Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-09
SPECULATIVE ELECTORS.
The Chicago Bulls aud Bears ChoOsa
Giiicer5 FOR the Ensuing Year.
THE YELLOW WAGON CROWD WIES
Wheat Rather Weak, and Succumbs to
Bear Hammering.
PROVISIONS MODERATELY FlRX.
The Ne1y York Stock Market Unsettled
and Rather Feverish.
THE YELLOW WAGON CROWD WINS
PROVISIONS MOOERATELY FlRN.
CHICAGO.
Especial Telegram to the Globe. !

and Mr.. George Y. Smith, late of Smith 81
Gaylord, was g. ed vice president. Yes
terday, as noted these dispatches, little
else bus the eIeoti1 was thought of, but
to-day the electioneeriDg was left to few
while the remainder quietly deposited
their votes and hnstened into the pits to
sell wheat, boy corn or canvass the posi-
tion Of Armour in regard to provisions.
The whsat market opened very weak
under advices from Liverpool of large
failure and reports from New YORK that
there would be another large lot Of wheat
posted SIS out OF condition. Opening at
about $1.o158 for Nay the market receded
to 81. .0135, sold TO 81 O024 then to $1.001s,
advanced to &1.0124, went of, and after
iuctuating closed at $1O135 bid. There
was only one sale reported at $1O11s. The
market was strengthened by the heavy
purchases Of Jno. Lester, Charley Mair,
deacon" Hobbs and Roach, who took
nearly million bushels each, Lester
bought during the Gay 100000 bushels.
These parties have been the heaviest sellers
for the past week or ten days, and we're
simply covering shorts, Later the market
was firmed D. the report that the export
ers were taking The posted unconditional
wheat in New York at $1.081s, being only
&c OFF. Jast why the posting of wheat as
damaged should be means of
depressing the market, and the fact
that it was being bought in the place of
good wheat at a merely nominal reduction
should be quoted as a bull feature, your
correspondent fails to comprehend, yet
such was tbs case. On the call and on
the curb th7ro seemed to be good deal of
strength underneath the market, but it was
purely local, and hence not to be depended
upon far permanency. The hammering
by the bears and the change of front by
their whil0m companions before named
were about the only features in
the wheat pit. Crittenden g.
Harvey "are inclined to think that we shall
get good rally in prices before seeing
lower range of values" large number
of kilograms from ST. Louis were received
during the day, and nearly all of them
were builish on wheat and bearish on corn.
Tue foreign adyices were all unfavorable
to-day, and the stock in store is 1904 1858
bushels against 11,800,415 bushels one
week ago. It goes without saying that
the parties who last night prophesied May
wheat 81 to-day were much disappointed
when $1.015s was bid on the curb tonight.
There was considerable demand from
shippers to-day for corn of the lower
grades. The receipts were 324 cars, and
stocks were posted 3,161,211 bushels,
against 2,580.9S4 week ago. The stock
of No. 2 in store is now 2,452,683. The
speculative market opened weaker and
prices declined 4@3Sc, rallied 5000,
but finally closed about 115o lower for
seller January, &c lower for February,
ana 10 lower for May than on yesterday.
The slump in January affected the
other optioLs, and was occesioned
by the "let alo0e" policy of the holders
of the January corn. On the call, however,
Schwartz & Dupee we're the purchasers of
all the January corn which wss offered,
and prices frmed us 30 Sc 61(c bid. Il was
said that sales were made oa the cuPb sb
this price. Some fictitious strength was
given to corn by the rumor that 44rfnour
was taking hand in the Nay option. Mr
p. D. Armour ssl3 10 the writer tonight:
"We have not had any Interest III q bushel
Of grain for over year. Wo are simply
driving the yellow wagons. There is little
or no trade, and we sometimes are
sorry thsb we touched hog
this season there is 10 money in them now.
We, however, ara Keeping all our con-
tracts" and Phil further says ne had rath
er be nothing but driver of one of the
yellow wagons than to go baok on his con
tracts. Cudahy 81 Stevens bought consid-
erable corn on the call.
There we're about 25,000 hogs at the
yards to-day, and prices went down SO
10c. On 'change provisions opened weak
sympathized largely all through with
grain. Still they possessed some
little Independence of action, which
WAS caused by the purchases
of brokers who were supposed to be acting
for outside parties. Armour's men were
quite openly on the buying side, which
added strength with some parties, but the
colder ones'' we're desirous of betting that
brokers who we're selling largely would
hi tAelr 0ruSfS from ArInOur'5 warehouses;.
The provision question depends almost
exclusively upon the stocks which the far
mer and commission men have rot driven
to market. The stocks here are not rele-
lively greater than usual at tn s season of
the year.
The election which concluded to-day had
many amusing features connected with Its
progress. Mr. Wright's friends deemed
his election quite certain until this morn
ing, when some Tickets were circulated
with yellow wagon candidate, for presi-
dent, E. N. Blake" printed in black letters
on yellow paper. The wagons used by
Armour & Co., are all painted yellow;
Phillip Armour is often termed ssthe old
yellow wagon" The Dake bakery wagons
are also painted yellow. Mr.. Blake is
one of its proprietors. The ticket
was thus capable of two Specifications, and
both were correct. It was evident all the
Armour crowd, its brokers and sstailers,,
were bound to beat Mr.. Wright, and they