Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1888-10-11
Ths CHICAGO wheat Corner.

At the close OF the session Of the Chicago
hoard Of trade on Saturday, Sept, 20, two
dollars was paid for September wheat, ana
the great Hutchinson corner terminated ae-
eording 10 the advertised programme. I'M
mediately afterths bell tapped at l:l5 O'Clock,
wheat which the cash option was offered at
S1.02iS. A shrinkage Of 911sc in less than
a minute, which Is practically what occurred
IL something calculated to doze the oldest m
hahitant. The price was put up 2 dollar a
bushelin three days. Such a rapid advance
has never been seen on the board OF trade,
and in some respects it Is the most re-
markable corner that has ever been
run. Tae September option really cornered
itself. Hutchinson says that when he began
buying hs never thought OF getting better
than S1,10 for 1t, but when he discovered
what a surprising scarcity of contraet wheat
there was in the country, he decided TO hold
on to his purchases. He was q liberal seller
Of September during the month. showing no
disposition to take advantage OF anybody,
and this circumstance, in connection with tho
fact that he was never known TO run o cor
ner, madeiheshorts omparatiyelylndiherent.
They did not realize their danger. Finally
when the old gentleman decided that the
wheat wis really worth SIPS or more
as an Investment, and declined TO sell
as lie had been doing all along, a pnnlc
seized thu shorts. Even then il is probably
that the price would never hare gone above
81 %, bet for the yituperation with which
Hutchinson was so fereely assailed. lie
was suspended from the board last year for
irregular trading, Though restored TO al
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-
lent Hutchinson seldom said anything 20
Indicate that he took his punishment much
to heart. but his intimate friends says that
| the old man was badly broken up III his feel
ings. and no doubt nourishcd the intention
of getting even with those whom lie believed
chiefly responsible for his disgrace. This
feeling was still ranking in his bosom when
the bitter attacks were made on him ny
September shorts. He is naturally kind
hearted, and kept many a poor fellows head
above the i~inanciAl waves that threatened TO
engulf him, but be is quick to feel an insult,
and as revengetul as an Indian when he feels
that he has been unjustly attacked. HIS
anger was aroused by the sneeTs 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 il then would have to pay Si,3o on
Friday. This proved true, and there was no
deviation from his terms. Near the close oil
Fridays session he announced " as the
settling price for Saturday. Very many
thought be would change his mind ut 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 1000
bushels at Si.45, but sold none less than 81. IL
issaid a onsiGerablenumbero fthe depositors
of the Corn Exchange bank threatened to
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 ID, there was no yielding ON his
part. He carried his corner sternly through
to the bitter end.