Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1888-09-28

sion OF the board HHAg<>|r--/
naturally produced q" ITCH"
the biggest kind of sensation in speculative
circles. The price of September wheat has
been above 81 10 a bushel for two or three
days, but somehow the trade could not bring
itself to believe that the quotations were
there to stay "Old Hutch" { Mr. B ?, Hutch
Inson, noted Chicago board of trade char
acrerl had worked it up there just to show
what he could do. He would let go presently,
and the market would sink back to its normal
level Such a thing as real dollar wheat
would not be seen in Chicago again. The
day for that had gone by never to return.
Yet yesterday a great many people were
only too thankful for the privilege of being
allowed to fill their contracts with wheat
that cost them 81 p bushel.
Not since May, 1883, five years and four
months ago, has cash wheat been above 81
hushel in Chicago Then it reached ST. Az,
and ever since it has been dragging hopeless
ly in the slough of depression. Last year
Harper. of the Fidelity bank of Cincinnati.
tried to boost it above the ,0O-cent line, but
he only got it to 94s4 cents. That was on
the Eth day of June, 1881 On Monday of
this week September wheat sold at "a cents,
anu was HoJ III great utiiidhi buiihS Nut
first three DAYS there was healthy bulge of
10 cents The shorts thought this only
temporary twist, and believed, as the SCOT
fers are said TO have remarked to Noah, that
it wasn't going to I've much of shower after
all Yesterday came the deluge. The
yearning for cash wheat began early in the
session and increased with great violence
until the Ills p. IN. bell sounded temporary
respite from their torture.
For weeks "Oll Hutch" has been telling
everybody that September wheat would be
very expensive before the end of the month,
that he owned or controlled all the wheat in
the city, and that there was great lot OF
wheat sold to him that could not be deliv
cred. The people listened to him as they
would to the lecturer in dime museum
| They shook their sid and laughed needless
| ", and their souls were stepped with skepti-
| cism By-and-by it was noticed that the
| price of wheat did not settle back, and as the
| day Of settlement drew near the shorts grew
nervous When they undertook TO buy
wheat and found none for sale they stopped
laughing at their own folly and began to
| think
You had better get in out of the wet
while you have chance rang out the
warning voice of "Od Hutch" Wheat is
going higher. Better hurry up, bays"
The board closed at is o'clock The last
| half hour of the session was "Oid Hutch's'
| picnic season. Up to that time he had been
sitting in bis big chair at the base Of the col.
umn near the gallery stairs, his strong face
be raging no more excitement than that of 8
wooden Indian. His brokers We're flying
hither and thither and reporting to him con
stantly for orders which were given in com
posture and in a low voice. There was nothing
in his manner to invite familiarity, and as
rule people who did not have business witt
him let INN alone. None cared to run agains
his waspiSh tongue He has terrors for tn,
curiosity mongers and one encounter is usu
ally enough
Toward the last the severity of his feature.
and manner relaxed He let himself out
Turning his business over to his brokers witt
instructions to sell all anybody wanted a
, 81 - and buy all the crowd would sell a
81 "a he proceeded to entertain an admirn
and numerous group. He was in n poeti
frame OF mind. but his oratory during tina
last thirty minutes wss singular mxtur
of sentiment philosophy, business, religion
and perfunctory profanity. About 5O0,0
bushels OF wheat were bought off ms broker
while he was thus engaged THIS is the wa
he ratified on:
YES, I've got little September wheat. hut
think it is good stuff to hold haven't got tin
= to talk about it now Hope you can get VIII
S you want Of some of the others Well as W,
saying you may have your views nu religion, b.
I'll stick 10 mine These Baptists and Presbyt
rians are all right, and | Respectively Ol
| yes, September wheat | think il is worth 81 !
| You see I've read Tom Paine good de
y myself-We if he was an infilel he had son
: brains. He wouldn't have come on change III
n morning and sold wheat he didn't have to delive
+ | I've got the utmost respect for religion
|. lisa id lie if any one says he has milliC
4 bushels in store. Now, I've been telling you f,
II lows all along to get in ont of the wet. What
wheat worth Well it's worth 81 - to-day, al
dirt cheap al that Tomorrow guess il will
worth somewhere near Sl5a and Saturdt
maybe it'll he 81. The crops bad very bad
. that is. the crop of wheat
There's a big crop of suckers and the hi
l. vests just beginning. But believe in doing go
Vt in this world. The golden rule is a good one I
IS unto others as you would have them do unto yo
l., People can hang to their old creeds, but I'm Ii
m that same old Tom Paine You know he sa
The world is my country and to do good my
ligon.' That's the golden rule in other wor
Yes, wheat's looking up, 81. 245S? Couldn't thin
of it You see the crop isn't even big enough
d supply the home demand, and thinks it's rea
u worth 10 cents bushel more than ask. j
re look al that Why, it isn't tit TO feed to chicke
n, Now, what I've got over here in the ele'
tors is right up to grade and ii isn't like this yea
II crop Oh, you'll have to pay 81 D to-day and !
% getting mighty near the closing hour. Tom
ne row think those shorts will bull the price
1. over that, and might Just as well hold of
the raise Still if it will be great accommot
ton to you might let you have few thousar
Or You see the farmers have not bt
Is. getting enough for their wheat of Il
il, years and have really felt sorry for them
:, have said for months that thought they gu.
y, TO have better returns for their work, and n
10 most of the men on the board Of trade are 8
at ting into my turn of thinking Now, If a farm
he should drive up in front OF the building will
wagon load of prime, first class wheat like W
I've got stored up. and I've got 100000 bushel
all there is in Chicago-cvers last one of tn
fellows would go down and look at that whe
RS and would tell that farmer that they were go
as. to put prices up and become the farmers G,
no angels That golden rule is getting in its VI
~ and the boys are doing more for the farmer IL
o' all the laws congress can pass.
on Now it seems to me You fellows are terri
anxio Is for privileges | thought you were d
set against EN- last spring ] wasn't. Here
me- are coming up and asking for Privileges
=. privilege of buying wheat from me. Well, !
'u' know the golden rule don't you? I'll sell
es boys some for 81 u to-day, but you had better
IN Ii now
He kept this up for some time, and dur
his talk quoted from Paine, Emerson, WI
tier, and the Bible with remarkable fusn
ID There are many of the brokers who decl
en- that wheat is worth all "0ld Hutch" asks
CT it, and insist that this is not merely spe
ned lative advance
POLITICAL FIGHT TO THE DEATH
are San Francisco Politicians Omen Fire