The Press. (Stafford Springs, Conn.) 1883-1935, 1900-01-18
A CORNER IN WHEAT.
INCIDENTS OF ONE THAT "OLD
HUTCH" MANIPULATED.

He Let Up on All the "Good FelIOwso
That He Knew, but He Made the
Smart Guys That Had Been Trying
to Down Him Howl Out Loud.
Two days before settling day wheat
touched 1926. The pit was wild with
excitement, but "Old Hutch" remained
in his favorite chair. tilted back against
one Of the posts, calm and Indifferent
Frenzied men crowded about him and
implored, begged and demanded to
know where the advance would STOP
For all of them Mr. Hutchinson had the
same answer:
"Come in and settle, boys. Septem-
Der wheat will bring $3.50 tomorrow
and 81 on settling day"
Tomorrow" came, and wheat was
bid up to 81. so. with, spectators tum-
bling over one another to get it at that
price. Through the tumult Mr.. Hutch
inson sat unmoved. He was the only
man in all that bowling crowd who had
grain to sell, and he didn't see fit to let
go of it. The closing bell found brokers
clamoring about him with offers to buy
at 81. 80, but he ignored them.
'It will be 50 tomorrow, boys" was
all he would say.
And it was. The mark the old man
had set was reached, and he settled at
that figure with such of the losers as
were obstinate and had not already
come into camp. Reports vary as to
what he cleared on the squeeze the fig
ures generally accepted being between
Sc, 500, 600 and $3,75O,0OO. At the
same time Mr.. Hutchinson was careful
to avoid severe pressure on any of the
''good fellows" Among his close
friends at that time was Columbus A.
Orvis. During the last days of the cor
ner Mr.. Orvis heard of a number Of
their mutual friends who had been
caught in the squeeze. In every in
stance he would 60 to sold Hutch" and
say:
"Old - is short about 80, 900, and
is hit hard. Let up on him, Hutchin-
son, for old times sake
'Sure Make any kind of settlement
| hurt any body."
In other instances old friends who
scented safe profit in the squeeze
wanted to get into the market, but
were unable to get buying orders &C.
cepted. Nobody but Hutchinson had
wheat for sale. Every man of this class
who applied directly to Mr. Hutchinson
was accommodated. In a number of
cases he let them have wheat at 81 and
$1.25 in 25, and SO, 900 bushel lots.
and they turned it over within couple
| of DAYS at 81. so and So.
"I'm not after the lame ducks"
Hutchinson said. 81 hope every enc of
'em will make money. The chaps I'm
cunning for are those smart guys who
have been trying to down me, and I'm
going to get them. Lord, how I'll make
them how'll
| He did. The losers howled so loud
that the echoes of their cries were heard
in the board of trade corridors for
months. Unlike most corners, the bot
tom did not drop out of the market
when the September deal was settled.
Prices held up away into October, and
weeks after Mr.. Hutchinson had taken
his profits and pulled out traders were
afraid to sell short lest the ghost of
sold Hutch" should pop up as buyer.
|
ance of which was increased by bis rug
ged hook nose, sharp features and So
verely plain clothes. "Old Hutch" had
a warm, kindly heart. He was devoted
| to children and was never 30 happy as
when entertaining party of little ones,
which he frequently did at his Office or
club. People in financial distress always
found in him generous friend, espe-
cially those who were caught in the
maelstrom of speculation. Nor were
his charities in this line confined to his
immediate associates. He assisted even
those who were opposed to him in trade.
It is told of him that on one occasion a
friend found him stamping about his
Office in great rage. The news had
just reached him of the impending fail
ure of trader for whom he had q
strong dislike.
"--'s going under" said Hucthin-
son as his friend inquired the cause of
his excitement. "He's a rascal and
ought to suffer, but he's got good people
depending upon him for support. Be-
sides that, his failure would wreck a
whole lot of innocent firms. Go over
and see how he stands and draw on me
for what money ia needed to put him
on his feet again"
| Mr.. Hutchinson furnished the money,
the failure was averte and the trader
kept on in business. And yet be was a
man that Hutchinson would not trust
with an order for 5, 900 bushel trade
Chicago Inter Ocean.