The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-04-13
Parrldge. the Chicago Grain Spec
ulator, Beaten, If Not Entirely
Ruined Financially.
His Losses Very Heavy and tho
Deal Probably Too Big
for Him.
May Wheat Ranged Six Cents During tho
Day-D0iinr Wheat Is Now
Very Probable.

CHcAao April IL. -- The most widely
known bear speculator in tho grain trade
OF the world tonight acknowledged him
Hclf heaten, II not ruined. In an interview
Edward Partridge talked wildly of hIs
losses and revenge. declaring that his wife's
fortune and his real estate would vet en-
able him to recoup and down his enemies,
who, he admitted have pushed him to the
wall i'll the great May wheat deal.
The threat Of a dollar \ bushel for
May wheat seemed about to be real-
lied to-day. Amid intense ezcitemen.
the price suddenly shot up over
three cents on top of the recent heavy
advance OF nearly II cents. From 80 cents,
however, there was sudden sheer drop of
si1 cents. followed by n rapid rebound of
three cents. The whole trade seemed to
feel that the fate of the great plunger, Ed
Partridge. hung in the balance The feel
ing of nervousness and anxiety was wide
gpread. He covered his enormous short
sales heaviiy yesterday. and the opening
to-day round everyone who Ind dealings
with him calling on him heavily for mar
gins AWAY beyond the market. His posi-.
ton was supposed to be weakened by the
advances in July, as he was suspected Of
being short a lot Of that month also.
1t is said he has been turning securities
into money in large amounts for a week in
Anticipation OF sudden squeeze, but his
need Tor ready cash had to-dny apparently
only fairly begun. Everything seemed to
be conspiring with the big bull clique
headed by the multi millionaire pork
packers and speoulstors. Michael and John
Cudahy, to make life a burden to the big
bear. The weekly weather crop bulletins
we're unfavorable to wheat. Notwithetand-
ing widespread storms in the west, the
Kansas drouth seemed practically up-
broken. Correspondents wired: "No i'm.
provemants in wheat Ii is not q question
of tho weather. The damage is already
DONE"
With terrific roar May opened at an ad.
vance over last night OF 81. 1t was sup
posed this would bring the big punger
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 by one Of the
best known of the clique brokers, Linn,
and inside of five minutes the quotation
was "a. series of wild fluctuations be-
tween that figure and so followed till the
excitement exhausted itself and at the end
of the first hour the market was compars-
lively steady. six cents under the opening
figures. though another upheaval was
| looked for at any moment.
The bull game was evidently to mako
heavy margins necessary. though it was
disinclined to take much wheat at the high
est figures. Partridge was on the floor
directing the operations of his b okers in
person and WAS evidently unruffied. He
hung stubbornly to his May position, but
| bought in some july which he sold yester-
day at profit of cent or more per bushe,
thus executing neat flank movement. HIS
apparent mastery Of the situation ELECTED
| the admiration of even those who were op-
| posed to him. After 10:30 there was com
paratvely no trading in either May or July.
| The critical time OF the settling hour,
11:30. was passed safely and the ma arkes b g
came exceedingly dull. with May at ssh.
After unusual fluctuations of the session,
May closed at s61a cents. within one
| quarter of cent of yesterdays price. The
| range during the day was about six cents.
With PartidGe's defeat there seems to be
! nothing to prevent the contamination of
| the deal. As to the identity of the clique
there is as much mystery as ever. Nobouy
is known in it but John and Michael
Cudnhuy and SANDY" EeRleston. But few
acquainted with the situation believe these
are the principals.