New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-10-22
ENORMOUS SALES or WHEAT.
a FALL IN THE PRICE OF THE CEREAL
HERE.
LOOKED UPON As NATURAL REACTION AND
STILL HIGHER FIGURES EXPECTED-BE-
LIEF THAT IMPORTS or GOLD
WILL. REACH sico, 100000.

LIEF THAT IMPORTS or GOLD
WILL REACH sio.coocco
Wheat yesterday had a fall which was some
thing TO be expected after the tremendous rise
In the cereal that had taken place. 1t
garded as n natural reaction and it was not
considered as interfering at all with the pros
pect for much higher price for wheat than has
yet been witnessed. All bull movements in
stocks are interrupted from time to time by re-
actions. and similar Interruptions must be
looked for in wheat movements.
There were enormous sales of long wheat to
take accumulated profits. Cash wheat. that is,
wheat for immediate delivery. sold at SjtS cents
which was a decline of 3as cents a bushel from
Tuesday. December wheat or wheat deliverable
in December. in which there was the largest
trading opened at Slia. and closed at Sols or a
decline of 81 cents bushel from the final price
or Tuesday. The net decline in December corn
was rs cents, and in December oats y cent.
The rainfall In England in September equalled
o'3 inches. or an equivalent of $50 tons of water
on every acre. Taere has been no Improvement [
in the wheat situation in India Drouth pre-
Nalis over large areas usually sown with the
food grains OF the natives as well as with wheat
The official report from Simla shows that the
importation OF an immense amount Of wheat
many districts in Russia. and the price Of wheat
there Is steadily increasing
Higher prices for sterling exchange today
were due to the large demand for commercial
bills to he used in importing gold Signs continue
to multiply that the receipts Of gold before
the year is may reach 500 900 m;O II Is
estimated that the bills Of exchange derived
from exports of the new crop of cotton by Jan
uary ] will aggregate S7jOOOcoO and from
wheat and con- nearly. IL not quite. S!o.0oo,ov~
more. An aid IL the importation Of gold Is the
high rate AT which money is maintained. There
is not likely To be any relaxation In money for
some time to come The reason fcr the con
tinued tightncss in money is easy 10 find Much
OF the gold that comes from the other side is
boarded and is. therefore. KEEP, out Of crcula-
tion. II II were let out 1t would ease ND the
money market materially. Large hoarders ere
the trust companies which act as trustees for
and pay the interest the gold bords Of rail-
road and other corporations. The banks i'm New.
YORK ana elsewhere have also been acquiring
large lots Of the imuor-ed gold 10 hold in their
reserves. There IL strong sentiment agains,
their taking gold from the United States Treas
Ery and they finance exchange operations and
take gold that results from them. Heavy cx-
ports OF cotton and grain are generally accom-
panied or followed by "A rise In stocks and when
there is rise In stocks there Is almost invaria-
bly, extensive buying OF American securities by
Europe. II Europe becomes buyer 81 stocks
II will have To send gold to this country to pay
for them Large imports Of gold may result
from exports II stocks a. well as from exports
Of cotton and grain
The bullion brokers report n large inquiry for
legal tender notes well gold They say
they have refused offers of premium for thcs,
notes The gold which they furnish FOR pre-
MUM is imported gold
London. oct. 21.-Included In the Withdrawals
OF gold from the Bank of England to-day was
$50 900 destined for shipment To tho United
States.