Rensselaer Journal, Volume 11, Number 9, Rensselaer, Jasper County, 8 August 1901 — Corn King in Trouble. [ARTICLE]

Corn King in Trouble.

George H. Phillips, corn king at Chicago, has suspended active trading, except through a manager, and is now attempting to determine whethhe is solvent or not. It is estimated that the George H. Phillips Company has lost $400,000 on account of irregularities in the books and of too generous extension of credit. Phillips said: “In figuring average on May corn deal clerks failed to take into account charges of almost two cents a bushel against 5,900,000 bushels cash grain, so that in settling at 48 cents on account with customers about SIOO,OOO too much was paid out. The man in charge of customers’ margin ledger allowed customers to get into us for over $200,000 in addition to above. Besides this, some losses were due to trading of clerks.”