Some man says, "I will get five thousand dollars, and then I will be happy"; and the moment he gets five thousand dollars he never thinks of stopping where the lily is, but goes on to further discontent. Old Hutchinson of Chicago was a great illustration of that. He gained a few thousand dollars, but he went into speculations and finally cornered wheat in Chicago until he had five millions of dollars. It is said that his nieces and nephews were very anxious that he should not spend that five million dollars or run any risk of losing it until he died. He could not take it with him; they knew that, and so they tried to persuade him not to do anything more in speculations; but he said: " I can have six millions just as well as five; I can make another million in one more corner in wheat." You remember how he made a corner in wheat, lost all the five million he did have and was several hundred thousand dollars in debt; and how he went to work as a porter in a hotel in order to get back his millions. If they paid as much fees then as they do now in the hotels, one will not be surprised if he had gotten it all back by this time.
The story behind Conwell's example - as found in www.newspapers.com:
From The Fairbury Blade (Fairbury, Illinois) Saturday, May 2, 1891 Page 6:
DlDN'T SAY GOOD-BY.
"Old Hutch," the Noted Chicago Speculator, Suddenly Skips-He Is Known to Have Gone South—The Great Operator Demented, and Recent Losses Have Practically Ruined Him—However, His Friends Say He Can Pay All Debts.
Chicago, April 30.—B. P. Hutchinson, the veteran wheat speculator, known the country over as "Old Hutch," has been missing since Tuesday evening, at which time he bid a friend good-by and said he would never be seen again. He has many heavy open trades and the many rumors circulated in regard to his disappearance have greatly disturbed the market. His son, Charles L. Hutchinson, president of the Corn Exchange bank, and ex-president of the Board of Trade, says his father has been mentally unsound for two years. A few months ago it was reported that Mr. Hutchinson's fortune had been almost entirely dissipated in speculation. At that time a number of Mr. Hutchinson's friends and his son tried to induce the old gentleman to give up speculation and lead a quiet life, but their efforts met with no success.
It is reported in certain circles that unfortunate "plunging" has caused his disappearance, and that his liabilities will reach away up into the millions. When asked if his father had failed, his son, Isaac Hutchinson, said: "Father has been demented for some time. Affairs on the board have been going against him. We have hoped that he would be able to tide over, but things have gone from bad to worse and it is no use. I came down here this morning and found that father had not made his appearance. I knew then that trouble was in store. I admit that he has suspended business. His outstanding accounts amount to some $2,500,000 in open trades alone. But he will pay dollar for dollar. However, I do not think he will ever resume business."
Homer D. Russell, of the commission firm of Russell & Barrell, said Wednesday afternoon:
"Mr. Hutchinson has bought and sold through us during the last few months 1,000,000 bushels each of wheat and corn. In these transactions he lost not more than $5,000. I estimate his losses during the last fourteen months at not less than $2,000,000. The largest amount lost by him in one deal was $250,000, when he acted as the Chicago broker for Sawyer & Wallace when they attempted to corner pork. Since then his losses have been very heavy, although his present financial condition, in my opinion, has been grossly exaggerated. We place hs obligations at $350,000 and his available assets at $250,000, representing a net loss of $100,000. I am informed that about four months ago he settled $600,000 on his wife and youngest son, retaining for his own use about $300,000, all of which I believe he has lost since that time."
Dispatches from Evansville, Ind., and Nashville, Tenn., state that Mr. Hutchinson has been recognized while passing through those cities on a southbound train. It is known on leaving Chicago that he purchased a ticket for Pensacola, Fla. The announcement of the great speculator's disappearance and probable failure created a flurry on the board of trade Wednesday morning, and the market suffered a decided decline. Later, on assurances from members of his family that his affairs were all right, the market became easier.