The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-04-13
.PLUCKING A PARTRIDGE.
The Chicago Wheat Clique Pull
ling Out the Feathers.
GOING FOR THE PLUNGER.
Intense Excitement Over the FURRY in
May Wheat.
Tho Great Bear Spectator in the Grain
Trade OF the World Acknowledges
Himself Beaten, If
Not Ruined.

CHICAGO, 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 Edward Partridge talked wildly of
his losses and revenge, declaring that his
wife's fortune and his real estate would
yet enable him to recoup himself and
down his enemies who he admitted had
pushed him to the wall in the great May
wheat deal. The threat of one
dollar a bushel for May wheat seemed
about to be realized today. Amid intense
excitement the price suddenly shot up
advance of nearly II cents. From so
cents, however, there was sudden sheer
drop of cents, followed by rapid re-
bound of cents. The whole trade
seemed to feel that the fate OF the great
plunger, Ed. Partridge, hung in the
balance, and this feeling OF nervousness
and anxiety was widespread. He covered
his enormous short sales heavily yester-
day, and at the opening today found
everyone who had dealings with him
calling him heavily for margins away be-
yond the market. His position was sup
posed to be weakened by the advances in
July, as he was suspected of being
snort q lot of that month also.
1t is said he has been turning
securities into money in large amounts
for week IN anticipation of a squeeze,
but his need for ready cash had today APP
parently only fairly begun. Everything
seemed to be conspiring with the big bull
clique, headed by the northumberland
pork packers and spectators Michael
and John Cudahy, to make lie burden
to the big Dear. The weekly weather
crop bulletin was unfavorable to wheat.
Notwithstanding the widespread storms
in the west, the Kansas drouth seemed
practically unDroken, and CORRESPONDENTS
wired: ssNo improvement in wheat. Not
a question of weather; damage already
done.''
With a terrific roar May opened at 90,
en- advance over night of 81. 1t was sup
posed that this would bring the big
plunger down, but he was appar-
emily still in the ring by large ma
iority, and the clique, seeing its mistake,
began pounding the market with heavy
offerings. by 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 80
followed, till the excitement had ex-
hausted itself, and at the end OF the first
uOuT ln6 mdfkeb was comparatively
steady at six cents under opening fig
DreS, though another upheaYal was
looked for at any moment. The bull
game evidently was to make heavy
margins necessary, though disinclined to
take much wheat at the highest figures.
Partridge was on the floor directing the
operations OF his brokers in person, and
was evidently unrufied. He hung stub
bornly to mis- May position, but bought
in some July which he sold yesterday at a
profit of a cent or more per bushel, thus
executing neat flank movement. His
apparent mastery of the situation elected
the admiration even of those opposed to
him. After 1880 there was comparatively
no trading in either May or July. The
critical time, the settling hour of 1870,
had passed safely and the market became
exceedingly dull, with May at S5KGS6.
The market continued dull and steady
to close, showing a loss OF 4 compared
TO yesterday.
After the usual fluctuations Of the SEES
sion. May wheat closed at 861z cents,
within Z OF yesterdays prices. The
range during the day was about 6 cents.
With Partridge's defeat there seems
nothing to prevent a contamination OF
the deal. 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 "SandyH Eggleston. But
few acquainted with the situation be-
leve these are the principals,