The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-04-13

CHICAGO, April l2,-Tho most widely
known bear speculator in the grain
trade OF tho world tonight acknowl.
edged himself beaten, il not ruined. In
an interview tonight, laboring under
abnormal excitement, after an extra
ordinary day on change, Edward Pard-
ridge talked wildly OF his losses and
revenges, declaring that his wife's for.
tune and his roal estate holdings, would
yet enable him to recoup himself and
down tho enemies who he admitted
had pushed him to the wall in the great
May deal.
"Im done up by my friends" said
Pardridge hysterically, but I'll got
back ut them. l don't know what I
have lost, but have two million worth
OF real estate and I'll bring it all up to
the front If necessary. My wife also
has fortune and she will bauSmo up.
l shall stay right here on tho floor and
pive the crowd the racket, it has given
mo. They have danced to my hddling
before and l can make them do SO
again. But Pm done on this deal.
Wen begin again. ltried to got money
from my friends to-day and they re.
fused it. had no ready cash and the
game is up"
"What do you think you havo lost?"
II cannot estimate. don't know
how much wheat l have or anything
about It'll don't know anything. l
was banking on information my frienda
gave me, and they deceived me and /
lost. That is the whole story"
The bull clique had started out after
Partridge bright and early this morn
ing. They resolved to drive him into .
corner and lift his scalp.
Last nights close was at S6$ cents.
The first sales this morning were at so
ceats. In two minutes it slumped to
S4 cents, and in less than five minutes
after that the bulls ran the price up to
SS cents. At noon It was iluctuatlng
between So and 81 cents. Nervousness
the market a call for 1900 bushels
would sepd the market up to the roof.
A trader might start in to buy ut So
and be satisfied TO CAPTURE his elusive
amount at az cents advance, and sec
the price the next minute below his
original Offering.
EARLY ON THE SCENE.
Partridge was early on the scene Of
battle and he was loaded with checks.
His friends soy the amount was sufti-
cient to buy out six OF the big firms.
All this money OF course was intended
for margins. These checks went to the
bank as soon as it opened and their
source was undoubtedly the disposal of
stocks and securities, holdings in var
ious companies that have been bought
with the proceeds OF deals manipulated
by the little bear.
1t was at this interesting juncture
that the wealthy pork packer and
speculator, John Cudahy, who is at tho
head of the clique aud its controlling
spirit, appeared on tho floor. Pard-
ridge spied him and at once set sail in
his direction. lie made some remark
to the packer, which attracted tho at
tantion Of others on the aoort and the
two speculators were Immediately sur.
rounded. Partridge spoke earnestly in
an undertone TO Cudahey, but all the
satlafaction he received was:
II told you TO buy wheat, Ed"
With this Cudahy walked away.
After the unusual fluctuations of the
sosSion May wheat closed Ut SGIc-with-
in quarter Of cent OF Yesterdays
price. Tho range OF tho day was about
6 cents. With Pardridge's defeat there
seems to DO nothing to prevent tho sue.
cessful contamination OF the deal. The
clique has lnade friends OF dangerous
enemies like Armour, Counselman and
others OF that stripe. and by relieving
many Of the big concerns who control
the Northwestern trade from liability
in tho event OF failure oi their principals
to meet losses, II has stilled noisy oppo-
sition in influential quarters,
A MYSTERIOUS CLIQUE.
As to the identity Of tho cliquo there
is as much mystery as ovor. Nobody is
known in tho doal but John and
Michael Cudahy and ''sandy" Eggtes-
ton, but fow acquainted with tho situa-
ton believe that they are tho prinol-
pals. There 10 limit TO tho resources
Of tho trio named and thoro is appar-
emily no limit to the capital behind the
dcal. Tho breaking Of Pardridgo's
power draws attention to bis methods
Of trading, which IL IL now asserted
havo becn automatic to Vory largo do
greO. Ho was, II is said, chronic bear
aud sold mechanically on every rally In
tho market. Ho hailed ordinary adj
Vances In price as special aispsHsatioHs
Of Providence In Ills favor, Us they on.
ablod him 10 put out" or sell futures
to advantage. llo "covors" or buys In
property on tho breaks, 10 that in the
ordinary swing Of tho market his limo
got smaller on tho soft spots" and in
creased again on tho buigos. BY this
almost automatic plan Of trading ho
"milkoh tho market ten months out OF
tho twelve hCnping up large profits II
was only when hO struck phenomenal
bull market that Pnrdrldge's automatic
system OF trading was at fault, leading
him into dOop wntOrs.
His Baos OH the rallies continued and
thcro wore no breaks to lot him out, 90
he added steadily 10 his limo until ba.
ioro he was aware OF II no was short an
amazing quantity lie Boomed to bO
almost entirely destitute Of ionr, no
much so ns to lead many to think that
no ia deficient Ia reasoning power io
Bponcd to hayO no Bunso Of quantity
and would nG liOiEoll ono million bun6.