The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1880-08-26

~AS~
lOhicago Times, Aug. 20.l
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 has been unlimited
and his transactions enormous. He was re-
puted to be 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 say about
sticking to contracts as he,
and it has always been his pride to
avoid quibbling at all times. If there was
anything he detested, 1t was clubbing.
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
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 course he has adopted in his pork
deal he has been actuated by principle. To
those with whom he has trades he has, how
ever, signiied wish that they
DELAY ACTION FOR DAY Or TWO. --
until ho cay, a. oh$ov, mt hio o{fo;-e, o,,I
ascertain how he stands. To this no objec-
ton has been made, and there is DISPOSE
tion on the part Of those interested not to
press him. ...UH #5-
THE POINT MADE BY MR.. 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 has
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 it's own
rules and is an independent body. The
rules of the rival bodice are not widely
dissim!lar, and, as many members of the
board of trade are also members of the call
board, it has come to be tacitly understood
among members of the old board that trades
made on the call board are subject to the
same rules which govern business done
through the regularly authorized channels.
The question Of the authority of the board
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
k1e oy1kT kNk hn rx41o vrho al a.
off the floor, and that failure to comply
with the rules lays the party violating them
liable to disciplining, which may mean sus-
pension, fning or expulsion. f.s.
II is held, N. ..
ON TIE OTHER HAND, -@
| that the board of trade has nothing wnatev-
or to say about contracts made of the floor,
and that if it's jurisdiction extends beyond
that limit it might as reasonably assume to
take in the whole of Cook county as the lit
tie tract in the rear Of the building. Should
the board of trade attempt to discipline Mr..
Dow he will deny its jurisdiction, and,if 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 directly contrary
long series Of years. He has
always appealed to his associates
to walk right up and face the music under
all circumstances. He may have acquired
increased wisdom with years, but it is quite
certain that many of lis best friends view
the matter in a 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
does not feel sincerely sorry that Mr.. D..
has got in deep water, because no one has
welded larger interest than he, and no one
is more popular with brokers and dealers
alike. ar
On yesterday Mr. Dow was greatly excited,
and seemed hardly himself. He was irasci-
bic and decidedly cross. During the fore
noon he met Chas. Singer, one Of Armour's
brokers, with whom he has large deals, and
abused him roundly, calling him hard names
hireliug." It was Singer who called
on him for additional margins
on thirteen Thousand barrels of pork
already MAJ gined for $4,000 OF $4,000,
and in an interview published in one of the
city papers that gentleman is represented as
saying unoomplinentary things of Mr..
Dow. The latter took offense at the state
ment, and this was the occasion of the
quarrel. He demaded written retraction
from Singer, and when that was refused
he out loose and gave him blessing.
Soon afterward he had an alteration with
q member of the firm of
soEEPH JONES E 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
& Sons are not deeply involved, and last
evening one of the junior partners informed
the Times reporter that the embar-
rassment would be only Temporary,
that, in fact, arrangements had
already been made by which their obligations
would be met. Joseph Jones 4 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, accomplished By
two or three friends, repaired to his resi-
dence for . quiet consultation and needed
rest The gentlemen who were intorviewed
BY Times emissaries were extremely reluo-
tant to Allow their names ia. be used.
They wefe friendly TO Mr.. Dow and for that