The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-30
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Chicago board OF trade, has probably
ended his career as Spectator forever
Over two yeara ago he failed, and since
then has not figured ION change" to
any great extent. lie has now sold his
certificate OF membership on the board,
and this may be called the last act OF
his speculative career. Only twice since
he returned from New York has he APP
peared on the floor OF the exchange.
When the Cudahy-Falrbapk- Wright
deal collapsed the old man was an in
terested spectator.
A few days ago he made a deal in
wheat He got on the wrong side of the
market, and there were calls for mar
gins. 10 meet them he was obliged to
sell his certificate OF membership for
about 5000. II was bought by Armour
& 90. for one OF the employees oil the
firm. With the money thus obtained,
the once great plunger made hlS mar
gins good. But it took the last OF his
collateral to do it,
Five years ago Mr.. Hutchinson was
reported to be worth anywhere from
S5,0OO,O 900 to $4,000, O0O-all made in
speculation. He has always been pc.
culiar in his habits and spent most oil
his time when not on the floor OF the
exchange in small room on the upper
floor OF the board OF trade building.
Here he slept and cooked his meals.
After he returned from New York ne
resumed this life instead OF going to the
beautiful residence OF his son, Charles
L, Hutchinson, down on Prairie avenue,
where he might have been comfortable.
Why he chooses to live apart from his
family is q secret known only to those
most interested. Both Mr.. Hutchinson
and his son refuse to discuss the Ques'
ton.
Young Mr.. Hutchinson is too busy
with his duties as president OF the Corn
Exchange bank, us receiver for Cudahy,
and in many other ways to have much
time for the discussion OF such ques-
tions, anyway, even ii he were so In
ciined. He il Of u different stamp from
his father. He does not speculate. He
saves. The consequence is that, while
his father had to sell his board OF trade
membership to help him out in q
picayune deal, young Hutchinson is in
vesting in good paying properties. 1t
was said at the time OF the old specula-
tors failure, April 20, 1891, that his son
received the news calmly, because he
had never approved OF speculation as a
means OF livelihood. The deal which
Mr.. Hutchinson had line of 100000
or 100000 bushels OF July corn bought
up to 60 cents. A portion OF this was
closed out at 90 cents.
When the crash came the old gentle
man was too much broken down in
spirit to face the inevitable. He board
ed q train and went down into Indiana,
and did not return for five days. Dur
ing that time all his trades were closed
out and differences amounting to $780,
600 were made good by his son. Since
January !, 1891, "Old Hutch, had lost
100000 or S2,000,000, ali that was lett
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 q ruined man too keen
" to stay here. lie went to New York,
where 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 he had gained in
former years on the board. He felt the
old desire tospeculate hereafter. Now.
adays he may be seen around the
haunts OF the hangers-on OF the Board
OF Trade men, talking with the ''pikers."
He might look with pride on his son,
who is member OF the Union League
and Commercial clubs, a pillar in the
Unitarian church, president OF the Art
Institute, and identified with many
public movements. But he would not
be "0ld Hutch" il he cared for any
thing except q ticker.
Mr.. Hutchinson is q New England
Yankee. He was born in Lynn, Mass.
AS he had to work for living while he
was still young, it is not remarkable
, that he should have learned to make
shoes. Many q Lynn boy has done
that-in fact, it is but small percent
age OF Lynn boys which does not find
its way 10 the shoe shops. Mr., Hutch
inson didn't come straight TO Chicago
from shoe bench. He had first to en-.
gage in the dry goods business He
+. made money for a time, but in the
financial troubles OF 1867 he met disas.
ter He owed $4,000 when he turned
his back on New England and started
for Chicago. His creditors did not ex'
pect to receive cent from him.
They were inclined to believe that the
failure had been q dishonest one. II
was their understanding that Mr.,
Hutchinson had saved enough out Of
tho wreck to give him good start in
the west. So he had, but, contrary "a
tho belief OF those whom he owed, il
was his purpose to use this money as O
multiplicand for their benefit. They
found IL out in two years, when they
received checks for what was due them
with interest
Mr.. Hutchinson made money in Chi
cago from the start. He laid the iounda'
ton OF his fortune in tho war times,
buying and selling pork and cereals,
Until he made himself famous by cor.
nering September wheat In 1888 no was
not given 10 big deals. He was d scalper
lie traded on fluctuations OF an eighth
Of cent, and oven sixteenth. Quicl,
sales and small profits suited him, lie
was IN and out again dozen times d
day. His great fortune was the SUN o.
innumerRblo little profits In board o.
trado transactions, supplemented by
relatively small gains in real estate
deals. Flo would buy house for $780,,
one day and sell II the next at SlOl 900
Ito never regarded any transaction III
the Inst that no should engage In; Il
was mot in accordance with his busiuoBl
ideas 10 hang on and oil, waiting for tht
utmost limit OF profit.
In course Of time no camo TO DO TIL