE WALL
The Chicago Specuiator worsted I'm Hts
Fight with the Bull Clique.
CHICAGO. April 12-The most widely.
known bear speoulator in the grain trade
of the world tonight acknowledged him.
self beaten. if not ruined. In an interview
tonight. while laboring nnder abnormal
excitement after an extraordinary day on
Change, Edward Partridge talked wildly
of his losses and revenge. declaring that
his wife's fortune and bis real.estate hold.
ings would yet enable him to recoup him.
self and down the enemies who he admitted
had pushed him TO the wall In the May
DEAL
"'m done up by my friends said Pard-
ridge Historically, but Pll get back st
them. i don't know what have lost, but
have g., ,00o, 900 worth Of real estate. and
Pll bring 1t all mp to the front if necessary.
My wife slso has fortune. and sne will
back me. l shall stay right here on the
floor and give the crowd the racket lt has
given me. They have danced to my fiddIina
before, and / can make them do 60 again.
But Pm done on this DEAL Tll begin again.
tried to get money from my friends to-
day, and they refused it. l had no ready
cash. and the game is up."
What Go you think you have lostp
81 cannot estimate. i don't know how
much wheat have or any thing about it
don't know any thing. was banking on
information my friends gave me. and they
deceived me. and lost. That is the whole
story"
The bull clique had started ont after
Pardridge bright and early this morning.
They resolved to drive him into q corner
and lift his scalp. Last nights CLOSE was
at S6s4c. The first sale this morning was
at 90c. In two minutes it slumped back to
SIC. and in less than five minutes after that
the bulge ran the price ND to SSc. At noon
it was fuctuating between $50 and SIC.
Nervousness was faint description of the
state of the market. A call for 15. 600 bush
els would send the market ND TO the roof.
A trader might start in TO buy at SEQ and
be satisfied to capture his elusive amount
at q &c advance and see the price the next
minute below his original offer.
Partridge was early on the scene of bat
tlo, and he was loaded with checks. His
friends say the amount was sufficient TO
buy out six of the big firms All this money.
of course. was intended for margins. These
checks went to the banks as soon as they
opened. and their source was undoub btedly
the disposal of stocks and security hold
lngs In various companies that have been
bought with the proceeds Of deals manipu-
lated by the little bear"
COLD COMFORT FOR cUDAHY.
It was at this interesting juncture that
the wealthy pork packer and speculstor.
John Cudahy, who is at the head Of the
clique and it's ontrolliDg spirit, appeared
on the floor. Partridge spied him. and az
once set sail in his direction. He made
some sharp remark to the packer which
floor. and the two specuIators were i'm
mediately surrounded. Pardridge spoke
earnestly In an undertone to Cudahy. bue
all the satisfaction received was. Il told
yon to bny wheat, Ed" With this Cudahy
walked away.
After the unusual fuotustions of tho
session May wheat closed st S6lsc, within
Ac of yesterdays price. The range of the
day was about 90.
With Pardrid ge's defeat there seems to
be nothing to prevent the successful COM
summation of the deal. The CLIQUE has
made friends of dangerous enemies like Ar
mour. Connselman and others OF thae
stripe, and by relieving many OF the big
concerns who control the Northwestern
trade from liability in the event of failure
OF their principals TO meet losses. lt has
stilled noisy oppositioDs IN influential
quarters. AS TO the identity of the clique
there is "a much my stery as ever. Nobody
Is known in the deal but John and Michael
Cudahy and Sandy" Eggleston, but few
acquainted with the situation believe that
they are the principals. There is . hmir
to the resources of the trio named. but
there Is apparently no limit to the capital
behind the deal.
The breaking of PardrIdge's power draws
attention to his method of trading which.
it is now asserted, has been automatic 70 .
very large degree. he was. IL Is said. O
chronic bear and sold mechanically on
every rally in the market He hailed ordi-
nary advances in price as special dispense
tions OF Providence in his favor, as they
enabled him to put OUT or sell futures TO
advantage. He covers or buys in prop.
erty on the breaks, so that in the ordinary
swing of market his line got smaller on
the soft spots" and increased again on tho
bulges. By this almost automatic plan of
trading he "milked the market" ten months
out OF twelve. heaping up large profits lt
was only when he struck phenomenal
bull market that tho Partridge automatic
system Of trading was at fault. leading him
into deep waters. His sales on the rallies
continued. and there were no breaks TO let
him out. so he added steadily TO his line
until before he was aware OF It he was
short amezing quantity. He seemed 20
be almost tirely destitute OF fear. 90 much
to lead many to think that he is de-
fioient In reasoning power. He seemed to
have no sense of quantity and would 40
lief cell one million bushels as one thou
sand. He had q narrow escape from bank
ruptcy year ago, an opportune govern
ment report being all that saved him. That
experience gave the plunger q shock. and
ho played with comparative moderation
until about three months ago. when he
again took to plunging wildly. with to-
days events as the gloomy finale.