The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-04-23
PHILLIPS, CORN KING.
The Story of the Great Dealer

The Story of the Great Dealer of
- Chicago.
-lChicago Record-H erald)
George H. Phillips, whose daring
operations on the Chicago board CT
trade are now on every western spec
ulator's tongue, is called the big lit
tie man of the corn pit. He is called
big because in physique he could al
most be confined in a pint bottle. Then,
too, he is modest, retiring, and, as CONF
pared with many of his opponents on.
the board Of trade. poor
In his November, 1900. deal in corn
he is supposed to have cleared $3.50 600.
What he has made or lost in his fight
of the last seven days II. the corn, oats
and wheat pits, is still matter of
speculation. Those who pretend to
know his situation assert that if he
defeats the bear movement now oper-
ating against him he viii be winner of
$500, coo.
His phenomenal rise as a Spectator
appears to be due to his willingness to
break traditions Of the board; his ut
ter 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 middle Iowa and
central Illinois farmers. who believe in
legitimate trading-that is. actual buy
ing, selling and handling of grain. Led
by Phillips, they have set themselves
against the rich and poor traders of the
board, who most delight in operating
upon fictitious Shortages or fictitious
SURPRISES
He is ST years old, was born in Nor.
ris, Ills. and became an elevator boy
in his fathers warehouse in Morris
while he was yet in school. He came
to Chicago as soon as he was free from
school and worked at anything his
hands found to do. He preferred city
life to that of the country and an
nounced his determination never to re-
turn 10 Morris except as a visitor. His
father was a, grain dealer, and the son
showed a fOndness Cor the business
himself, so that after being in Chica 90
a short time he found himself worl<ing
with the corn inspectors of the Alton
and Burlington roads He spent his
days about the tracks of these COM
panies and became familiar with every
detail of corn inspection and the nature
4 of the cereal.
Later he was a buyer for the house
/ OF George A. S1eaverns & CO., in the
corn market, and finally became a COM
/ mission merchant on his own account.
I having a very. limited capital, but a
( wide experience in the nature of corn.
! He had also the belief that through
fictitious operations the bears kept the
price OF corn too low in the Chicago
market and that it could be MAIN
Z tainedyhigher if anyone dared make the
7 fight.
He proved the truth of his opinion
4 by entering what has become known
I as the corn deal of November, 1S00, "
/ without a dollar to control the market
4 and yet having the entire product Of
corn then in sight under his thumb
/ Arrayed against him were men who
| count their millions on their fingers
men of long heads and shrewd ability
I as traders. He outwitted them all. His
! head was the longest, his nerve, this
/ greatest, his thorough mastery of the
details of the business too much fOl
I his opponents.
/ It is characteristic of the man IL
his operations-th of six months age
l and. flle present one-that he depend:
upon tbs. farmer for his guidance anc
not upon government or other crop re
\ ports. His correspondence with the
! actual producers of corn covers every
state in the Union where there is z
i corn field or a granary. He IS quoted
as saying
4 II do not care a fig for the govern,
4 ment reports or the statistics sent Our
4 by reporters. have nothing TO SAY
4 about them, but do not wan
/ them. ] want TO know what thu
II and I want the information from him
/ direct. Then [ am ready 20 act.
Evidently the farmers informed hiH
truly in the ''Novembers deal" for h,
caused every big corn operator on tn,
4 Chicago board OF trade a big loss. ans
came out a heavy winner himself. ii,