Jasper County Democrat, Volume 4, Number 41, Rensselaer, Jasper County, 18 January 1902 — PHILLIPS GOES UNDER. [ARTICLE+ILLUSTRATION]

PHILLIPS GOES UNDER.

Former Corn King Ib Caught by Grain Slump and Fails. George 11. Phillips, known as the “corn king,” has for the second time in seven months been wrecked on the financial reefs of the Chicago Trade. His suspension was announced and his trades ordered closed out at his request when the board opened Tuesday. A slump in rye, which commodity the young trader was long to a large extent, is said to be responsible for his latest difficulties, and Mr. Phillips now says he is down and out for a good long time at least. Offers of financial help, it is said, came from all sides, from strangers nnd customers, but the young trader refused to take advantage of the offers and, as he put it, “pour

his friends’ money into the Board of Trade” to probably no purpose. George H. Phillips began to attract attention on the Chicago Board of Trade in the summer and fall of 1900, when he conducted a most successful corner in November corn. His fame soon spread to all parts and he obtained a great following in the country. The following April Mr. Phillips started again to corner the market, this time May com being the object of the campaign. In this he came out badly, owing to blunders in his oflleo which cost 9'J30,000. Phillips was not discouraged, however, and started in afresh after the company had been dissolved. He again built up a big trade, and it is said was doing a good business until the trouble in rye came.

GEORGE II. PHILLIPS.