Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1888-10-26
The Wheat Deal In Which "0ld
Hutch" Made Immense Profits.

Hutch" Made Immense Profits.
Chicago dispatch. One of the most
sensational features of the day hap
pened after the close of the board,
when Able Il. Bliss, Of the firm of A.
II. Bliss & Co., one of the substantial
commission firms of the city. notified
the Corn Exchange bank that he would
at once withdraw his patronage and
deposits. Charles L. Hutchinson, the
president of the bank, who Is also
president of the board of trade and is
a son of "Old Hutch" immediately
sent for Mr.. Bliss and asked what was
the matter.
you have traded with us fora good
many years, Mr. Bliss, said president
Hutchinson, and your. father before
you dealt with us. am at loss to
know why you should so suddenly
withdraw your patronage without any
permanent cause.
Any man who runs corner on the
market, replied Mr. Bliss, blazing up.
"and squeezing the life and blood out
of the trade is no better than thief.
Your father who owns 81 per cent of
the stock of this bank, built Just such a
corner and as 1 said 1 do not consider
my money safe in the hands of thief.
Therefore, L withdraw my patronage.
Mr.. Bliss went on angrly at some
length, but denied that he was a loser
by the corner. Saturday evening he
said when asked about the matter that
he had no desire to create any bad
| blood and would have said nothing to
Mr.. Hutchinson had the bank pPesi-
! dent not asked an explanation. Il am
not the only one" added Mr.. Bliss,
who has Withdrawn from the bank be-
/ cause of the Old man, S unprincipled
actions. 1 know of at least three who
( have pulled ont within the past week
Mr.. Bliss declined to state what his
patronage amounted to, but n conf
dental friend said the cash deposits of
Bliss & Co. amounted to $50, 0O0. No
statement concerning the incident
could be had from President Hutchin-
sod save the information that the Corn
Exchange bank could get along com
fOrtabIy without the patronage of Mr..
Bliss, the deposits of the institution
/ being a million dollars in excess of the
total of year ago.
During the day cold Hutch" drew
out of the clearing house a check for
S6E5, 600 as his profits on sales made
Thursday. Not only was the amount
of this check known, but the names of
ten firms We're freely talked about, each
of which had deposited In the clearing
house a check for $50, 600. These re
ports added to prevailing excitement
and an official investigation as to how
the information got out Will undUubt-
eddy follow.
Shortly after the board closed Fri
day a rumor gained currency that one
of the employees of the American Ma
tiOnal bank of this city had left very
suddenly with a large amount Offunds
The fugitive was alleged to have been
using money freely on Change in max
ing good his shortages in September
wheat. The sudden rise in the market,
1t was asserted, had cost him not only
every cent Of his own, but also a con-
siderable amount belonging to the
bank. The officers of the bank de-
ciined at first to either affirm or deny
the report. The troubles of the bank
in connection with the wheat corner
last year, attempted by Harper, the
wrecker OF the Fidelity, were recalled
and formed the subject of much talk
Late Friday the president authorized
the statement that there had been a
defalcatiOn. but that it would not ex--
coed 50, 600. The amount would be
made good Saturday by the culprit's
friends. The president refused to give.
the name of the offender.