Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-03
An Unusually Heavy Selling for
Foreign Account.
FEATURE OF THE FORENOON
Carried Prices Downward During
First Hour
CURRENCY TRANSFERS TODAY
Grain Market Exceedingly Firm.
Largest Transactions in Hill Stocks
and Other Railway Leaders.
FEATURE OF THE FORENOON
CURRENCY TRANSFERS TODAY


Special Dispatch to The Star.
NEW YORK. October 3-The chief fea-
ture of the dealings upon the stock ex-
change during the morning session was
Che unusually heavy selling which was
conducted for foreign account. AS Is usu-
ally the case the estimates of the total OF
these transactions varied widely, ranging.
in fact from $4,000 shares to more than
kQ,OpO shares There was much discus
uion as to the real character of this foreign
liquidation, but 1t was commonly agreed
that much of It originated on the CONT
hent and IN some respects the selling ap-
beared to be of particularly urgent and
forced character.
Coming upon a narrow and professional
market these foreign sales carried prices
downward during the first hour of business
from to 2 points in nearly all the active
blocks. Upon the conclusion OF the Tor
eign selling the market became extremely
dull but enjoyed general and liberal
Rally.
might have been the character of the for
eign selling that 1t was plainly enough
induced by the apprehensions which have
been excited abroad with regard to the
eventful outcome of the expedition of our
battleshps to the Pacific ocean. Europes
Niew of the possible results of this mis-
sion was the chief theme OF discussion
throughout the day.
depression on Z OTclSh oOulSCS.
The London and continental stock mar
kets were unfavorably affected by the
Same influence. and London was addition
elly depressed by the decrease shown In
the Bank OF England's proportion of re-
serves to liabilities. although the reduction
was no more than seasonable, and the
banks percentage of reserves is more
than ten points above last years figures.
being reported at As 80 per cent against
M On ias he 1nna al npv
market continued active and rates for call
loans averaged we'll above yesterdays
mean figures. There were further tran sfers
of currency to the interior. but the banks
gained quite heavily in their operations
with the subtreasury yesterday. and re-
duced their unfavorable balance for the
week to 81, O420O0.
The grain market continued exceedingly
firm. but the rise there was caused more by
the circumstances of the European markets
Ahan by domestic crop conditions. In fact,
the days advices and summaries relating
70 the grain crop were altogether satisfac
tory
The Railway List Active.
In view of the matters which were
dominant in the days dealings in the stock
market, 1t may readily be seen that no ex-
tended discussion of the movements in par
ficular stocks is necessary. .
In the railway list the transactions were
the largest and the fluctuations the widest
IN the Hill stocks. Canadian Pacific St
Paul Union Pacific. Reading and New
york Central. The Southern railway shares
~eres again heavy. although. the common
stock showed some degree of rallying
power.
While the Industrial and miscellaneous
Issues were heavy in the early part of the
day. in common with the remainder of the
market, they likewise recovered vigorously
later. notably in the cases of Amalgamated
Copper. American Smelling and United
States Steel common.