Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-23
OLD HUTCH OUT OF IT.
Forced by Threats of His Family to
Retire From Speculation.
LOSS OF s19,OOO,OOO IN 20 YEARS.
The Action Taken 10 gave the Solitary
Million Remaining.
SOME DECIDEDLY PECULIAR FREAKS

ESPECIAL TELEGRAM TO THE DIsrATCH.1
CHICAGO, Jan. 22.-B. P. Hutchinson,
the veteran Board of Trade man, has sud.
denly withdrawn from speculation. 1t was
thought to be merely a new freak on the
eccentric millionaire's part, but now the
cause of his retirement has been discovered.
Hutchinson's family was dissatisfied with
his peculiar trades and asked him to retire
from business. This the old gentleman
fatty refused to do.
His son, Charley L. Hutchinson, consult
ed with his attorney and close personal
friends, and, upon their advice, he told his
father that unless he would close up his
deals quietly and give up all speculative
business, the matter would be taken into the
courts and a conservator applied for. Hutch
inson, Sr., was very angry, but finally con-
sented to the terms, and at once evened up
his trades and closed his books. 1t is esti-
mated that Hutchinson has lost 5000, 900
within 20 years. In 1870 he was reported to
have fortune of 10000, 900. Ten years
ago, his son says, this had dwindled to S10,-
000, 900, and now there is hut 81 ,O00, COO left.
To Save the Last Million.
1t was to save this from following the rest
of his money that the family insisted upon
his retirement. "Old Hutch" has been act
ing aueerly for some time. He is not do
mestic man, and his methods of life are not
conducive to sound physical or mental
health. He has engaged in the widest OF
speculatons, not only on the Board of
Trade. but in realty, and his conduct has
repeatedly occasioned unpleasant comment.
Hutch's treatment of his wife in money
matters, also, had something to do with the
threat of putting couservator in charge OF
his property. AS the story goes Mrs.
Hutchinson, when abroad about year ago,
needed some funds and made draft on her
husband for $1,000. Hutchinson, however,
refused to honor the draft, and declined to
make an explanation. Mrs. Hutchinson,
when East few weeks ago, again drew on
him for money. This draft was also refused,
so it is said, and was paid by his son.
Hutchinson has been the biggest and
boldest speculator the Board o Trade has
ever known. He was born in Massachu-
setts. His only early advantage was a COM
mon school education. and his first business
venture was as a shoe dealer In his native
place back in the '4Os. The business
failed and its proprietor drifted out West,
but within few years, when he had estab-
lished himself as successful man in Chi
cago he returned to Gloucester, and
though protected by the lapse of time and
the legal settlements which followed his
mercantile disaster, Loyalty paid his early
creditors the balance of their claims, with
full interest.
Hard Work for Him to Quit.
The name of "Old Hutch" applies to him
by right, as he is nearly 20 years of age. 1t
seems, however, to have originated as a
peculiar distinction between him and his
eldest son, Charles Hutchinson. who has
been President of the Board of Trade and
head of, the Corn Exchange Bank. The
New England physique and physiognomy
are prominent in sold Hutch" as we'll as
the Yankee intellect. He is tall and spare,
with the sharp, shrewd features of the New
England type. Those who know Hutch
will say that the spirit for trading is still
strong within him and that nothing but the
fear that his family will carry out the threat
to apply for a conservator keeps him to his
promise. -. .-
:, Very naturally the greatest secrecy has
been observed in this settlement of the DELI
cate question involved. The grain maenate
does not visit his usual haunts, and his
whereabouts are unknown to business asso-
ciates. The action of the family interrup pied
by the compromise is but the elimination OF
talk that has been quietly prevalent on the
Board for some time past.