Rensselaer Semi-Weekly Republican, Volume 22, Number 93, Rensselaer, Jasper County, 9 August 1901 — "CORN KING” CLOSES SHOP. [ARTICLE+ILLUSTRATION]

"CORN KING” CLOSES SHOP.

Board of Trade Firm of George H. Phillips & Co. Sn«ponds. George IL Phillips, the “com king,” about whom has clustered many of the commercial surprises of Chicago recently, furnished another sensation Thursday when he announced through circular letters mailed to his customers that he was forced for the time being to suspend the business of the George H. Phillips Company. The cause of the temporary suspension is attributed to the irregularities on the books of the firm on the celebrated May corn deal, which has gone down in the history of the commercial world as one of the most daring feats of the kind. A sensation was created on the Board of Trade when it became known that Phillips, who engineered two gigantic deals in May and September corn and

who has been regarded as one of the moat brilliant young speculators on the board, had transferred his open trades to another firm, and that the books of his company had been placed in the hands of an attorney. Instantly there began to fly about the trading pit rumors that Phillips was in financial straits and that he was unable to swing his holdings. Old-time speculators have been prophesying ever since Phillips sprung into sudden prominence in the corn pit that it was only a matter of time until' the young speculator would meet his Waterloo, and they accepted his action of Thursday as the arrival of the crisis. Phillips, they say, is long on practically all of his holdings—namely, oats, 1,000,000 bushels; corn, (100,000 bushels, and wheat, 400,000 bushels. The company wns incorporated in November, 1900, with a capital of $30,000.

GEORGE H. PHILLIPS.