Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-08-23
IN HOG sIGNo.

IN HOG sIGNO.
4 Slight Perverston of a Popular Motto for
the Benefit of the Pork Ring The Squeeze
e.r Thursday Not Only Forces the Fat Ont
of Asa Dosc, bmt A6ects Others as Yell.
LChicago Times, Aug. 2Ol
The stand taken by Mr.. Asa Dow in refer
ence to the pork deal has created genuine
sensation on "the street." and it was one of
the chief topics of conversation on Change
yesterday. Mr.. Dow has been an active
member of the board of trade for many
years, during which time he has been very
large trader. His credit he's been unlimited
Ieod his transactions enormous. He was re-
puted to ts a man of great wealth, and his
reputation for honorble and square dealing
has been second to that of no other specula-
tor on the floor. Indeed, few traders
have had SO much to cay aSort
'sstickine to contracts as he,
and it. has always been his pride to
avoid quibbling at all times. If there was
any thing he detestsd, 1t was quibbling.
Therefore, when it became known that he
had based his refusal to put up more
margins on his pork trade on the ground
that the present prices of that article was
purely speculative and fictitious; that his
contract was still pending, and that the
margalns already up were all that could
rightful be demanded, to fortify the trades,
his associates say they could only put one
construction on the act, and that was that he
was about at the end of his string. On the
subject of his embarrassment Mr.. Dow has
nothing to say, but he allows the inference
to be drawn that he is solvent, and that in
taking the courss he has adopted in his pork
deal he l1sss been aotuated by principle. To
those with whom he has trades he has, how
ever, signiied wish that they
DELAY ACTION FOR DAY OR TWO.
until he can straighten out his affairs and
ascertain how he stands. To this no objec-
tion on the part of those interested not to
press him.
THE POINT MADE BY MIR. DOW.
that the board of trade has no jurisdiction
over trades made on the call board, and that
he cannot be bound by board of trade rules
IN such transactions, was general subject of
discussion on yesterday. The point hes
never been raised before, and wide differ
ence of opinion has been developed. The
board of trade, be it remembered, has never
recognized the Call board, which has its own
rules and is an Independent body. The
rules of the rival bodies are not widely
dissimilar, and, as many members of the
board of trade are also members of the c-l
board, it has come to be tacitly understo
among members Of the old board that ira IS
made on the call board are subject to t.
same rules which govern business done
through the regularly authorized channels.
The question of the authority of the toerd
of trade to enforce its rules on outside tran
sactions is an important one to the Spec
ulative interest. Many of the older dealers
are strongly inclined to the opinion that
trades entered into between members should
be subject to the rules, whether made on or
off the floor, and that failure to comply
with the rules lays the party violating them
liable to diccipl,ning, which may mean sus-
psnslon, fining or expulsion.
1t is held,
ON THE OTHER HAND,
that the board of trade has nothing wnatev-
or to say about contracts made off the floor,
and that if its jurisdiction extends beyond
that limit it might es reasonably azsume to
take in the whole of Cock county as the lit
tie tract in the rear of the building. Should
the board of tire 1e attempt to discipline MIR.
Dow he will deny its jurisdiction, ,and,i over
ruled, will probably try the virtue of an in
junction. In this way the question can be
settled in court and tested once for all. The
position taken by Mr.. Dow may be right,
but it is insisted that it is dire,tly contrary
to his practice and teachings through
long series of years. He has
always appealed to his associates
to walk right up and face the music under
all circumstancc1 He may have acquired
increased wisdom with years, but it ia quite
certain that many of his best friends view
the mattsr in different light, and the Times
reporter in his rounds among them found
the sentiment very strongly against him in
this regard. There is probably not man
on the board OF trade or call board who
dcss not fesl sioc arely sorry that Mr.. D.
has got in desp water, tscause no one has
wielde larger interest than he, and no one
is more popular with brokers and dealers
alike.
On yesterday Mr.. Dow was greatly excite !,
and seemed hardly himself. He was irasci-
BILE and decide lily cross. During the fore
noon he met Ches. Singer, one of Armour's
brokers', with whom he has large deals, and
abused him roundly, calling him hard names
and addressing bim as "Armour's g
hireling." 1t was Singer who called
on him for additional margins
on thirteen Thousand barrels of ork
already imagined for $4,000 or $500 10,
and in an interview publishe1 in one of the
city papers that gentleman is represented as
saying uncomplimentary things of Mr..
Dow. The latter took offenEs at the state
ment, and this was the oc.asion of the
quarrel. He demaded written retra ,tion
from Singer, and when that WAS refuse
he cut loose and gave him blessing.
Soon afterward he had an alteration with
q member of the firm of
JOSEPH JONES & SONS,
his own brokers. The result of this inter-
view was refusal on the part of Mr.. Dow
to protect them, and the subsequent failure
of the firm to make its settlements. Jones
& Sens are not desply involved, and last
evening one of the junior partners lnforme
the Times reporter that the embar-
ressment would be only temporary,
that, in fact, arrangements had
already been made by which their obligations
would be met. Joseph Jones & Sons went
to the wall few months ago, and their feet
were scarcely planted on the pathway of
prosperity when the. second blow came.
Late in the day Mr.. Dow, accompanied by
two or three friends, repaired to his resi-
dence for quiet consultation and needed
rest. The gentlemen who were interviewed
by Times emissaries were extremely reluc-
tant to allow their names to be used.
They were friendly to Mr.. Dow and for that
reason preferred not to further publish stats-
ments which might be misconstrued by that
gentleman in his present cholerio and e.
cited frame of mind. They talked freez.