Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-08-14
THE PHlLLIps COMPANY.
Experts Reports Make Better Showing
for tho Firm.

| Chicago, Aug IA statement OF tn
condition of the George II. Phillip
Company was made by the expert &c
countants late yesterday afternoon
Phillips. after figuring it over, declined
to go into details. THE showing Is bet
ter than we anticipated" he said. wv,
owe less than 100000. and I know w,
Will be able to pay in full. We intended
to give out a detailed statement Of oul
operations in the May corn deal, bu
several customers have objected, and w,
will not do so.''
corn pool shows every trade. In all IA,
225,Oo0 bushels of corn were handled
The buying started at 351s cents in De.
cember, and 100000 bushels were
bought under 40 cents. The price ad.
vanced to As cents in March, and the
first part of April, when a raid was
made and the price forced down to Al
cents AT that time the Phillips COM
pany had to put up over 100000 in
margins in forty-eight hours. The mem
bers who were long on corn rushed to
Phillips and cried:
What will we do? Shall we sell out?,'
Il told them to stick together and buy
more corn" said Phillips "They did so,
and we won out
Five million bushels of cash corn were
taken in on May contracts, OF which L.
100000 bushels We're shipped, and a good
part of 1t showed heavy loss. 1t was
the handling of this cash corn that made
trouble for the Phillips people. They
were not accustomed to it. Any one in
the grain trade not familiar with the ms
and outs of a shipping business is Liable
to get tangled. That is what happened
tc the Phillips books, and it has taken
four experts two weeks to straighten
out the accounts.
The May corn was closed out at an
average of As cents. and some settle
ments were made on this basis. 1t
showed profit of a little less than s
cents bushel, or over $4,000 900. Two
hundred and fifty men were in the pool,
and they received their profit in propor-
ton to their holdings. The commissions
were about $1,000 The trade has the
idea that, while the members Of the
bull pool made>money, the Phillips COM
pany is actually out. The bookkeepers
failed to charge up the expenses of car
rying the 100000 bushels of cash corn,
oiid tiiS us
1 1-5 cents a bushe. or over, 100000.
This makes the Phillips company loser
to the extent of $4,000 on the May deal
Customers Were dissatisfied with re-
ports given by Phillips, and George l..
Imam, manager of Van Fleet & Co.,
of Champaign, H.. who had 250O0O bu-
shells of corn in the pool. complained to
the directors of the board of trade, al
tho having made settlement with
Phillips, receiving 4s1a cents for his
corn. He was paid a half cent bushel
more than of the other customers, or
over $4,000. He agreed at that time
that If in the final casting up of the ac-
counts he had received more money
than he was entitled to he would repay
the excess So far nothing has been
heard from him.
When the statement of the pools OPP
erations was completed Monday, 1T was
put in book form Imam was notified
by Phillips that the statement was
ready and in the hands of the secretary
Of the board of trade. The board of
trade directors did not have the state
ment before them at their meeting yes
terday, but a resolution was passed en-
powering President Warren to appoint |
4 committee of three to examine it, This
committee has not been named.