St. Paul daily globe., 1893-04-13
PARDRIDGE GIVES UP.
The Noted Plunger Tearfully
Acknowledges Himself
Beaten.
He Claims That He Has
Been Ruined by His
Friends.
When He Tried to Get Money
From Them They Re-
fused.
But, He Says, the Crowd
Will Yet Dance to His
Fiddling.

CmCAGo, April 12-The most widely
known bear speculator in the grain trade
of the world tonight acknowledged him.
self beaten, If not ruined. In an inter-
view tonight. laborIng under abnormal
excitement after an extraordinary day
on Change. Edward Partridge talked
wildly of his losses and revenge. declar-
ing that his wife'S fortune and his real
estate holdings would yet enable him to
recOup himself and down the enemies
who he admitted had pushed him to the
wall in the great May deal.
I'm done up by my friends" said
Pardrldge. hysterieally, "but I'll get
back at them. | don't know what / have
lost, but have 3, 00O, coo worth of real
estate, and Eli bring it all up to the
front, if necessary. My wife has a
fortune, also, and she will back me up.
l shall stay right here on the floor and
give the crowd the racket il has given
me. They have danced to my tiddllng
before, and | can make them do 50
again. But Fm done on this deal. Wen
begin again. tried to get money from
my friends today and they refused it. |
had no ready cash, and the game is up"
"What do you think you have lost"
al cannot estimate. l don't know
how much wheat have or anything
about it'll don't know anything. l was
banking on information my friends
gave me. and they deceived me and L
lost. That is the whole story"
Started After Pardridge.
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$I cents. The first sale
this morning was at 80 cents. In two
minutes it slumped to 81 cents, and in
less than five minutes after that the
bulge ran the price up to IS cents. At
noon it was huctuating between
So cents and 81 cents. New
OusUeSs was faint description
of the state OF the market. A call for
$1,000 bushels would send the market
up to the roof. A trader might start in
to buy at So cents, and be satisfied to
capture his elusive amount at two cents
advance, and see the price the next
minute below his original Offering
Partridge was early on the scene of
battle, and he was loaded with checks.
His friends say the amount was suf-
ficient 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, aud their
source was undoubtedly the disposal of
stocks and securities holdings in various
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 SpecutatOr, John CudahY, who is at
The Head of The Clique
and its controlling spirit, appeared on
the floor. Pardridge Spied him, and at
once set sail III his direction. He made
some sharp remark TO the packer which
attracted the attention OF others on the
floor, and the two spectators were i'm
mediately surrounded. Pardridge spoke
earnestly in all undertone to Cudahy,
but all the satisfaction he received was:
81 told you to buy wheat, Ed" With
this Cudahy walked away.
After the unusual fluctuations of the
session May wheat closed at S615 cents
within quarter of a cent OF yeSter-
days price. The range of the day was
about six cents. With Pardridge's de-
1Sdls lllSIS oCSliIS " UC IOIIllllR W pic
vent the successful cOnSummation of
the deal. The clique has made
friends of dangerous enemies like
Armour, COunSelmaa and others of that
stripe, and by relieving many of the big
concerns who control the Northwestern
trade from liability in the event of fall
ure OF their principals to meet losses, it
has stilled noisy opposition in intluen-
tial quarters. AS to the identity of the
clique there is as much mystery as ever.
Nobody is known in the deal but John
and Michael Cudahy and SANDY" Eg-
glestOn. but few acquainted with the
situation believe that they are the prin-
cipalS. There is limit to the resources
of the trio named, and there is appar-
emily no limit TO the capital behind the
deal.
A Chronic Bear.
The breaking of Pardridge'S power
draws attention to his methods of trad
ing. which, it is now asserted. have been
automatic TO very large degree. He
was, it is said, 4 chronic bear. aud sold
mechanically on every rally in the mar
ket. He hailed ordinary advances in
price as special diSpensations of PrOvi-
dence in his favor. as they enabled him
to put out" or sell futures to advan-
tage. He covered" or bought in prop
erty on the breaks, so that i'll the Or
dinary swing of his market his line got
smaller on the soft spots and in
creased again on the bulges. By
this almost automatic plan of
trading he ''milked the market ten
months out of twelve. heapirg UP large
profits. 1t was only when he struck
a phenomenal bull market that Par
bridges automatic system of trading
was at fault, leading him into deep
Weter. His sales on the rallies cOntin-
ued, 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 an amazing quantity. He
seemed to be almost entirely destitute
of fear, so much so as to lead many to
think that he IS deficient in reasoning
power. He seemed to have no sense
of quantity, end as lief sell 100000
bushels as 1,0uO bushels. He had a par-