The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-21
Big Little Man
Phillips, the Daring
CHICAGO Speculation.

tons on the Chicago board Of trade are
how on every western spectators ton
cue is called the big little man" OF the
corn pit He is called big because Of
his nerve. and '9ittle'' because he could
almost be confined in a pint bottle. Then.
too. he is modest and retiring. and as
compared with many of his opponents on
the board of trade poor.
In his November. 1900. deal in corn he is
supposed TO have cleared s150, 900. What
he has since made or lost in his fight in
the corn, oats and wheat pits is stin a
matter Of speculation. Those who pre-
tend TO know his situation assert that if
he defeats the bear movement now oper-
ating against him he win be winner Of
half a million dollars.
Mr.. Phillips phenomenal rise as spec
ulator appears to be due to his willing
hess to break traditions Of the board. his
utter lack Of speculative fear and the al
most unlimited capital which he seems
to have at his command. and which is
said to come from a syndicate Of middle
iowa and central Illinois farmers who be-
lieve in legitimate trading-that is, in ac-
tuaI buying, selling and hand lingof grain.
Led bby Philips, they have set them
selves against the rich and poor traders
of the board who most delight in operat-
Ing upon fictitious shortages or fictitious
surpluses.
Thirty-four years ago, born in Morris.
H., Mr.. Phillips became an elevator boy
IN his fathers storehouse in Norris while
still a school boy. He went to Chicago
as soon as he was free from school and
worked at anything his hands found TO
country, and announced his determine
ton never to return to Norris. except as
a visitor. His fathre was grain dealer
and he showed a fondness for the bust
ness himself so that after being in Chi
cago a short time he found himself work
ing with the corn inspectors of the Alton
and Burlington roads. He spent his days
about the tracks Of these companies AMI
became familiar with every detain Of
corn inspection and the nature of the
cereal.
Later he was buyer for the house of
George A. Seaverns & Co, in the corn
market and finally became q commission
merchant on his own account, having 9.
very limited capital. but a very wide ex-
perience in the nature of corn. lie had
also the belief that through fictitious op-
erations the bears kept the price of corn
too low in the Chicago market, ana that
it could be maintained higher if anyone
dared TO make the fight
lie proved the truth Of his opinion hy
entering what is known as the corn deal
Of November 1900" without a dollor to
control the market, and yet having the
entire product of corn then in sight under
his thumb. Araryed against him were
men who count their millions on their
'fngers-men Of long heads and shcewd
ability as traders. He outwitted them
. all. His head was the longest. his nerve
the greatest, his thorough mastery of the
"details Of the business too much for his
opponents.
It is a characteristic of the man in his
operations-that of six months ago and
the present one-that he depends upon
het farmer for his guidance and not up
on government or other crop reports.
His correspondence with the actual pro-
ducers of corn covers even. state in the
union where there is a corn field or a
granary. He is quoted as saying:
II do not care a fig for the government
reports or the statistics sent out by re-
porters. I have nothing to say about
them. I want to know what the farmer
has 60 say about the supply, and I want
the information from him direct Then
am ready to act"
Evidently the farmers informed him
truly in the big November deal for he
caused every big corn operator on the
Chicago board of trade a big loss and
came out heavy winner himself. He
acted fairly in his winning. too. in the
had at his mercy had endeavored in WAYS
not too scrupulous in nature to ruin him
by sudden calls for big margins. He did
not cause a single failure on the board of
trade in his November deal. and in his
present battle his conduct has been 50
above board that many brokers are call /
Ing those gray wolves" who on last
Monday week called on him for margins
of - cents oushei on oats, ~ cents on
corn and ~ cents on wheat. OF this last
action he said at the time. with a half
smile playing about his lips:
we we're called s225000 on margins to-
day. We have put it all up and We can
do It over agin tomorrow. if necessary.
We have been called ten per cent quite
generally. ia addition TO having margins
up IN the market We have got as much
money as anybody in the business, I
think Mr.. Hn and Mr. Collins. who are
with Ine. have $4,000 apiece. and we have
in addition. the money of the people who
are trading with us, and they number
three hundred"
1t is something new for the Chicago
board of trade TO have q man upset its
calculations as Phillips has. and do it
on the bald proposition that he is right
ana the Spectators Of the board not only
wrong now. but wrong fer wears past.
Not even Joe Letter gave the board such
a stirring zap as this Young and seeming
~ man has. Mr. Letters deal was a
tremendous speculation between him and
the giant operators of the board. he
had millions and they had millions. and
when he Quit anywhere from s. oo0.oo0 70
to SS0oo,oo0 loser, threr was gentle
r1en settlement" ana things went on IN
the cid routine. Mr. Letter had back Of
him in his operations the old traditions
If an old and respected name and ne was
part OF the social life of the ve-y men he
was Specializing against. he had his
fling. il was expected. and everybody
enjoyed il but the losers.
Not SO with ar Phillips. Except for
the notoriety he gained last fan and his
present eminence in the pit. he is not
any kind of a recognized factor in Chi
cage. He has lived a modest, retiring,
haraworiSiag life, and but for his remark
able knowledge Of corn and his faith in
the corn producers. might never have
been heard o. outside OF the small circle
Of his local friends
He has a friend from Norris. by name
Zen HIl "Dan' is supposed To own as
man acres of farm lands ln Illinois as