A 'saying' that I often heard was that "there are old traders and there are bold traders but there are no old, bold traders." It took years to fully understand it and in general it's true except for very rare exceptions. I thought of this recently when I was rereading articles on the original King of the Wheat Pit, Benjamin Hutchinson who was commonly referred to as "Old Hutch" on the trading floor in the late 1800s. Perhaps the greatest pit trading book, The Pit by Frank Norris was largely based upon "Old Hutch." For a read on a much different era, I submit the following New York Times articles from that era, all linked in pdf files:
THE GREAT SPECULATOR FAILS.; MR. HUTCHINSON LEAVES CHICAGO AND HIS TRADES CLOSED OUT.
April 30, 1891, Wednesday
HAVE NOT FOUND "OLD HUTCH."; EXCITEMENT OVER HIS DISAPPEARANCE SUBSIDED ON THE BOARD.
May 1, 1891, Wednesday
"OLD HUTCH" HAS HAD HIS DAY; THE FAMOUS GRAIN SPECULATOR COMPLETELY RUINED.
August 28, 1893, Wednesday
B.P. HUTCHINSON DEAD.; Passed Away at Lake Geneva, Wis. -- Once Leading Grain Speculator in This Country.
March 17, 1899, Wednesday
and somewhat related, an article which ties some of the grain corner stories together:
Battle of Giants for Wheat Supremacy.; " Big Jim" Patten, the Latest Figure in Grain Speculation, and the Men Who Oppose Him.
October 27, 1907, Sunday
