I 1tuifluliIfflI OF TRADE I Mercantile Agency Still Finds Reason Rea-son to Rejoice INCREASE IN FAILURES BUT CONDITIONS MIGHT EASILY BE WORSE Wheat Exports Continue Heavy and Beach 217871960 For the Crop Year Wool Sales Have en Ee markably Light and the Iron Industry dustry Shows a Decline I Prices New York July IR G Dun Cos Weekly Review of Trade will say tomorrow to-morrow The second quarter of the year closes with more encouraging returns ncouragng turns Failures have been a little larger than In the first quarter of the year whereas a decrease of 62 per cent I might have been expected from experience expe-rience of the last ten years but with that allowance a difference of only 3 500000 can be charged to war and fears of war whereas solvent payments throughclearing houses for the quarter were over15600000000 In the very best years defaults range from an eighth to a fifth of 1 per cent of such payments and in bad times from a third to a half of 1 per cent or more but this year the proportion is less than a fifth The quarterly statement given today shows an aggregate of 34 fJ 438074 which is smaller than in the second quarter of any year since 1890 except one and the average of liabilities liabili-ties default to firms in business and to exchanges through clearing houses is also smaller than In any year except one of the past seven years The exports of wheat continue extraordinary extra-ordinary During the week they have been flour Included 4006890 bushels from Atlantic ports against 2064173 I bushels last year and Pacific ports I 4165CS against 210000 bushels last year This makes the crop year with some minor ports yet to hear from 217871260 bushels exports of wheat flour included I in-cluded against 265665812 bushels in 1892 the year of largest exports but at the same time 211452253 bushels of corn have gone out against 76602285 bushels in that year and 175817417 bushels last year which was much the largest record The market has been a little weaker as is natural with abundant abun-dant evidence of an enormous yield I notwithstanding all reports of injury but cash wheat has advanced to 85c The demand for wool has been almost I al-most wholly confined to needs for orders or-ders on hand and yet there is good I reason to look for a better demand for I goods as soon as the new season has I opened while with contracts more than the usual proportion of machinery I is employed even at this dull reason Sales of wool have been only 3011200 for the week at the three chief markets and for the month 10193300 pounds I against 41197000 pounds a year ago I and 23595000 pounds in 1892 The decrease de-crease in sales since the culmination of speculation in February has been most remarkable The iron industry shows some decline In prices in Bessemer pig at Pittsbunr to 1025 and in gray forge to 9 with only 1 here and 1125 at Philadelphia Philadel-phia for No 2 anthracite while shipments ship-ments during the week have been made from Birmingham to Hamburg Rotterdam Rotter-dam Great Britain Australia and Japan Ja-pan though In the aggregate not arge But contracts for 12000 tons steel rails have been placed at Chicago and pending pend-ing contracts there for structural work are estimated at 25000 tons while the demand for implement and car material is I still beyond all precedent and In general it may be said that the marl kets mar-l west of Philadelphia are remarkably remark-ably strong with scarcely any Indic tion of decline in the demand for finished finish-ed products i Minor metals are quiet Tin plates I are a shade weaker at 380 for full weight American the corresponding I foreign grades growing somewhat stronger Failures for the week have been 253 In the United States against 241 las year and 15 in Canada against 30 last year JearREVIW REVIEW OF SPECULATION Operations Were Narrow With a Strong Undertone New York July 1Bradstreets financial review tomorrow will say I Speculation continues to be narrow and professional There has been an I unmistakeably strong undertone In the market this week and though the public pub-lic has not been a purchaser it has not sold stocks London took very little interest In Americans and professional Interests here were somewhat divided in their attitude The smaller operators opera-tors and the board room traders were inclined to test the market and to sell stocks short while some of the leading Interests have occupied themselves from time to time by forcing the bears to cover resulting in displays of a certain cer-tain amount of strength The industrials however have furnished Te nished most of the activity and in thjjt group as usual this has been in small degree of manipulation The most genuine exhibition of the markets underlying bullishness has I been supplied by the bond lst which has been strong and advancing apparently ap-parently on sn investment demand which is most active in the cheaper and newer bonds of fair quality I has however been a waiting market An expectant feeling as to the outcome of the operations of our forces at Santiago San-tiago de Cuba as to the movement of the Spanish fleet which is alleged to be en route to the Philippines and as to the attitude and intentions of the German navy at Manila has made itself felt The completion of the half year and the preparations for the usual disbursements have been a factor while uncertainty about the workings and effect of the new revenue and stamptax legislation which went into effect yesterday has contributed powerfully pow-erfully to the current speculative inactivity inac-tivity all the more so because of the imposts applying directly to stock and money transactions Attention has also been to some extent ex-tent fixed on the new government war loan though this tendency has decreased de-creased and It has been noted that the money market is unaffected largely large-ly owing to the arrangements made by the treasury to report the amounts received re-ceived in special national bank depositories depos-itories and thus obviate any heavy withdrawals of money from the mary mar-y < t Finally the conflicting account of the crops and harvest at the west and me gsowing feeling that rate cutting I by the railroads ha become dangerous to the continuance of earnings has imposed im-posed caution upon the bulls as regards re-gards railroad stocks and caused the pools which have been operating in the grangers and other stocks to suspend operations New York July IThe following table ta-ble compiled by Bradstreet shows the bank clearings at S cities for the week ended June SO with the percentage of increase in-crease and decrease as compared with the corresponding week last year Cities I Amount IncPec New York C373025S8 S6 = Boston 91667164 Chicago 97050313 uS Philadelphia 720811 186 St Louis 4Gl1 154 Pittsburjr 10416003 37S Baltimore 460ISI3S San Francisco 15403623 175 Cincinnati 10810 9a 1 I Kansas City 10404693 314 I New Orleans 5346 401 I Minneapolis 5857120121 Detroit ssiscmo 86 Cleveland 7217d 181 1 Louisville 5167S91 39 Providence 5015 41 I Milwaukee 4SSS622 8S St Paul 1 3618657 I Buffalo 3601 i Omaha 6811673 523 Indianapolis 510143 85 1 Columbus 03613100 60 Savannah 5115 Denver 1 4111ll 20 Hartford 2301301 13 i 313J1 Richmond 2320403 35 Memphis 1133977203 I Imlhis 11397 23 I Washington ittiago24 Peoria 1506611 104 I Rochester New Haven 1321131 1670612 1 i Worcester eI 1Oa 21 I Atlanta 90565I 1 91 SALT LAKE CITY 1747137 i Springfield Mass 71131 23 Fort Worth lwl019 Portland Me 1244gf Portland Ore 31G 25 St Joseph 35196611457 I Los Angeles 1221411 Norfolk 121411 26 I I Syracuse 1010121 102 Des Moines 10341 214 Nashville 76900335 I Wilmington PVill TUvcr Del 76911 l 28 I Scrnton on S87 19 I I Grand Rapids 8613 Augusta Ga 413711312 iuusta 413711 32 owel 61991 I Dayton 0 i5151 138 I Seattle 11061 638 I Tacoma 505553 52 Spokane 55r31 29 81 I Sioux City 770iiGi 30 I Nea Bedford 356903 103 i ltnoxviile Tenn rJI Topeka 422233 290 I Birmingham 194042 1 125 lchla 411U lnghampton 3112001 IS9 Llncold 112488 61 I 31248 Lexington KY 3749961 26 Jacksonville Fla 1487281170 I Kalamazoo 263175 I Akron 37G1918 Bay City 19075 21 I Chattanooga 2 1 98 I Rocldord Ills 215016 374 1 Is I Canton 0 210 172 Springfield 0 193811 184 Fargo N D 570 I Sioux Falls S D 16915OI Hastings Neb 11427 193 I Fremont Nob00023 4S I Davlnport 6 t 216 Toledo 1715rtslI Galveston 4553100 121 I Youngstown HOlston 4599211 3G5 259 Macon 370 I Evansville 639E31 1 Helena 5536201 i Helena 1 rGo Totals U S11G1OS1S28 91 Totals outside N Y I 4765792491 1 991 DOMINION OF CANADA CItes Amount IIncIDec Montreal 12804161 201 = Toronto 7IM31 43S Wnnipeg 12G94M1 45 Halifax i mh9il Hamilton 5 21 110 St John N B 551 IOj Totals I 235231581 210 I