| Show i 6 t H PHILLIPS HAS SUSPENDED Tangled Condition n of i the Books is Given by bythe bythe y the COt Corn Co l Kiras Ki s the Reason R RAs 0 EI for forthe he the f f the th h Company Comp ny of ot Trado and Ju jn 1 Board 1 t generally were startled announcement itt tho the thoi Ille w hy bY company which be i U II ff 1 ugh Us Its It pool opera film the pit during corn r it till lIWo u iB I g I II ID a transferred tran nil all Us open I L of t H ll ItIs Company M Ol l i p dS t Moi J that n large lare detal Is III II In nu IU O mr had a Jn books JIL this proved roell un the ic raC foundation in the tho theo thet j us hs i only July I I bookkeepers heal head of It the V tW I t II by b j JIU J w o his h homo ef ct 9 for tor tho the proper r derl den dent LAde which hod I the thc concern ed or t n enormous commission to a n statement fIlS twe the W e ANI A Press Pr by Attorney R who as n a II JD t w ot of Black Good I tc ft oC f charge chorge of ot o the cum I 11 Ui bu reason OT OV temporarily the The tangled con o ef the books became apparent when hon the tho board of or trade trad Got time ago tule that t the Phillips Phillip cum com r CI n Id l furnish to 10 each member of shOuld Ii y detailed account t pool a II la m fl fiS Ot e entire transaction A force fence forcel l the rl lut to 10 wi WIt rk on n the tha books and andt Iben I IU mill mul to t disentangle the t II trades U It become became apparent the thc erM trAde trad on u would have havet No Ne 1900 entailing an nor enor hel kd ot 01 t wt amount of worL AH II the firms increasing at n 0 remark romark ire It tm rai the th machinery of or the house inadequate and una at midnight I a July 31 It t wn deckled decided ed to simply l all a find and for fot or the tho time be w If the or of the hoUse lO In Into to tor r hAn 9 until n R complete new nelV set rf If k shall haw hav hll VI been u en compiled complied Mr Ir regretting tho the ne tie cf of f tins action said Guld it wua kIl lle th onlY course open to him himI I doe not t mean nH an we are nto quitting buit II hr I On Oit tho the contrary we wo II uto all orders ordel but will have to tout toa ut a t uto UJO I margins accompany all alli i until our oar books lookS are checked cheeked W lnA Is a II statement given the tho Associated Iress Press by Attorney Goodwin for Me Nt M Phillips Tilt Tji T I company was Incorporated Inc In br r 1000 1900 with a 1 capital of ot 30 30 o c The he business glow greW HO wt that In the spring of ot thio year the capital Uns Os 18 Increased to 10 2 OOOO and und with that increase came still tili additional In effuse In to u o tin force Corce was WUI t l I overwhelmed Wu Wa have bi the tha largest vl any house 1 1 but hut it hind had recently come rome to the attention of tho the firm that the tile records of or the transactions were not mit In bl l kt k nt In n No thu proper shape for such deniM About a 11 week weel ago O expert accountants put PUl putto PUtto to work on rm the bonk I 1 have jr mute fone ne over tim tho lentil end nd of or a the tho firms affairs ana arol have havo found It absolutely nb correct The experts fount found that It I would be he abBo absolutely to 10 matte make m e a it new rieti ne set Alt t of or books dating from January 1 1900 ItOC fwd and checking iVery tIry Item of ot tho the The errors were sero made without partiality allty credits being debited unit and vice Ico versa nut Hut Up to 4 yesterday after a 11 weeks work war and ami after errors error had been corrected up to that time the tho books bOk showed the thu firm to bo ho absolutely solvent On my mr advice they cut off ort nil all old business at mid lawt last day dl of ot tho th month tine nna tinetra transferred tra nil all their open trades t tn and every oven trade of the hOUR bouRn Is protected protect ell and every trade made yesterday was mado made at nt a 11 profit for the customers We are sending out lill tl fi p ti circular all nil our customers to send semi u us IS a n ot of their claims against the th company so that we may have them audited anti and UFO US them In preparing a II nOl new pet et of or books with the till eructation that unless ln which does dl not seem slem probable we WI shall take care of ot every overy claim awl and proceed with the business ns os heretofore hereto fore The accounts so o far have found fount no evidence whatever of ot criminal ir II irregularity irregularity regularity but simply mistakes duo due to the immense amount ot of business bu han ban handled With Inadequate facilities for car ear The announcement of the above turn lurn of or affairs caused a ripple In Inthe Inthe intha the tha board b of ot trade markets Com Corti cased eased about 1 c e but soon regained th the lop hoes The wheat market was wn wa but affected ami nl onlA followed tho the course of or tho the rom corn market About the tM only was vas the unusual scurry of ot clerks clerk hur hurrying hurrying about checking up open trades |
