New-York tribune., 1891-05-18

,ho+ this conntrv can easily spare the gold re
ouircd by Europe, and that, in fact, IN" pTcHHuh
paid on American com II rI.ualH aa ~ ,s nrged
tha, the trade balances have been settled anu dluo
The latest shipments are in every respect loans 10
FuroDc According to this theory continuance
n NE movement would he positive advantage
lccanse il might force upon the singe-standaid
countries the reconciliation OF silver. In the
orrulncnt there may be trace OF national prlue
which may explain the indifference to the snip
ncnts shown by the money and stock narRets'
Nothing in the theory, in the statements OIL ulc
Berlin banker. or in the current news ABOUT the
foreign situation, indicates an Immediate cessation
of the exports There can probably he only con-
lectures in reaard to the plans and intentions OF
The Russian Government. At the last account !.
had on deposit with foreign countries about
$4,000. 000 and even admitting that the entlre
shipments from the United States went TO reduce
this ainoant.. there would still remain heavy
balance which might be drawn.
II cannot safely he predicted, therefore, wnen
the outwerd movement of gold will cease ltS
rcturI is not So problematical-for it is admitted
on both siaeS Of the Atlantic that Europe VIII
have to depend largely upon America for It's foOd
supply next fall Il is by no means certain, how
ever that at that time II will be willing or IN a
condition t. pay for its purchases in specie. Whlle
its speculative holdings of American securities
have undoubtedly been reduced, it may prefer 10
exchange for food even its investment holdings
The return of the gold would be natural ana 1i. ac
cording to general precedent. But the condition
of affairs abroad sccns TO be SO uncertain that
there may be an exception to the rule Although
harvesting OF winter wheat VIII Degln III thc cN-
IRENE Southern States within two weeks, the
effect Of a large European demand would rot be
felt for several months. In the meantime the de-
mand for money in legitimate business and specu-
lative transactions might become so active that
the drain on our gold reserves might be productive
of serious consequences 1t is greatly to be hoped
that the export movement has reached It's max
imum. and that further shipments will be smaller
and less rapid. ~.
The resistance which the stock market has as
PLAYED Is worthy Of all praise. Holders OF STOCKS
with an abiding faith in the future OF the country
have refused to sell, and such little declines IN the
stock market as have been achieved have resulted
from the operations of the bear faction. lhere
can be no doubt that the short interest at tne
end of the week was much larger than 1t has Deeh
for a long time and that steadily stocks ana
bonds have been passing out of the market. Inc
buoyancy in the last fifteen minutes yesterday
proGed beyond all question the existence OF
iarpe short" interest and an absolute scarcity OF
stocks If it is admitted that large amounts are
held in pools and by cliques it must be confessed "a
also that their interests are directly opposed 10
lower prices. Both natural and speculative con
ditons appear, therefore, to be favorable 10 COLI
pletc stability. .,. .bo mum
Following is our usual table. giving the mum
her of shares sold of ali stocks, the highest owtsu
and final prices of the week, togethsr wltI ulle
anal anu ,,, nrccs Of week ago. prefxed by the average
prices of May II, 1890
WEEKLY RANCE.