Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-11-12
"OLD HUTCH"
Some Peculiarities Of the Great Chicago
Wheat Operator.


Wheat Operator.
Prom the nttsburp Dispatch.
The man who is responsible for the big cor
ner in wheat is one of the quaintest, ruggedest,
most successful and richest operators on the
Chicago board Of trade. He is worth a round
sl0,ooo,Ooo. His name is Benjamin p. Hutch
inson, but nobody thinks OF calling him anything
but Old Hutch. He has a rather youthful look
and sprightly step. although he is over sixty.
He is tall, broad-shouldered and stalwart, and
almost shabby in dress. He is democratic in
his manner and will stop in the street 20 talk
with the shabbiest spectator on the open board.
In the summer he wears old brown straw
nat This he exchanges when the frost comes
Tor big sombrero, rusty and dusty. Some
times he refuses TO take his hat of in places
where the usages Of society call for barred heads,
and It is even alleged that he usually uses his
big hat FOR a night-cap.
His son, Chas. Hutchinson. is still a Young
man. He Is worth a million. and IL president
Oh the board of trade, and at the head Of the
rich Cotton Exchange bank. He is also q
patron of art, and is president Of the Chicago
Art Institute. But the old man doesn't believe
In art. He even swears at art as he swears at
anything else. He was a much-disgusted man
when he heard that Charley had paid : 200
Tor picture OF three or four sheep by Rosa
Bonheur
Like many successful business men Of Chi
cago, Hutchinson came from New England
After leaving his bench in Lynn, Mass. he
started dry goods store, but was caught in
the panic of 1857 and knocked out with S750 900
liabilities and small assets. lie came immedi-
ately to Chicago and began specializing ON the
board. In two years he paid of his debt down
east and at the beginning of the war was free
from all embarrassment Ever since he has
been growing richer and richer. He has been
bold speculatOr. He has avoided big deals
and corners, and has made IL point 20 show a
proht at the end Of each day. He is a scalper,
and no one knows better the value of one eighth
of one per cent multiplied by millions of BUSH
els quickly turned and on the right side of the
ledger
He likes to jump in quick and out the first
opportunity showing profit. he hates a loss
worse than a poor man does with all his stake,
ana has been known TO load up with a mliiion
bushels of wheat and then close out on a de-
cline of one-eighth. He dabbles in real estate
on the same plan. He will buy tract of land
Tor 100000 and sell il the next day for SlOl 900
If he can get it, He made so much out of the
put and call business that the other fellows had
10 stop that business. For a violation of the
rule the old man was suspended from the board
Tor ninety days. Mr.. Hutchinson l. very secre-
tive. Ii II said that once hc voluntarily sent
$4,000 to friend who was in trouble out of
pure gratitude. The man told about it, This
so angered the old man that he has not spoken
to him since.
Mr.. Hutchinson lives i'm the Century Club. in
/
the board of trade. As he takes most of his
meals there. he recognizes the value of econ
omy IN every department. and. constituting
himself as commisslOnary-general he hangs a
market basket on his arm and stalks among the
commission merchants of South Water street.
From them he asks and gets bottom figures,
for he viii stand no triiling When huckster
tries 20 get another nickel for his potatoes
the old mans face changes 10 an apopiectic
hue and he denounces the ''robberH ON the
spot.
The wheat deal in which Old Hutch has been
engaged Is IN many respects his most important
operation. Ii presents him in a new light, and
a glimpse of a new phase Of his many-sided
characteristics is given. He is not seen this
time as a scalper working for quick and mar
row margins He has been master of the stu
alton throughout. and he knew it, Most Of Mr..
Hutchinson's money Is in the shape of quick
assets, and when he has bought a large line OF
stocks he has always paid for it in cash. He
has never been man TO attract !Sloyal and
steadtast following, being almost too volatile.
While lacking in tenacity of purpose. he has
more than made up for it in quicEncss of per-
ception and accuracy of judgment. He has. Of
course, met with losses but they have been few
and small in comparison with his successes.