The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-04


10 face the inevitable He boarded a train
and went down into Indiana. and did not
return for five days. During all that time
al his trades were closed out and differ
euces Amounting TO sl0Q,050 were made
good by his sou. Since Jan. 1. 1921. "Old
Hutch" had lost n 900. 900 or So 000, coo,
all that was left of his large fortune
When he came back he was cordially
received, but he felt the difference be-
tween being the greatest plunger on the
board and being a ruined man too keenly
10 stay here. Me went to New York,
whore his career is we'll known. But he
was not satisfied there And when he
came back here he was not satisfied with
the experience no had gained in former
years on the board He felt the old de-
sire To speculate. He did and lost the
right to do so on the floor hereafter. Now
adays he may be seen around the haunts
of the hanger-on of the board Of trade
men, talking with the ''pikers" He
might look with pride on his son, who is
a member of the Union League and Com
mercial clubs, "a pillar in the Unitarian
church. president Of the Art Institute,
and identified with many public move
ments. But he would not be "Old Hutch"
if he cared for anything except a tic ker. q
Mr.. Hutchinson is New England
yankee. He was born in Lynn, Mass.
As he had TO work for a living while he
was still young, il is not remarkable that
he should have learned to make shoes.
Many a Lynn boy has done that-in fact,
il Is but small percentage of Lynn boys
which does not find its way to the shoe
shops. Mr.. Hutchinson didn't come
straight TO Chicago from shoe bench.
He had first to engage in the dry goods
business. He made money for a time, but
in the financial troubles of 1857 he met
disaster He owed $4,000 when he
turned his back on New England and
started for Chicago His creditors did
not expect to receive a cent from him
They were inclined 10 believed that the
failure had been a dishonest one. 1t was
their understanding that Mr.. Hutchinson
had saved enough out of the wreck to
give him a good start in the west. So he
mad but contrary TO the belief OF those
whom he owed, it was his purpose to use
this money as multiplicand for their
benefit. They found it out in two years
when they received checks for what was
due them with interest
Mr. Hutchinson made money in Chicago
from the start. He laid the foundation of
his fortune in the war times, buying and
selling pork and cereals. Until he made
himself famous by cornering September
wheat in 1888 he was not given to big
deals He was a scalper. He traded on
fluctuations Of an eighth of cent, and
even at a sixteenth. Quick sales and
| small profits suited him. He was Sin"
and out again a dozen times a day. His
great fortune was the sum of innumera-
Bile little profits in board of trade tran
sactions, supplemented by relatively
small gains in real estate deals. He
would buy house for 100000 one day
| and sell it the next at Sl0l, 600 He never
| regarded any transaction as the last that
he should engage in it was not IN ae-
cordance with his business ideas to hang
on and on, waiting for the utmost Limit of
profit
In course Of time he came TO be the au-
tocrat Of the pit His favorite way Of
trading was to pass his card about with
the remark
'Here, boys, put down what you want
TO buy or sell, and I'll accommodate you"
He was neither bull nor bear He was
"Old Hutch, " always ready TO make q
| dollar or two, caring nothing whether he
should make it by bulge or by slump
He had great days in which his profits
were enormous, but it frequently hap
| pened that when night came he found, af-
ter ciphering out his deals for the day,
that he had cleared as-little as $3.50 On
| such occasions he would laugh at himself,
| though he would always wind up with the
remark, "Well, I'm that much ahead"
He was phenomenally secretive man.
| Nobody knows bow much he has done in
charity and in helping friends who have
come TO grief. Once he gave unlimited
credit to young trader who was in dan
| ger Of going TO the wall, and a week later
and forever declined to speak 10 the
young man because he had permitted the
story Of the good deed to get abroad. The
| general belief in Chicago is that "Old
Hutch" has saved many man from ruin.
MIR. Hutchinson, so il is said, used to DO
able to appreciate good article of whisky
and occasionally drank enough to feel it.
| One night, as the story runs, after he had
been enjoying his favorite tipple he paid
a visit to a carpet store in which he had
an interest. The store was closed, but he
had KEY. After rummaging about for
while, he caught sight OF a beautiful
couch in the window, the centrepiece Of
an aggregation Of handsome things de-
signed to show how parlor should be
| furnished Upon this couch "Old Hutch"
stretched himself and there he lay when
morning came sleeping the sleep Of the
Gagged" Hundreds stopped on their
ways to shop and factory to take view
of him.
The sympathy of the people of Chicago
runs out to "Old Hutch" in generous
stream. Everybody feels that it is hard
| that man who has been worth 10000
600 should in his old age have left Of it
nothing at all.