Marietta daily leader. (Marietta, Ohio) 1895-1906, 1899-03-24
A Sketch of "oId Hutch,u

Chicago, ILL.,, March 16.-sBenJamln
Peters Hutchinson. "Old Hutch," Of
Board of Trade fame, died March 16 at
the Lake Geneva tWls.) Santarlum.
He had been an invalid for several
years, after a career that has rarely
been equaled He was 20 years old,
having been born in 1929, in Reading,
Mass. He came West in 1856 with his
family, and for nearly 40 years Chicago
knew no nervier speculator.
"Old Hutch" retired from the Board
of Trade about eight years ago, after
his famous corner of the wheat market
in 1888, and Since then he has been liy-
ing in this city, an invalid. His mil
lions made in speculation, gradually
slipped away from him, and at the time
OF his death his possessions represent
ed only a small poryion of his big
profits made in the wheat pit.
After giving up speculating on the
Board of Trade, "Old Hutch" went to
New York, where he started second
hand store, but this did not prove pro-
fitable and he came back to Chicago,
where his children took him in hand.
No man in Chicago in the years be-
tween 1850 and 1890 was better known
than ,aoldo Hutch" His oddities of
dress and his popularity of build set
him apart from the class of ordinary
men, and it was no part OF his system
to doraway with ecoentricities of which
he was we'll aware. Upon attaining
manhood nhe became manufacturer
at Lynn, Mass. He'came west in 1856,
selecting Milwaukee as his home. He
occasionally came TO Chicago, how
ever, and its advantage in the way Of
opportunities was soon recognized by
Mr.. Hutchinson. He came here in
1858, and began to speculate on the
Board of Trade. His deals for the
first three years were invariably sLc-
cessful In the war period Mr.. hutch
inson's profits reached up into the mil
lions. His gifts to soldiers and their
families were very large, but he did not
let anybody know of them. In 1864 he
started the Chicago Packing and Pro-
vision Company, and was one of the
hardest working men in its employ.
He subsequently organized the Corn
Exchange National bank, of which his
son, Charles L.,was president for years
"Old hutchs" corner of the wheat
market in 1888 gave him the greatest
fame of his career. He sent the price
up to the so mark, and then for good
measure put it sc higher Over a de-
cade has passed since that celebrated
corner was engineered. 1t was sue
cesfully plotted for the September
wheat of 1888. AS far as is known
"Old Hutch" had no associates in the
corner. When he began to buy, wheat
was selling ait SEC. He bought and con-
tinued to buy until two days before the
end of the month it sold at closing OF
the board at $1.25. Mr.. Hutchinson
gave notice that night that he would
force the price up to $3.50, but that all
shorts might come at once to his Office
and settle at the closing price of $1.25
Some of the brokers thought that THE
notrce was a bluff" and that he could
not stand the strain a day longer, but
the wise ones went around to the Office
and settled. On the following day
"Old Hutch" pushed wheat up to $1.50
Those who failed to come to his termf
had to put up 81 the next day The
scene that day in Hutchinson's Office
has never before or since been parallel
Long lines of brokers waited in line.
to settle, and fortunes were made ant
lost in few minutes. "Old Hutch,
however, relented in many cases ant
let his victims pay what oDey could
Those who could setl.e were forced Il
pay to the limit.