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Show FOREIGN SALES BUGABOO FADES By FREDERICK GARDNER NEW YORK, Oct. 12 UP Six weeks of wsr have almost expelled ex-pelled from the Well Street limbo of fears the big bugaboo of recent years in the market place foreign selling. What many thought would be a deluge of European offerings of American securities en the outbreak out-break of war so fsr hss been only a minor trickle of liquidation. Most stocks on the Wall Street boards today are quoted substantially substan-tially higher than at the end of August. Only one thing keeps the average aver-age trader ' from dismissing entirely en-tirely the possibility of a sudden Influx In-flux of foreign security selling orders, or-ders, brokers explained. That Is the chance revision of the U. S. neutrality legislation to permit sale of war supplies may move the allies to speed selling of negotiable negotia-ble American, securities to obtain dollar exchange. British holdings of American securities se-curities readily salable here are estimated to total more than Jl.OOO.OOO.OOO. The French holdings hold-ings are figured to be near S300,- 000,000. Brokerage houses handling foreign for-eign business say there has been a small run of London selling of American securities ever since the wsr began. These orders, it was said, have been offerings of In- dlviduals sanctioned by the Bank of England under the official Brit- ! Ish control of exchange transsc- i tions.- i It has been a one-way street, as brokers called It, because British i purchases of American securities have been banned to conserve dollar dol-lar exchange for war purposes. As a result, it appears, the United , States again Is repatriating In-I In-I vestments from Europe, as It did on a huge scale in the World war. If the neutrality act Is changed to permit "cash and carry" purchases pur-chases and the war becomes a prolonged pro-longed affair, some brokers suggest, sug-gest, the United States may reacquire re-acquire the bulk of the remaining holdings of the allies. London I long has been the chief foreign stronghold of American securities. Even so. It was argued In certain cer-tain quarters which have studied the sittistion, prospects of wholesale whole-sale dumping of securities here by the allies have been minimised by 1 war-time provision for selling under un-der government supervision. The British control. It was explained, at any time may stop sales through simple refusal of permission to 1 execute the orders. i England, according to banking 1 circles, is believed to have something some-thing like Jl.OOO.OOO.OOO In gold under "earmark" In New York and In Canada to meet emergency exchange ex-change needs. Brokers figure this would take rare of a lot of war purchases without the necessity of pressing the sale of American securities se-curities for months to come. Meanwhile, Mean-while, one commission man said, gradual absorption of sales from abroad might be expected. |