The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-03
FA1oRS THE LONGS
BULLIsH CONDITIONS NOTED IN
THE GENERAL WHEAT MAR
KET.
HAS BEST OF LIQUIDATION,
BUT SITUATION IN FOREIGN TRADE
IS OF MORE BEARIsH OUT
LOOa1.
LARGER SPRING WHEAT AREA
Also Against the Buyer-Times-Her-
AIDS Wheat Market Re-
view.

CHICAGO, May 1.-THE Times-Her-
aid, in it's review and forecast of the
wheat market, will say tomorrow:
There are few strong arguments just
now in favor of the wheat holder. The
May liquidation Is over. 1t has been
more or less against the market FOR
several weeks. It has been completed,
however, and the long who was In May
has succeeded in getting over to July
to advantage, buying his new future
cheaper than he sold his old one. From
a speculative standpoint the compile
ton of this liquidation is a relief to the
market and promise of increased &C
tivity and better prices The holders
of July now are, as rule, new ones
with no losses in their deals and pre-
pared consequently to stand some pun
ishment, if necessary. Furthermore
1t is usually the case that outsiders
who have been holding off for the full
effect Of the delivery to be SHOWN
come into the market In pretty good
force after May 1: Next to the COM
pletion of the May liquidation, as
bull encouragement, is the entire alb
sence of carrying charges. The short
seller of July. instead of having his
usual advantage, is conceding one to
the holder, and the short seller of Sep
TENDER is compelled to concede over
cents per bushel., For once the wheat
bull would be doing fairly well If the
price simply held it's own. He has all
the advantage of the man who has the
defensive. The short seller is the one
who must work and who has granted
o~tf
not existed for several years. The bear
had a carrying charge last season Of
8 cents from May to September, car
rying charge in 1895 of over a cent,
and in 1894 of 21s cents
These are merely tactical points, the
completion of the May liquidation and
the absence Of carrying charges, and
will not count for much if the worlds
wheat situation is really bearisn one;
but no one ever knows what the
worlds situation Is. That is invariably
a matter of guessing. The short seller
has made his money season after sea-
son with such regularity, not because
he has been any better guesser, but
because he has had almost invariably
the comforting advantage Of carry
ing charge--the very thing he has not
this month On the other hand, he is
giving the odds in the way of discounts.
In a news way the wheat position
does not look so bullish. The foreign
ers are taking very little grain. Last
weeks clearances were only 1,15S,000
bushels The cheapness of every other
sort of product gives the holder of
wheat shudder every time 1t is called
to his attention-rye 34c: oats tic; corn
24c,; harley 35c, and provisions CORE
spondingly low The bull can never
gain much Of an advantage unless he
has the help of good-sized outside
general speculation. There never was
smaller outside interest than at this
moment The winter wheat crop pros
pect is undeniably poor but even with
last years shortage there seems ito
have been an ample supply, and a
larger spring wheat area than last sea-
sons is expected. The important bear
fact is the present lack Of foreign de-
n,and. There is hardly the Spectator
left who believes that the American
wheat bull can make much Roadway
without foreign buying on good
scale.