New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1888-10-10
The Chicago Wheat Corner.

At the close OF the session of the Chicago.
board OF trade on Saturday, Sept. 80 two
dollars was paid for S September wheat, and
the great Hutchinson corner terminated ac-
cording to the advertised programme. I'm
medlateiy after the bell tapped at IL 5 o'clock.
wheat which the cash option was offered at
SI02H2. a shrinkage of 971ac in less than a
minute, which is practically what occurred,
IS something calculated to doze the Oldest in
habitant. The price was put up u dollar a
nshei IN three days. Such a rapid advance
mas never been seen on the board of tradsA
and IN some respects it is the most rel
markable corner that has ever been
run. The September option really cornered
itself. Hutchinson says that when he began
buying he never thought of getting better
than $l.i0 for it, but when he discovered
what a surprising scarcity of contract wheat
there was in the country, he decided to hold
on to his purchases He was a liberal seller
OF September during the month showing no
dlsposltlon to take advantage OF anybody,
and this circumstance, in connection with the
TACT that ne was never known to run cor
ner,made eshorts comparatively Indifferent.
They did not realize their danger. Finally
when the old gentleman decided that the
wheat was really worth $1.25 or more
as an Investment, and declined to sell /
as he had been doing all along, a panic {
seized the shorts. Even then it is probably
that the price would never have gone above
Hutchinson was so fercely assailed. He
was suspended from the board last year for
irregular trading. Though restored to all
his former privileges before the period of his
suspension expired, he kept away from the
board and did not again appear on change
until after his son had been, elected its presi-
dent. Hutchinson seldom said anything to
indicate that he took his punishment much
to heart, but his intimate friends saws that
the old man was badly broken up in his feel
lngs, and no doubt nourished the intention
OF getting even with those whom he believed
chiefly responsible for his disgrace This y
feeling was still ranking in his bosom whe1 !
the Il bitter attacks were made on him by :
September shorts. He is naturally kind
hearted, and kept many poor fellows head
above the financial waves that threatened to
engulf him, but he is quick to feel an insult,
and as revengeful as an Indian when he feels
that he has been unjustly attacked. His
anger was aroused by thesneers 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 S1.25, and those who did
not take it then would have to pay so on
Friday. This proved true and there was no
deviation from his terms. Near the clos
fr1days session he announced 50 a.. Lii
settling price for Saturds . Very many
thought he would change his mind at thelast
hour and deal more gently with the obdurate.
shorts, but SO far as can be learned he stuck
strictly to his programme. He bought 900
bushels at $1.45, but sold homeless than 50. 1t
is said considerable number ofthe deposit tors
of the Corn Exchange bank threatened 70
Withdraw their accounts if he insisted on his
pound of flesh, but although he thinks a
great deal of his bank and the son who is
president of it, there was no yielding on his
part He carried his corner sternly through
to the bitter end