New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-30
"HUTCH'S" POUND OF FLESH.
HE HoIsTED SEPTEMBER WHEAT TO So
THE VENERABLE sPEcULAToR PAYS OFF SOME
OLD sCoREs-THE VICTIMS NOT ALL KNOWN.
TELEGRAPH 70 THE TRyBUvK1

THE VENERABLE sPEcULAroR PAYS OFF SOME
OLD scoREs-THE VICTIMS NOT ALL KNOWN.
ysy TELEGRAPH TO THE TRIBUsEl
Chcaro Sent so-At the close Of to-dsy's session
90 was bid for september wheat and the great Hu,chin
son corner terminated, according to the advertised
programme.
Immediately after the bell tapped at / rs p m,
October wheat which is now the cash option, was
offered al 81 o. l-a. shrinkagc of 81 IL cents in
less than minute, which is practically what occurred,
IS something calculated TO daze the Oldest inhabant
The price was put up 81 bushel In the last three
days. such a rapid advadce has never been seen on
the Board of Trade and in some respects it is the most
remarkable that has been The
September option really corncred itself Hutchinson
says that when he began buying he never thought
OF getting better than 81 10 for IT, but when he dis
covered what a surprising scarcity OF contract wheat
there the country he decided 10 hold on to his
purchases he was liberal seller OF september
during the month, showing no disposition 10 take
advantage of anybody, and this Circumstance in con-
rection with the fact that he has been known
to run a corner. made the shorts comparatively ndf
fercnt They did not realize their danger. Finally
the old decided that wheat was really worth
IL 25 investment, and declined TO sell
he had been doing all along panic seized the
shorts. Even then It is probable that the prioe
would never have gone above 81 IS but for the
vituperation with which Hutchinson was so hercely
assalled. He suspended from the BOARD last
year for ire Cilar trading Though restored 10 all
his former privileges before the period Of his suspen
sion required he kept away from the Board and did
not again appear Change until after his had
been elected its president Hutchinson seldom said
anything to indicate that he took his punishment
much TO heart, but his intimate friends say the old
man was badly broken up his feelings and doubt
nourishcd the intention of getting with those
whom he believed chiefly responsible for his dis
grace.
This feeling was stll ranking In HIS bosom when
the bitter attacks made him by the September
shorts He is naturally kind-hearted. and has
kent many poor fellows head above the
financial waves that threatened 10 engulf him, but
he is Quick 10 feel insult and revengeful
Indian when he feels that he has been uniustly
attacked. His anger reused by the sneers
flung at him. and after determining that the shorts
should take their medicine there was no changing
his purpose. On Thursday he said he would sell
cash wheat at 81 IS, and those who did not take
IL then would have 10 pay 81 so on Friday. This
proved true, and there was no deviation from
his terms Near the close OF Fridays session he
announced 81 as the selling price for Saturday.
Very many thought he would change his mind at
the last hour and deal gently with the obdurate
shorts, but so far be learned he stuck TO his
programme. He bought 5000 bushels at 81 45, but
sold none less than s. II IS said that considerable
number Of the depositors of the Corn Exchange Bank
threatened to withdraw their accounts II he insisted
on his pound Of flesh, but although he thinks a
great deal of HE bank and the who IS presi-
dent OF it, there yielding on his part He
carried his corner through sternly 10 the bitter
end
The galleries and floor we're packed with dense