Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-08
corn AND WHEAT Decline A PEG.
The ManirslatiOns OF the Clique Rum
ming tIe January Corner.
BE ELEUTIOX OF OFFICERS.
A Very active Stock Market Ia Wall
street.
CHICAGO.
Especial Telegram to the Globe. |

Ing, 1t being he annual election Of officers
and ''bulls az oears" forgot their differ
enoes while III urged the claims Of theil
respective cano 1ates. There were foul
candidates for president-E. Mason Reade
A. NJ. Wright, w. S. Crosby and Enoch B
Stevens, VINO received votes in the order
named: 568, 437, 112, 73, scat
tering 13, making a total
of 1903 votes cast. For vice president
Gen. 7. Smith received 574, A. W. Green
391, A. n. Young 221. As majority of all
votes cast 602--is required in order to
elect, the election will be held again to-
morrow, when the contest will probably be
between Blake and Wright, with the
chances in favor of the latter. All three
of the vice president candidates will be
run. 1t is possible that
an. entirely new ticket will be
sprung, in which event it may
take another day to decide who shall ad-
minister the affairs of the new board of
trade building, which will be dedicated
the coming season. There has never beer
more closely contested election, and
several hundred thousand tickets were
printed and used. Tonight two printing
Offices are running to supply the ballots
FOR to-morrow's fray. Mr.. Wright is one
of the Oldest members Of the board, is held
in high esteem and has frequently been
spoken Of in connection with the
Mayoralty. He is a good parliamentia-
rian and fluent speaker, and thoroughly
reversed in the rules and regulations of
the board. He is opposed principally be-
cause he antagonized the payment of diff
ferences in the deal in July, 1882. Mr..
Green WAS opposed for vice president on
account of. his testimony before the in
vestigating committee of the same deal,
and printed abstracts of his evidence were
scattered about very profaseiy.
Six hundred thousand ballots were
printed for to-day's board of trade cleo
tion. The following were elected.
Directors--W. S. Seoverns, J. G. Hately,
W. W. Cotton, W. Il. Crocker and Edmund
Norton.
Committee of Arbitration--W. Gardner,
T. G. Kommerer, j. G. Merrell, G.. W. Phil
lips and f. G. Logan.
Committee on Appeals-J. B. Hubbs,
S. R. Garter, A. Eddy, Jr., P. B. Weore
and N. 7. Wright.
Shortly before adjournment, ma
jority of the votes having been
CRst, trading started up in the corn pit and
the bears successfully hammered prices
down several points from the opening,
which had been 1sc above the close on
Saturday. In this they we're aided by W.
T. Baker & Co., who hold heavily of Feb
ruary corn. This started the rumor that
the New Workers were unloading or getting
ready to dump their holdings. Schwartz
& Dupee kept aloof from the market, how
ever, and let it drop until May
closed weak on the curb
at 594c. II is very unlikely
the New Workers should care to boom corn
during the first part of tbs month, and
thus induce larger shipments to trouble
them later. 1t would seem 20 be their poi
icy to let the market 6Qo!Uate, especially
as they have the control OF the stuff, hav-
Ing bought and paid for nearly all the
cash corn which is il store. This enables
them to take care that the market does
not gra7it3Se too suddenly or too far to
impsrl their holdings. Some of
the operators thought that tho
appearance Of W. T. Baker s. Co. as
large sellers Of February corn was simply
one Of the tactics TO depress prices, and
thus help to dissuade 81. Louis holders
from shipping corn to this market. Corn
mPathized with the weakness IN wheat,
was sensitive to the absenca of outside or
ders and leading operators, but the great
source of weakness in tbs market arose
from the fact that corn received from st
Louis was grading we'll, and that large
quantities were said to be about to be
shipped here fr2m that point. To
prevent this by q depression
of prices may be the intention
Of the parties in power.
The receipts of wheat we're posted as
only 162 cars for the forty-e1ght hours,
and the market opened a shade higher
than it closed on the curb on Saturday It
advanced TO $t.0316, but speedily declined
for want of interest, which was centered
in the election. The bears saw their op-
portunity, and they hammered il down to
81 0215 The Adams crowd bought heav-
iIy and sent the market to $1.02%, but
when there came a report OF the posting
of 250,0t9 bushels IN New York the crowd
rushed to sell, AID the market closed weak
at $1.021a. On The call the situation was
still weaker, the New York crowd closing
out over a million bushels of May at
$101M@ OF. 1t was weak on the curb at
81 014. Everyone seemed surprised al
the strength Of the market as the bears
were in full strength and the bulls without
leader. Winter wheat was inactive and
nominally 96@98c for No. red and sic
for No.y3 red in special location.
Minor, Richards & Co. said: 'sWe had
thought recent breaks had been sufficient
to expect reaction, but our observations
are that the bear side is gaining frisndz
daily, and we still believe the winning side
is to sell on all advances"
The movement of the provision market
shows the bears and bulls are about evenly
divided. The receipts Of hogs were not a!